69 Billion! Third Batch of National Subsidy Funds Allocated

Recently, the National Development and Reform Commission, together with the Ministry of Finance, has allocated the third batch of 69 billion yuan in ultra-long-term special government bonds to local governments in 2025 to support the replacement of old consumer goods with new ones. The fourth batch of funds will be allocated in October.

In the first half of this year, the National Development and Reform Commission has allocated a total of 162 billion yuan in two batches for the "trade-in" subsidy. As of July 16, 2025, there have been 280 million claims for consumer goods trade-in subsidies nationwide, driving related product sales to exceed 1.6 trillion yuan.

The next step is that the National Development and Reform Commission will continue to strengthen overall coordination, enhance tracking and scheduling, improve the implementation mechanism, and steadily and orderly advance the work of replacing old consumer goods with new ones.

First, the central government will continue to allocate funds in an orderly manner. According to the plan, the fourth batch of this year's ultra-long-term special government bonds, totaling 69 billion yuan, will be allocated in October to continue supporting local governments in implementing the policy of replacing old consumer goods with new ones.

Second, efforts will be made to promote the balanced and effective use of funds at the local level. In collaboration with the Ministry of Finance, the Ministry of Commerce, and other departments, local authorities will be urged to refine their funding utilization plans by sector and by period, optimize subsidy distribution methods, and ensure that policy implementation is smoother and more orderly, with funds allocated evenly throughout the year until the end.

Third, we will continue to improve the policy implementation mechanism. In collaboration with the Ministry of Commerce, the State Administration for Market Regulation, and other departments, we will strengthen the supervision of product quality and pricing, urge participating enterprises to operate in accordance with laws and regulations, and strictly prevent risks such as “price hikes before subsidies” and fraudulent subsidy claims, so as to ensure the standardized implementation of policies and fully utilize the effectiveness of the new policies.

Image source: Screenshot from the National Development and Reform Commission

At the same time, the National Development and Reform Commission released a signed article titled "Solidly Promoting Large-Scale Equipment Renewal and Consumer Goods Trade-In." It emphasizes that promoting large-scale equipment renewal and consumer goods trade-in is an important measure to respond to complex international and domestic situations, firmly manage our own affairs, comprehensively expand domestic demand, accelerate the comprehensive green transformation of economic and social development, and promote the construction of a new development pattern.

The National Development and Reform Commission will fully leverage the effectiveness of the "Two New" policies from four aspects: first, further strengthening overall coordination to continuously enhance the implementation effectiveness of the "Two New" policies; second, further focusing on key products and equipment to fully utilize the policy-driven and financial leverage effects; third, further enriching support measures to strive to establish a long-term mechanism for renewal and replacement; fourth, further strengthening supervision and management to prevent project and funding risks throughout the entire chain.