Episode Details

China is likely to extend the consumer goods trade-in program into 2026, as analysts said there is still substantial, unmet demand among Chinese households to upgrade home appliances and digital devices, as well as ample fiscal headroom to underpin the consumption campaign.

分析人士表示，由于中国家庭对家电和数码设备升级的需求仍有较大缺口，且有充足的财政空间支持这项消费刺激举措，中国可能会将消费品以旧换新政策延续至2026年。

The initiative, proven effective in driving big-ticket item spending and delivering tangible benefits to households, is expected to enable China to begin the 15th Five-Year Plan (2026-30) period on a sound footing, they added.

他们补充称，该举措已被证实能有效拉动大额商品消费，并为家庭带来切实利益，有望助力中国在“十五”规划（2026-2030年）开局之年奠定良好基础。

China's trade-in program is a government-backed initiative to boost domestic consumption by providing subsidies for consumers who trade in outdated items like white goods, automobiles and electronics for new, more efficient models.

中国的以旧换新政策是一项政府支持的举措，通过为消费者提供补贴，鼓励其将家电、汽车和电子产品等老旧物品置换为新型、高效的产品，从而提振国内消费。

Although an official announcement has not yet been made, multiple policy signals and clear market trends — particularly the shift toward smart and green products — suggest an extension is possible.

尽管官方尚未发布正式通知，但多项政策信号和明确的市场趋势——尤其是向智能、绿色产品的转型——表明该政策有望延续。

This likelihood was reinforced by the State Council, the country's Cabinet, which set explicit targets for aging vehicles and outdated appliance recycling volume through 2027 in a March 2024 document that launched the current trade-in round.

2024年3月，国务院（中国内阁）发布文件启动本轮以旧换新工作，并明确设定了截至2027年的老旧车辆和废旧家电回收量目标，这进一步强化了政策延续的可能性。

In addition, the 2024 Government Work Report pledged to issue ultra-long special treasury bonds "over each of the next several years". These bonds have served as the funding mechanism of the trade-in initiative.

此外，2024年《政府工作报告》承诺“在今后几年每年”发行超长期特别国债。这些债券已成为以旧换新举措的资金保障机制。