Shenzhen launches new round of 'Trade-In' policy for consumer goods

Shenzhen has recently introduced a new policy aimed at encouraging the trade-in of old consumer goods for new ones. This initiative supports several sectors, including personal passenger vehicle exchanges, old-for-new home appliance programs, purchasing new consumer electronic goods like mobile phones, home improvement product exchanges, and electric bicycle trade-ins. 

Potential car buyers pack a store of a carmaker's showroom. Photo from Shenzhen Special Zone Daily

By the end of 2025, the city plans to facilitate about 160,000 car trade-ins, approximately 3.2 million new appliances, and around 3.5 million new digital products sold.

As part of this initiative, new subsidies have been introduced for mobile phones, tablets, and smart bands. Consumers will receive a 15% subsidy on the purchase price for items that do not exceed 6,000 yuan apiece in each of the three category. Subsidies for each item is capped at 500 yuan. 

In the home appliance sector, subsidies are available for 12 types of products, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters. The subsidy standard for products meeting the second-level energy or water efficiency standards is 15% of the sales price, while it is 20% for those meeting the first-level standards. Additionally, the types of appliances eligible for trade-in have been expanded to over 30 categories, including disinfection cabinets, air purifiers, and smart home devices. In the home renovation segment, subsidies are offered for materials used in renovations of old homes, kitchen and bathroom improvements, and smart home purchases, with individual consumers eligible for up to 20,000 yuan in cumulative subsidies. 

In the passenger vehicle trade-in area, individuals purchasing new energy vehicles or gasoline-powered vehicles that meet national emission standards within Shenzhen will receive a one-time subsidy based on the vehicle's price. For vehicles priced between 40,000 yuan and 70,000 yuan, subsidies amount to 4,000 yuan for gasoline vehicles and 5,000 yuan for new energy vehicles. If the vehicle pricing falls between 70,000 yuan and 150,000 yuan, subsidies increase to 8,000 yuan per gasoline vehicle and 9,000 yuan per new energy vehicle. For vehicles priced between 150,000 yuan and 250,000 yuan, the subsidies are 12,000 yuan per gasoline vehicle and 13,000 yuan per new energy vehicle. For vehicles priced at 250,000 yuan and above, the subsidies are 13,000 yuan per gasoline vehicle and 15,000 yuan per new energy vehicle.