Stimulating demand tops policy agenda

Commerce Ministry eyes larger scope for consumer goods trade-in program More policies are in the pipeline to supercharge domestic demand, with analysts forecasting a doubling of ultra-long special treasury bonds targeting consumption and an expansion of the scope of trade-in programs to encompass a wider range of product categories. Yu said that following the reinforced countercyclical policies in late September, the impact of intensified consumer goods trade-in policy on retail sales growth has been substantial. According to the National Bureau of Statistics, retail sales of household appliances/audiovisual equipment, furniture, automobiles, and construction and decoration materials saw respective increases of 22.2 percent, 10.5 percent, 6.6 percent and 2.9 percent, buoyed by the consumer goods trade-in policy. Sheng, the vice-minister, said that moving forward, active collaboration with the National Development and Reform Commission — the country's top economic regulator — and other departments will be crucial to broadening the scope of coverage of the consumer goods trade-in policy, ensuring more consumers benefit tangibly.