China trade-in policy has driven over 2 trillion yuan in sales in 2026, ministry says
In short
China's Ministry of Commerce said on 28 October that the consumer goods trade-in policy has driven sales of related categories above 2 trillion yuan since the start of 2026, benefiting more than 250 million person-times. The ministry held a national teleconference that day and told regions to speed up subsidy payments. Updated figures on 29 October put the benefit at more than 257 million person-times as of 28 October.
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China's Ministry of Commerce said on 28 October that since the start of 2026 the consumer goods trade-in policy has driven sales of related categories above 2 trillion yuan and benefited more than 250 million person-times. Xinhua reported the figures from the ministry. The ministry said the policy had boosted consumption growth, helped transformation and upgrading, and smoothed recycling. [ 1 , 2 , 3 , 5 ]
The ministry held a national teleconference on the trade-in work that day to review progress and set the next priorities. Yuan Xiaoming, an assistant minister of commerce, attended and spoke, according to 36Kr and Jiemian. Commerce authorities of Hebei and Zhejiang gave presentations on their experience. Jiemian listed several bodies at the main venue, including the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the State Taxation Administration and the State Administration for Market Regulation. Commerce authorities of provinces, autonomous regions, municipalities and the Xinjiang Production and Construction Corps joined from branch venues. [ 4 , 6 ]
According to Xinhua, CLS, Yicai and Jiemian, the meeting told regions to focus on key links, take more concrete measures and carry out the policy to a higher standard so that the year's work ends well. It also told them to coordinate across departments in line with local conditions, create offline consumption scenarios and speed up subsidy payment. [ 1 , 2 , 3 , 6 ]
IT Home, citing CCTV News, added further figures. It said appliance trade-ins have totalled more than 100.99 million units this year and purchases of digital and smart products more than 120.6 million. It quoted National Bureau of Statistics data showing communications equipment retail sales by above-quota units of 812.3 billion yuan for January to September, up 18.1% year on year, and up 31.1% in September alone. IT Home also noted that in September the National Development and Reform Commission and the Ministry of Finance issued a fourth batch of 62.5 billion yuan in ultra-long special treasury bond funds for trade-ins. It said the full 250 billion yuan for the year has now been allocated. [ 7 ]
On 29 October, CLS, 36Kr and IT Home reported newer ministry data as of 28 October. Cumulative sales driven by the policy were above 2 trillion yuan, and beneficiaries above 257 million person-times. Mobile phones, tablets and other digital products receiving subsidies saw sales up 44.8% year on year. New energy vehicles receiving trade-in subsidies accounted for 60.5%, and new energy passenger car retail penetration has exceeded 60% for six months in a row. More than 736,000 offline stores took part in the policy this year, up 37.1% year on year. [ 9 , 10 , 12 ]
Why it matters
The figures are the ministry's own assessment of the trade-in policy as it enters the final months of the year. The meeting asked regions to close out the year's work and to pay subsidies faster.
Key facts
- On 28 October the Ministry of Commerce held a national teleconference on the consumer goods trade-in policy to review progress and set the next priorities. [ 1 , 2 , 3 , 5 , 6 ]
- The ministry said that since the start of 2026 the policy has driven sales of related categories above 2 trillion yuan and benefited more than 250 million person-times. [ 1 , 2 , 3 , 4 , 5 , 6 ]
- Assistant Minister of Commerce Yuan Xiaoming (袁晓明) attended and spoke; commerce authorities of Hebei and Zhejiang gave presentations on their experience. [ 4 , 6 ]
- The meeting told regions to create offline consumption scenarios and speed up subsidy payment. [ 1 , 2 , 3 , 6 ]
- Ministry data released on 29 October showed cumulative benefit of more than 257 million person-times as of 28 October, and digital products receiving subsidies up 44.8% in sales year on year. [ 9 , 10 , 12 ]
- More than 736,000 offline stores have taken part in the policy this year, up 37.1% year on year. [ 9 , 12 ]
Confirmed by several sources
- The Ministry of Commerce said that since the start of 2026 the consumer goods trade-in policy has driven sales above 2 trillion yuan and benefited more than 250 million person-times. [ 1 , 2 , 3 , 5 , 6 ]
- The ministry held the national teleconference on 28 October, attended by central government bodies at the main venue and provincial commerce authorities at branch venues. [ 1 , 6 ]
- Ministry data as of 28 October put cumulative sales driven above 2 trillion yuan and beneficiaries above 257 million person-times. [ 9 , 10 , 12 ]
Still unclear
- Appliance and digital product trade-in volumes: more than 100.99 million appliance units and more than 120.6 million digital and smart products. Only IT Home gives these figures, citing CCTV News coverage of the ministry's statement; other outlets do not repeat them.
- What the 60.5% share for new energy vehicles refers to. Documents say vehicles receiving trade-in subsidies account for 60.5% but do not say of what total.
- Whether the 250 million and 257 million person-times figures differ because of the date they cover. The 28 October reports say more than 250 million; the 29 October reports say more than 257 million as of 28 October. Documents do not explain the difference.
What local media are saying
Timeline, local time
- Xinhua reports from the Ministry of Commerce that trade-ins have driven sales above 2 trillion yuan in 2026 (28 October). [ 1 ]
- CLS publishes the ministry's account of the teleconference held on 28 October. [ 2 ]
- China News Service reports the meeting, citing the ministry's WeChat account. [ 5 ]
- Jiemian publishes the meeting report, including Yuan Xiaoming's attendance and the participating bodies. [ 6 ]
- CLS reports updated ministry data as of 28 October, with more than 257 million person-times benefited (29 October). [ 9 ]