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promoting the trade-in of old consumer goods is an important measure to accelerate the construction of a new development pattern and promote high-quality development.

in march this year, the state council issued the "action plan to promote large-scale equipment renewal and consumer goods trade-in". subsequently, the ministry of commerce and 14 other departments issued the "action plan to promote consumer goods trade-in", which clarified the specific tasks of consumer goods trade-in. recently, beijing, hubei, qinghai, shandong, yunnan, hubei, guangdong, hunan and other places have successively implemented the new policy to promote consumer goods trade-in and further activate the consumer market.

industry insiders pointed out that accelerating the replacement of old consumer goods with new ones will help stimulate investment and expand domestic demand, and will also help improve the quality of the national economic cycle and residents' living standards; at the same time, related measures for the replacement of old consumer goods with new ones will drive industries such as home appliances and automobiles to deepen their green and intelligent trends, and promote the high-end, intelligent and green development of the industry.

real money promotion fees in many places

since the country issued the "action plan to promote large-scale equipment updates and consumer goods trade-in" in march this year, follow-up policies for the home appliance industry have continued to be released.

in july this year, the country continued to issue "several measures on further supporting large-scale equipment updates and trade-ins for old consumer goods", once again proposing support for the trade-in of old home appliances.

on august 25, the ministry of commerce and four other departments issued the "notice on further improving the home appliance replacement program", proposing that all regions should coordinate the use of central and local funds to provide replacement subsidies for eight types of home appliances purchased by individual consumers, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods with energy efficiency or water efficiency standards of level 2 or above. the subsidy standard is 15% of the final sales price of the product. for products purchased with energy efficiency or water efficiency of level 1 or above, an additional subsidy of 5% of the final sales price of the product will be given. each consumer can subsidize one product of each category, and the subsidy for each product shall not exceed 2,000 yuan.

in order to do a good job in the replacement of old home appliances with new ones and promote the work of replacement of old home appliances with new ones in depth and in earnest, many places including beijing, hubei, qinghai, shandong, yunnan, hubei, guangdong, hunan and others have recently implemented the new policy to promote the replacement of old consumer goods with new ones and further activate the consumer market.

on august 28, the "beijing implementation plan for strengthening support for equipment renewal and consumer goods trade-in" was officially released. in terms of consumer goods trade-in, this round of policies, on the basis of the previous stage, only supported the scrapping and renewal of individual consumer passenger cars and the trade-in of household appliances, has added support for the replacement and renewal of individual passenger cars. for scrapping old cars that meet the standards and purchasing new energy passenger cars, the subsidy will be increased from 10,000 yuan to 20,000 yuan; for scrapping old cars that meet the standards and purchasing fuel passenger cars with a displacement of 2.0 liters or less, the subsidy will be increased from 7,000 yuan to 15,000 yuan.

in terms of household appliances, the plan will provide old-for-new subsidies to individual consumers in beijing who purchase eight types of household appliances that meet level 2 energy efficiency or water efficiency standards, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods. the subsidy rate is 15% of the product sales price. for products that meet level 1 energy efficiency or water efficiency standards, the subsidy rate is 20% of the product sales price.

hubei, qinghai, shandong, yunnan, hubei, guangdong, hunan and many other places have also recently issued measures to further support equipment upgrades and old consumer goods trade-ins.

taking guangdong as an example, on august 29, the general office of the people's government of guangdong province issued the "implementation plan on making good use of ultra-long-term special government bond funds to further support the replacement of old consumer goods for new ones" (hereinafter referred to as the "plan").

in terms of further supporting the replacement of old household appliances with new ones, the plan mentioned that individual consumers will be given subsidies for purchasing eight types of household appliances, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, with energy efficiency or water efficiency standards of level 2 or above. the subsidy standard is 15% of the product sales price. for products purchased with energy efficiency or water efficiency standards of level 1 or above, an additional subsidy of 5% of the product sales price will be given. each consumer can subsidize one product of each category, and the subsidy for each product shall not exceed 2,000 yuan.

