Guangdong has just unveiled its most recent action plan for a consumer goods trade-in program, aligning with a series of nationwide initiatives aimed at establishing a trade-in mechanism that facilitates the scrapping of used goods in exchange for smart, green and low-carbon ones, as well as bolstering consumption.
What's the main content of these measures?
The action plan covers a series of subsidies ranging from those offered to purchasers buying new EVs, to incentives for consumers to scrap their old household appliances and renovate and upgrade their kitchens and bathrooms.
Meanwhile, the province also promises to increase financial and policy support for the trade-in of automobiles, household appliances, and kitchen and bathroom renovation and upgrade, aiming to improve the experience of consumers.
Goals for the next five years
According to the plan, by 2025, passenger cars with emission standards of China III and below in Guangdong will be phased out at an accelerated pace, and the market share of energy-efficient home appliances will be further increased.
The standardized recycling and dismantling volume of scrapped vehicles within the province will increase by 50% compared to 2023, reaching 580,000 vehicles, and the annual recycling and dismantling volume of discarded electrical appliances will increase by 15% compared to 2023, reaching 9 million units.
By 2027, the recycling volume of scrapped automobiles will double from 2023, reaching around 800,000 vehicles. The volume of used car transactions will increase by 45% from 2023, exceeding 4 million vehicles, and the recycling volume of used home appliances will increase by 30% from 2023, reaching 10 million units.
In addition to government-led initiatives, local companies within Guangdong Province are expected to roll out specific incentives for both household appliances and automobile trade-ins, further incentivizing consumers to participate in the program and contributing to the province's goals of efficient turnover of consumer goods, environmental protection, and economic growth.
Reporter: Eastbrook
Editor: Steven, Monica, James
