Official Announcement: National Subsidy Continues, Third Batch of 69 Billion Yuan Funds Allocated

Since 2025, the National Development and Reform Commission, in earnest implementation of the Party Central Committee and the State Council's decision to carry out the "Two New" policies, has collaborated with relevant departments and localities to strengthen coordination at different levels. It rapidly established a policy system for exchanging old consumer goods for new ones, orderly allocated ultra-long-term special treasury bonds, and continuously improved the working mechanism during implementation, promoting significant success in the exchange of old consumer goods for new ones. As of July 16, 2025, a total of 280 million people nationwide have applied for subsidies for exchanging old consumer goods for new ones, driving related product sales to exceed 1.6 trillion yuan.

In the first half of the year, retail sales of home appliances and audiovisual equipment, cultural office supplies, communication equipment, and furniture in units above designated size increased by 30.7%, 25.4%, 24.1%, and 22.9% year-on-year, respectively. Passenger car retail sales grew by 10.8%, supporting a 5% year-on-year increase in the total retail sales of consumer goods. With the help of the trade-in policy, the home appliance market showed resilient growth in the first half of 2025. According to data compiled by AVC (AVC), the retail sales of China's home appliance market (excluding 3C) increased by 9.2% year-on-year from January to June 2025.

The third batch of 69 billion yuan in national subsidies has been allocated, and the fourth batch is on the way.

In the field of trade-in for consumer goods this year, two batches of central funds totaling 162 billion yuan were allocated in January and April to support localities in carrying out trade-in work for consumer goods in the first and second quarters. Previously, some areas suspended national subsidies for certain consumer goods due to the exhaustion of trade-in subsidy funds. However, with the latest batch of national subsidy funds now allocated to the localities, the national subsidies will continue.

Recently, the National Development and Reform Commission, together with the Ministry of Finance, has allocated the third batch of this year's ultra-long-term special government bonds totaling 69 billion yuan to local governments to support the trade-in of consumer goods. Next, efforts will continue to strengthen overall coordination, enhance monitoring and scheduling, improve implementation mechanisms, and steadily and orderly advance the trade-in of consumer goods.

One is to continue to disburse central funds in an orderly manner. As planned, the fourth batch of 69 billion yuan of super long-term special treasury bonds will be issued in October this year to support local implementation of the policy for upgrading consumer goods.

Second, promote the balanced use of funds by local governments. In collaboration with the Ministry of Finance, the Ministry of Commerce, and other departments, urge local governments to detail fund utilization plans by sector and time period, optimize subsidy distribution methods, and ensure that policy implementation is more smooth and orderly, with funds being used in a balanced manner until the end of the year.

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

For the home appliance industry, the signal that national subsidy policies continue to increase is already clear. This is the critical period to seize policy dividends and ride the momentum. With the implementation of the third batch of funding and the advancement of subsequent measures, consumers' demand for upgrading home appliances will usher in a new wave of growth. This is especially true for energy-saving and smart products, whose market space will further expand, injecting growth momentum into the continuous recovery of the home appliance market.