China Allocates 62.5 Billion Yuan for Consumer Trade-In Subsidies

China’s National Development and Reform Commission (NDRC) has allocated 62.5 billion yuan, approximately 9.1 billion U.S. Dollars, in new ultra-long special treasury bonds to fund consumer goods trade-in programs for 2026, the agency announced on April 10, 2026.

This allocation represents the second batch of funds raised through these specific bonds for the programs this year. The NDRC stated that the funds have been earmarked for various regions.

2026 Funding Targets and Timeline

The Chinese government has established a total allocation goal of 250 billion yuan in ultra-long special treasury bonds to support trade-in programs throughout 2026.

The current disbursement follows an initial funding phase. In late December 2025, the government allocated a first batch of funds of the same value—62.5 billion yuan—to support the 2026 trade-in programs aimed at boosting consumption.

2025 Program Performance

The expanded funding for 2026 follows significant activity in the previous year. According to government data, policy-backed trade-in programs in 2025 resulted in consumer goods sales exceeding 2.6 trillion yuan.

These programs benefited more than 360 million people during the 2025 calendar year.

Regulatory Oversight and Fund Management

Alongside the disbursement of funds, the NDRC is implementing a framework to manage how the capital is utilized at the local level. The agency stated it will provide further guidance to local regions to achieve several objectives:

• Optimization of fund utilization plans.
• Strengthening of overall supervision.
• Standardization of subsidy applications and review processes.
• Crackdowns on fraudulent practices.

The focus on standardization and supervision is intended to ensure the ultra-long special treasury bonds are used effectively to drive the trade-in initiatives across different regions.