subsidies will be given to individual consumers who purchase three types of products, including mobile phones, tablets, and smart wearable devices. the subsidy standard for mobile phones is 10% of the product sales price, and the subsidy for each item does not exceed 1,000 yuan; the subsidy standard for tablets and smart wearable devices is 15% of the product sales price, and the subsidy for each item does not exceed 2,000 yuan.

in terms of increasing support for the scrapping and renewal of automobiles, the plan mentions that for individual consumers who scrap fuel passenger cars with national emission standards of or below or new energy passenger cars registered before april 30, 2018 (including that day), and purchase new energy passenger cars included in the "catalogue of new energy vehicle models for vehicle purchase tax reduction and exemption" or fuel passenger cars with a displacement of 2.0 liters or less, the subsidy standard will be increased to 20,000 yuan per new energy passenger car and 15,000 yuan per fuel passenger car with a displacement of 2.0 liters or less. the province (excluding shenzhen) strives to scrap and update 135,000 vehicles.

the plan also mentioned that consumers who scrap their old electric bicycles and purchase qualified electric bicycles that meet relevant requirements will be subsidized, and the province (excluding shenzhen) will strive to replace 400,000 electric bicycles with new ones.

unleashing the potential of domestic demand

with the rapid development of my country's economy and society, both home appliances such as televisions, refrigerators, and washing machines, as well as transportation tools such as cars and electric vehicles, have gradually entered the "era of equal emphasis on incremental and stock". the consumption needs of the vast number of urban and rural residents are shifting towards a more convenient, more advanced, and more intelligent direction.

according to a research report by everbright securities, based on the scrapping rate of 5% per year in 2020, the number of scrapped cars in china will reach 16.8 million in 2023; the number of scrapped home appliances is also on the rise, and the number of scrapped home appliances and cars is expected to exceed 200 million in 2022. the number of scrapped home appliances and cars has been gradually rising in recent years, and the market potential is huge.

data from the ministry of commerce also show that in 2023 alone, the number of cars in china will be about 340 million, and the number of major household appliances such as refrigerators, washing machines, and air conditioners will exceed 3 billion. some household appliances have been used for more than 10 or 20 years, and there is great demand and potential for upgrading.

sun qian's team at tianfeng securities pointed out that compared with the previous round of old-for-new policy, the current domestic home appliance market has a larger stock size and room for releasing renewal demand. with the subsequent investment of national and local funds, the industry's demand for renewal is expected to be better released. at the same time, the increase in concentration in the domestic home appliance industry is expected to enable leading companies to fully benefit from favorable policies and gain greater growth.

from 2009 to 2013, a series of policies were introduced nationwide to subsidize home appliances in rural areas, replace old appliances with new ones, and provide energy efficiency subsidies, with the central and local governments providing subsidies totaling more than 150 billion yuan. from 2009 to 2013, the compound growth rate of total retail sales of home appliances exceeded 20%.

according to shenwan hongyuan's calculations, considering that the financial support for the "trade-in" of consumer goods includes raising the subsidy standard for scrapping and updating cars, supporting the trade-in of home appliances, and implementing the financial support policy for the recycling and treatment of discarded electrical and electronic products; and the scale of automobile consumption is large, accounting for about 10% of the total retail sales in 2023. therefore, the 150 billion yuan special treasury bond support funds for the "trade-in" of consumer goods may be invested more in the automobile field.

wang qing, deputy director of the institute of market economy at the development research center of the state council, said that actively promoting the replacement of old consumer goods with new ones and forming a new product and new consumption scale effect will play a leading and supporting role in industrial upgrading and green development, and will be conducive to guiding and supporting enterprises to increase scientific and technological innovation and new product research and development, promote technological upgrading and progress in related industries, promote the continuous increase in the proportion of advanced production capacity, and help cultivate and develop new quality productivity.

he estimated that the 150 billion yuan of funds supporting the old-for-new exchange of consumer goods had been allocated to local governments by the end of august. with the central government stepping up efforts to support the implementation of the old-for-new exchange policy, the effect of the old-for-new exchange policy is expected to be more fully manifested.