Tourists visit a duty-free shopping mall in Sanya, south China's Hainan Province, Sept. 30, 2023. [Photo/Xinhua]
Foreign-invested firms have actively participated in China's consumer goods trade-in program
In the automobile trade-in program, new cars from foreign brands account for over 35% of sales. Driven by the program, sales of foreign car companies have seen a significant rebound, Li Gang, an official of the ministry, told a press conference.
In September, passenger car sales for 10 major foreign-invested car companies increased by 15.5% month on month, while in October, sales rose by 4.1% compared to the previous month, Li said.
The trade-in program has made marked progress with consistent popularity, Li added, noting that as of Thursday, nearly 2.7 million vehicles have been scrapped and replaced nationwide, while 3.1 million have been traded in.
More than 33.3 million consumers had purchased 52.1 million trade-in home appliances, over 53 million subsidized home improvement products, and more than 1 million electric bicycles as of Thursday.
Li said that the ministry is working with relevant parties to study and formulate trade-in policies for next year.
