The National Development and Reform Commission interprets the four major characteristics of this round of "trade in" policy
2024-04-12
"The market space for large-scale equipment updates and consumer goods trade in is very huge." At a press conference held by the State Council Information Office on April 11th, Zhao Chenxin, Deputy Director of the National Development and Reform Commission, interpreted the four characteristics of the new round of "trade in" policies in response to questions from reporters. Recently, the Action Plan for Promoting Large scale Equipment Renewal and Trade in Consumer Goods (hereinafter referred to as the Action Plan) was officially announced. What are the characteristics of this round of "trade in" policy? What are the significant implications? Zhao Chenxin stated that promoting large-scale equipment updates and exchanging old for new consumer goods will effectively promote investment and consumption, as well as energy conservation and carbon reduction. It is not only beneficial for the current but also for the long-term, with the following four main characteristics. One is the profound significance. China is a major country in the possession of machinery, equipment, and durable consumer goods. According to relevant institutions, the current net value of stock assets of equipment in society is approximately 39.3 trillion yuan, of which industrial equipment stock assets are approximately 28 trillion yuan. The number of industrial robots in China accounts for one-third of the world's total, and the installed capacity of new energy equipment such as wind and solar power has consistently ranked first in the world for many years. The number of household appliances exceeds 3 billion, and the number of cars exceeds 300 million. According to relevant institutions, the annual investment and upgrading demand for equipment in key areas such as industry and agriculture in China is over 5 trillion yuan, and the demand for replacement of automobiles and household appliances is also at the level of over one trillion yuan. Zhao Chenxin stated that large-scale equipment updates and trade in consumer goods can not only promote consumption, drive investment, and effectively enhance economic vitality, but also increase advanced production capacity, promote energy conservation and carbon reduction, reduce safety hazards, and achieve high-quality development. The relevant policies benefit both enterprises and the people, bringing development opportunities to enterprises while meeting the growing needs of the people for a better life. Secondly, the task is clear. The Action Plan proposes to implement four major actions: equipment updates, consumer goods trade in, recycling and reuse, and standard improvement. The action direction is clear and the focus is very prominent. The equipment update action is aimed at energy conservation and carbon reduction, digital transformation, and other important directions, promoting equipment update and transformation in seven fields: industry, agriculture, construction, transportation, education, cultural tourism, and medical care. The action of exchanging old for new consumer goods focuses on durable consumer goods such as cars, household appliances, and homes, allowing more high-quality consumer goods to enter the lives of the people. The action of recycling and reuse is to implement a comprehensive energy-saving strategy, improve the recycling and utilization system, and enhance the level of recycling. The standard improvement action aims to benchmark against international advanced levels and accelerate the improvement of standards in areas such as energy conservation, carbon reduction, environmental protection, safety, and recycling. The third is clear goals. On the basis of careful investigation and calculation, the Action Plan proposes specific goals for 2027: in terms of equipment renewal, promote the investment scale of equipment in seven fields of industry, agriculture, construction, transportation, education, cultural tourism, and medical treatment to increase by more than 25% compared to 2023, and the energy efficiency of major energy consuming equipment in key industries must basically reach the energy-saving level. In terms of trade in and recycling, it is proposed that the recycling volume of scrapped cars will increase by about twice compared to 2023, the trading volume of used cars will increase by 45% compared to 2023, and the recycling volume of used household appliances will increase by about 30% compared to 2023. The fourth is to implement practical measures. Action Plan
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