In a recent interview, a spokesperson for Guangdong province shared insights on the region’s efforts to revitalize its economy through large-scale equipment upgrades and a “trade-in” program for consumer goods. These initiatives aim to transform policy benefits into tangible development outcomes that stimulate consumption, drive manufacturing transformation, and unleash new economic momentum.
“Here in Guangdong, we have expanded the ‘trade-in’ program beyond traditional home appliances to include subsidies for three categories of products, including mobile phones,” the spokesperson explained. “Local municipalities have also tailored these subsidies to align with their specific industries.”
At a home appliance store in Shenzhen, the impact of this initiative is evident, with many retailers offering additional discounts to attract consumers looking to trade in old devices. “It’s not just about selling new products; it’s about creating opportunities for customers to upgrade in a cost-effective way,” the store manager noted.
The program isn’t only benefiting retailers; it has also led to significant production increases in manufacturing facilities. A flat-screen TV manufacturer, for instance, revamped its old production line in April of this year, integrating 5G and AI technologies to dramatically enhance efficiency. “The series of policies and funding released have provided crucial support for us to invest further in our production capabilities,” the CEO stated.
From January to September this year, Guangdong reported a 19.8% year-on-year increase in industrial equipment upgrade investments and a 12.4% rise in technological transformation investments. Currently, the province is focusing on building the “Yue Huan Xin” brand and developing a suite of public service platforms to facilitate large-scale equipment upgrades, consumer trade-ins, and the recycling of waste materials.
“We’re committed to creating a sustainable and vibrant economy through these initiatives,” the spokesperson concluded.
