From CNBC: 2024-09-12 19:10:43

China’s plan to boost consumption through trade-ins has yet to yield significant results. The government allocated 300 billion yuan for trade-ins and equipment upgrades to encourage spending. Analysts are cautious about the real impact on retail sales and doubt that the program will significantly increase domestic consumption.

Although China has implemented policies to support equipment upgrades and consumer product trade-ins, major foreign elevator companies have yet to see specific new orders. The program, aimed at replacing old elevators, has still not clarified the allocation of funds for elevator upgrades, but is seen as a positive step in resolving financing issues for customers.

Central government policies supporting trade-ins may take time to fully materialize at the local level. For companies like ATRenew, the program does not have an immediate effect, but it does support the long-term development of the secondhand goods market. Trade-in orders for mobile phones and laptops have increased in specific regions since the policy was introduced.

Read more: China’s plan to boost consumption by encouraging trade-ins has yet to show results