According to the Vice Minister of Commerce, Sheng Qiuping, together with household furniture, these products are the focus of traditional usage and are closely related to people’s lives. Beijing will work to promote the exchange of vehicles this year due to high demand and replacement potential, he added.

Official data showed that new car sales surpassed 30 million units for the first time last year, up 12% year-on-year.

On the other hand, the volume of second-hand cars sold in the country reached 18.41 million units in 2023, nearly 15% up.

The deputy minister said the country will also encourage the renovation of old houses and the replacement of home appliances as part of a package of measures to boost domestic demand.

In addition to that, it will stimulate new forms of consumption, such as cross-border e-commerce, new energy vehicles, and luxury or fancy Chinese products.

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