According to the Ministry of Commerce,the sales revenue from consumer goods trade-ins has exceeded 1 trillion yuan so far this year.
Since the beginning of the year, the trade-in policy for consumer goods has effectively driven a sustained rebound in consumption. Ministry of Commerce data shows that as of May 31,the five major categories of consumer goods trade-ins generated total sales of 110 billion yuan,with approximately 175 million subsidies distributed directly to consumers. Specifically, 4.12 million applications were submitted for automobile trade-in subsidies; 49.863 million consumers purchased 77.618 million units of 12 major home appliance categories; 53.529 million consumers bought 56.629 million digital products such as mobile phones; 6.5 million e-bikes were traded in; and 57.626 million home renovation and kitchen/bathroom “refresh” orders were placed.
(Source)