China’s National Development and Reform Commission is pushing out another 62.5 billion yuan, roughly $8.9 billion, by the end of June as part of its ongoing consumer goods trade-in subsidy program. It’s the third batch of funding in a scheme designed to get Chinese consumers spending again on everything from refrigerators to smartphones.
What the money actually covers
While the program originally focused on home appliances and new-energy vehicles, the 2026 iteration expanded to include smartphones, tablets, smartwatches, and smart glasses. Subsidies can reach up to 1,500 yuan per item for home appliances and 500 yuan for smartphones and wearable devices.
The funding flows through local governments and major e-commerce platforms like JD.com, which serve as distribution channels for the subsidies.
This latest 62.5 billion yuan disbursement follows two earlier batches of equal size, bringing the total allocated specifically for the 2026 consumer trade-in scheme to roughly 125 billion yuan across prior rounds. The program itself builds on an even larger foundation: a 300 billion yuan commitment made in 2025 for the same initiative.
