The fourth meeting of the Central Committee of Finance and Economics held recently made detailed arrangements for promoting the trade in of consumer goods, and emphasized that accelerating product updates and replacements is an important measure to promote high-quality development. This is also after the Central Economic Work Conference, the central heavyweight conference once again proposed the exchange of old for new and made detailed arrangements. The relevant departments have also made it clear that they will promote the overcoming of the difficulties and obstacles of exchanging old for new. Industry experts interviewed by reporters believe that there is a great demand and potential for the replacement of durable consumer goods in China. It is expected that there will be specific favorable policies to promote the exchange of old for new in the near future, which will effectively leverage the incremental and stock markets, and promote the growth momentum of consumption. During the Central Economic Work Conference held at the end of 2023, it was proposed to promote large-scale equipment updates and consumer goods trade ins by improving technology, energy consumption, emissions and other standards as the driving force for the deployment of economic work in 2024. The fourth meeting of the Central Committee of Finance and Economics, held on February 23, emphasized that accelerating product updates and replacements is an important measure to promote high-quality development. It is necessary to encourage and guide a new round of large-scale equipment updates and the exchange of old for new consumer goods. The relevant departments also mentioned exchanging old for new when deploying this year's consumer promotion measures. The Ministry of Commerce stated that it will take improving technology, energy consumption, emissions and other standards as the driving force to promote the elimination of the difficulties and obstacles of trade in, stabilize and expand traditional consumption, and better meet the needs of consumer goods trade in and upgrading. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, told reporters that these deployments mean that this year's consumption promotion policies will be implemented in key areas ahead of schedule, which is conducive to boosting consumer demand and driving the macroeconomic recovery in the first half of the year. From a specific perspective, the fourth meeting of the Central Committee of Finance and Economics pointed out that traditional consumer goods such as automobiles and household appliances should be encouraged to trade in old for new, and durable consumer goods should be promoted to trade in old for new. Wang Qing analyzed that currently, large durable consumer goods such as automobiles and household appliances are in a critical stage of green transformation. Emphasis should be placed on encouraging large-scale trade in of these products, which not only promotes the faster entry of high-quality and durable consumer goods into the lives of residents, allowing more residents to experience the sense of gain brought by industrial transformation and upgrading, but also provides driving force for the continuous acceleration of green transformation on the supply side, consolidating China's technological leading advantages in related fields. Guan Lixin, a researcher at the Institute of Circulation and Consumption at the Research Institute of the Ministry of Commerce, also pointed out that exchanging old for new in a larger scope and more fields can activate the potential of the consumer market in both quantity and quality. On the one hand, as the demand for durable consumer goods such as automobiles, household appliances, and furniture enters a concentrated release period, exchanging old for new can leverage consumers to convert potential demand into real demand, thereby expanding consumption scale. On the other hand, replacing traditional high energy consumption, high pollution and other 'old' products with green and intelligent 'new' products can promote high-quality development of consumption. A sound recycling system and smooth consumption renewal cycle are noteworthy, and this round of policies focuses on the recycling and utilization process. The fourth meeting of the Central Committee of Finance and Economics pointed out the promotion of large-scale recycling and reuse, strengthening the development of the "replacement+recycling" logistics system and new models. In fact, relevant policies have already been introduced one after another. The reporter noticed that in July last year, with the approval of the State Council
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Economic Information Daily
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