Beijing unveils 2026 plan to extend equipment renewals, trade-ins

China will extend and refine its large-scale equipment renewal and consumer goods trade-in policy through 2026, as part of a broader push to stimulate high-quality economic development, according to a joint statement released on Tuesday by the National Development and Reform Commission (NDRC) and the Ministry of Finance.

According to the announcement, subsidies will continue for trade-in programmes covering automobiles and six categories of home appliances. Notably, the vehicle subsidy mechanism will shift from a fixed amount to a price-based percentage – while maintaining each category's existing subsidy ceiling – to better align with consumer preferences. The subsidy programme prioritises electric