China unveils plan on equipment renewal, trading-in of consumer goods

BEIJING -- China has released an action plan to promote the large-scale renewal of equipment and the trading-in of consumer goods.

The action plan, issued by the State Council, the country's cabinet, is aimed at bringing more high-quality durable consumer goods into people's lives, smoothing the recycling chain of resources, and significantly improving the quality and level of economic circulation.

According to the action plan, the scale of equipment investment, in areas including industry, agriculture, construction, transportation, education, culture, tourism and medical care, is planned to increase by more than 25 percent by 2027 compared with last year.

As of 2027, the recycling volume of scrapped vehicles is planned to roughly double from 2023, and used car transactions will increase by 45 percent, while the recycling of used household appliances will increase by 30 percent compared with 2023, the plan states.

The plan specifies 20 key tasks in five sectors, including equipment renewal, trading-in of consumer goods, recycling of used goods, standard leveling-up and policy reinforcements, along with fiscal and financial support.