Recently, China issued the Action Program for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in (hereinafter referred to as the Action Program), which systematically deploys 20 specific measures around the implementation of the four major actions of equipment renewal, consumer goods trade-in, recycling, and standard enhancement. Since the release of the Action Program, provinces and cities have responded to the policy, and gradually promote the relevant work, the development of the province and city to promote large-scale equipment renewal and consumer goods trade-in program.

On April 15, the Shanghai Municipal Government held an executive meeting to promote large-scale equipment renewal and consumer goods trade-in in accordance with the deployment of the municipal party committee.
The meeting agreed in principle to the “Shanghai Municipal Plan of Action to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in (2024-2027)” and pointed out that Shanghai’s industrial and market advantages should be fully utilized to strengthen the key role of enterprises, launch more products and services, and seize the opportunities of equipment renewal and consumer goods trade-in. To promote new industrialization, promote the green iteration of industrial equipment. To have the potential consumption, focus on supporting the urgent demand, pulling power and high acquisition cost of the bulk of consumer durables to replace the old with the new. To urban resilience, accelerate the renewal and transformation of old elevators, old gas and urban pipeline networks, the old for new electric bicycles, energy and power facilities and communication network facilities transformation. To accelerate the sound standards and norms system, smooth recycling and utilization of the whole chain, efforts to enrich the financial supply, so that enterprises and the masses “to the old easier, more willing to change the new”.

It is understood that China’s annual industrial and agricultural and other key areas of equipment investment renewal needs in more than 5 trillion yuan, automobile, home appliance replacement demand is also in the trillion yuan level, the market space is huge. Large-scale equipment renewal and consumer goods trade-in action plan will stimulate investment in equipment renewal and trade-in demand release, a direct pull effect on economic growth.
The introduction of the action plan in Shanghai will not only help to enhance the level of industrial development in Shanghai and improve the quality of life of residents, but also promote the prosperity and development of the consumer market, injecting new momentum for economic growth.

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