The recent State Council executive meeting and the nationwide teleconference on promoting the trade in of consumer goods have made arrangements for the next stage of trade in of consumer goods, releasing signals of policy support and strengthening. Experts say that from the current path of optimizing and adjusting the trade in policy in various regions, the follow-up trade in policy may make efforts in increasing the scale of financial support and expanding the scope of product categories. At the same time, policy coordination and technological empowerment will be further strengthened to ensure that policy dividends reach consumers directly, effectively expanding domestic demand and boosting consumption. The policy effect is obvious. Since the beginning of this year, the policy of exchanging old for new has been continuously strengthened, and its scope has expanded, involving more and more products. Driven by policies, the vitality of traditional and intelligent consumption fields continues to be released, and the policy effect is significant. The latest data shows that in July, the retail sales of household appliances and audiovisual equipment, cultural office supplies, furniture, and communication equipment by units above designated size increased by 28.7%, 13.8%, 20.6%, and 14.9% year-on-year, respectively, all significantly faster than the growth rate of retail sales, continuing to support the growth of commodity sales. The trade in policy also benefits the automotive industry. The latest released value-added tax invoice data shows that from April 2024 to July 2025, the sales volume of new energy vehicles in China increased by 81.7% year-on-year, showing a rapid growth momentum. Fu Linghui, spokesperson for the National Bureau of Statistics, said, "The policy of exchanging old for new consumer goods has been strengthened and expanded, and its driving effect on the sales of related goods continues to emerge. The effectiveness of the policy is not only due to the deepening and expansion of the policy itself, but also cannot be separated from the solid guarantee of funds. This year, the Ministry of Finance, together with the National Development and Reform Commission, arranged 300 billion yuan of ultra long-term special treasury bond funds to support the exchange of old for new consumer goods. Wu Gai, Deputy Director of the Department of Economic Construction of the Ministry of Finance, recently revealed that the Ministry of Finance, in cooperation with the National Development and Reform Commission, has determined the capital scale of each region in 2025, and issued the third batch of ultra long term special treasury bond funds of 69 billion yuan. The remaining funds will be issued in October to support local efforts to trade in consumer goods. With the release of the third batch of ultra long term special treasury bond funds, various regions have optimized the work arrangement of replacing old consumer goods with new ones. Through measures such as strengthening subsidies, innovating collection methods, and optimizing the application process, consumers' demand has been precisely matched, and the efficiency of policies to promote consumption has been further released. In terms of subsidy intensity, many regions continue to increase. On August 19th, the Department of Commerce of Heilongjiang Province issued a notice clarifying that from August 23rd to December 31st, car replacement will be subsidized in different levels. The subsidy for each level of new energy vehicles will increase by 2000 yuan compared to gasoline vehicles, in order to promote green consumption with greater efforts. Chongqing will allocate an additional 300 million yuan in budget funds specifically for the subsidy of automobile replacement and renewal in the third quarter of 2025, and adopt a monthly delivery method to ensure the continued effectiveness of policies. In order to reach consumers more efficiently with subsidy funds, many regions have adjusted their methods of receiving them. Several regions in Hunan Province have recently announced that starting from August 22nd, subsidies for exchanging old appliances, 3C digital products, and home decoration kitchens and bathrooms (excluding home aging renovation subsidies) will be adjusted from a "daily quota voucher issuance" to a "centralized voucher issuance" model to improve consumer application convenience. In terms of process optimization, various regions are focusing on alleviating the supply-demand contradiction of product vouchers and improving the efficiency of fund utilization. The Fuzhou Municipal Bureau of Commerce disclosed through a hot Q&A guide that, based on recent verification and application situations, it has moderately added popular types of securities such as air conditioners, fans, refrigerators, computers, washing machines, and water heaters. A series of policy adjustments not only respond to consumers' actual demand for trade in, but also help further unleash the potential of the consumer market. Liu Xiangdong, Deputy Director of the Research and Information Department of the China Center for International Economic Exchange, stated in an interview with China Securities Journal that the current adjustment and optimization of the trade in policy in various regions mainly involves flexibly adjusting the policy implementation cycle, dynamically adjusting the pace of distribution, cracking down on subsidy arbitrage behavior and rectifying approval loopholes, and optimizing subsidy allocation methods based on the availability of national subsidies. These policy adjustments can better leverage their synergistic effect with long-term consumption promotion policies, ensuring the stable and sustained release of consumption potential, "said Liu Xiangdong. From a central level perspective, the policy signal of increasing support for the trade in policy has once again been released. On August 18th, the national teleconference on promoting the trade in of consumer goods emphasized the need to steadily and orderly advance the next stage of the trade in of consumer goods work; At the State Council executive meeting held on August 22, it was proposed that large-scale equipment updates and the policy of exchanging old for new consumer goods have achieved significant results in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods. It is necessary to further strengthen policy support in finance, taxation, and other areas. In the next stage, efforts should be made to promote the exchange of old for new consumer goods and expand the scope, accelerating efforts from durable consumer goods to service consumption, instant consumption, public consumption and other fields, further unleashing the consumption potential of the whole society. ”Liu Xiangdong stated. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, stated that considering the full implementation of the "two new" policies in the second half of last year, which have a significant effect on promoting consumption and expanding investment, it means that the second half of this year will face the problem of a high base compared to the same period last year, and there is a high possibility of increasing policy efforts. Among them, the moderate issuance of extra long term special treasury bond is expected to be included in the policy reserve, and the size of the "two new" policy support funds is expected to increase. Li Xunlei, Chief Economist of Zhongtai International, believes that relevant policies can further expand the scale of the trade in subsidy depending on the situation. At the same time, the trade in category will be expanded from durable consumer goods to necessities, and from commodity consumption to service consumption, thereby expanding the number of subsidy beneficiaries. In Li Xunlei's view, reducing the unit price of subsidized goods will help further stimulate new consumption among residents and better leverage the role of subsidies in driving consumption growth. The investment in exchanging old for new consumer goods is large and involves multiple fields, so it is necessary to ensure that the subsidy funds are used effectively and achieve tangible results. Wu Gai stated that the Ministry of Finance, in cooperation with the National Development and Reform Commission and other departments, has established a regular scheduling mechanism to closely track the progress of policy implementation, strengthen the main responsibility of local fund management, increase spot checks and inspections on fund allocation, redemption, and use, and strictly prevent fund misappropriation, fraud, and substitution. (New Society)