As the third session of the 14th Shandong Provincial People's Congress opened on Jan 20, Yu Zhitao, deputy to the provincial people's congress, has underlined the need for the province to unveil a combination of measures to facilitate implementation of the nation's trade-in policy in order to maximize its effectiveness in boosting consumption.

Yu, president of Chinese appliance and electronics manufacturer Hisense Group based in Qingdao, East China's Shandong province, said that Shandong should expand and enhance the scope of trade-in policy.

In 2024, Shandong pioneered trade-in programs of consumer goods nationwide. Under substantial subsidies, this initiative has significantly stimulated consumption. Data revealed that within four months of the official launch of the new round of appliance replacement in August 2024, the sales for household appliances in Shandong surged by 74.9 percent year-on-year, boosting the overall consumption market in the province.

Consumer goods trade-in has emerged as a crucial driver of consumption growth. "Consumption is closely linked to production and people's livelihoods. Enterprises have truly experienced the benefits brought by the consumer goods trade-in policy," Yu said.

To further enhance the implementation of the consumer goods trade-in policy, Yu recommended expanding the scope of subsidized products to include monitors and refrigerators. Additionally, efforts should be directed towards improving merchant access, product registration, subsidy disbursement, and enhancing efficiency and effectiveness, he said.