On January 8, the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) issued a circular on 2025 to increase and expand the implementation of large-scale equipment renewal and consumer goods trade-in policies.
The notice proposes to increase support for equipment renewal projects in key areas. Increase the ultra-long-term special national debt to support the scale of key areas of equipment renewal funds, in the continued support of industry, energy equipment, energy and power, transportation, logistics, environmental infrastructure, education, culture and tourism, medical care, old elevators and other equipment renewal based on the further expansion of the scope of support to the electronic information, safety production, facilities and agriculture and other areas, focusing on support for high-end, intelligent, green equipment applications.
Conditional localities are encouraged to take industrial parks and industrial clusters as carriers for the overall deployment and large-scale implementation of equipment renewal. Equipment renewal projects in key areas will be supported by the National Development and Reform Commission in conjunction with the relevant departments in the form of investment subsidies, etc., and will be screened in accordance with the overall approach of "local auditing and national review" to simplify the process of declaration and approval and effectively improve efficiency.
For the original text, see below:
National Development and Reform Commission Ministry of Finance on 2025
Increased efforts to expand the implementation of large-scale equipment upgrades and consumer products
Notice of Trade-in Policy
Development, Reform and Environment [2025] No. 13
People's governments of provinces, autonomous regions and municipalities directly under the Central Government, and the ministries and commissions of the State Council, as well as organizations directly under the Central Government:
In order to fully implement the spirit of the 20th CPC National Congress and the 2nd and 3rd Plenary Sessions of the 20th CPC Central Committee, conscientiously implement the deployment of the Central Economic Work Conference, according to the "Action Program to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in" (Guofa [2024] No. 7), with the consent of the State Council, the State Council is hereby notified of the additional expansion of the implementation of the policy of large-scale equipment renewal and consumer goods trade-in in 2025, as follows.
I. Strengthening efforts to promote the modernization of equipment
(i) Increasing support for equipment renewal projects in key areas. Increase the scale of funds for ultra-long-term special national bonds to support the renewal of equipment in key areas, and on the basis of continued support for the renewal of equipment in industry, energy-using equipment, energy and power, transportation, logistics, environmental infrastructure, education, culture and tourism, medical care, old elevators, etc., the scope of support will be further extended to the fields of electronics and information technology, safety production, and facility-based agriculture, with a focus on supporting the application of high-end, intelligent, and green equipment. Encourage conditional places to industrial parks, industrial clusters as a carrier, the overall deployment and large-scale implementation of equipment renewal. Key areas of equipment renewal projects by the National Development and Reform Commission with the relevant departments to take investment subsidies and other ways to support, in general, in accordance with the "local audit, national review" approach to screening, simplify the declaration and approval process, and effectively improve efficiency.
(b) Strengthening the implementation of equipment renewal loan subsidies. Playing the role of scientific and technological innovation and technological transformation refinancing policy tools, on the basis of the central government's 1.5-percentage-point interest rate subsidy for the principal of bank loans related to the equipment renewal of business entities that meet the relevant conditions, the National Development and Reform Commission has arranged for additional interest rate subsidies for the funds of the ultra-long-term special treasury bonds, so as to further reduce the cost of financing the renewal of the equipment of business entities. Relying on the inter-ministerial joint conference system for the promotion of the "two new types", it has strengthened cross-sectoral coordination and information feedback on equipment renewal loan subsidies, and optimized the whole chain of operational processes, such as project declaration, review of essential documents, delivery of checklists, and issuance of funds, so as to enhance the transparency of the policy and increase the degree of its visibility.
(c) Accelerating the assessment and diagnosis of stockpile equipment and project reserves. In-depth assessment and diagnosis of the stock of equipment in the fields of industry, agriculture, energy, construction, transportation, education, culture and tourism, and medical care will be carried out in accordance with the mandatory standards for technology, energy consumption, emission, safety, etc., and the guiding directory for industrial restructuring and the directory for the elimination of equipment, so as to clarify the target tasks for the renewal of equipment in each field and each industry and the implementation plan. Relying on the national library of major construction projects, strengthen the regularization of equipment renewal projects in key areas, strengthen all kinds of elemental guarantees, and improve the maturity and landability of the projects. It has improved the long-term mechanism combining incentives and constraints, and eliminated backward and inefficient equipment in accordance with the law.
(d) Strengthening the implementation of projects for the scrapping and modernization of old ships. Improve the implementation of subsidies for the scrapping and renewal of old operating vessels, and continue to support the scrapping and renewal of eligible old operating vessels. Strengthen the planning and tracking scheduling of scrapping and renewal projects for old operating vessels, and promote the efficient implementation of the projects.
(e) Expanding the scope of support for the scrapping and renewal of old trucks and agricultural machinery. On the basis of the implementation of the support policy in 2024, the scope of subsidies for the scrapping and renewal of old operational trucks will be expanded to operational trucks of National IV and the following emission standards, and the subsidy standards will be implemented in accordance with the Notice on the Implementation of the Scrapping and Renewal of Old Operational Trucks (Jiaotong Planning and Development [2024] No. 90). On the basis of "Supplementary Notice on Increasing Efforts to Continuously Implement Good Agricultural Machinery Scrapping and Renewal Subsidy Policies" (Agricultural Office of Machine [2024] No. 5), rice transplanter is included in the scrapping and renewal subsidy scope, and is supported with reference to the scrapping and renewal subsidy policy of rice transplanter; scrapping and renewal of the purchase of cotton picking machine, and the maximum subsidy for scrapping is increased from 60,000 yuan to 80,000 yuan for a single machine; and the subsidy for the field operation testing terminal, plant protection The field operation detection terminal, plant protection drone, grain dryer (dryer), color sorter, milling machine into the scope of end-of-life renewal subsidy, by the regions in accordance with the provisions of the measurement of end-of-life renewal subsidy standard; each region can determine their own end-of-life renewal subsidy for the upper limit of the scope of agricultural machinery types from 6 to 12.
(vi) Increasing the subsidy standard for the renewal of new energy city buses and power batteries. Strengthening the promotion of urban bus electrification replacement, update the age of eight years and more urban buses and beyond the warranty period of the power battery, the average subsidy per vehicle from 60,000 yuan to 80,000 yuan. Each region can keep the power battery renewal subsidy standard basically stable, and independently determine the vehicle renewal subsidy standard. The Ministry of Transportation and Communications guided the regions to do a good job of convergence of preferential policies and smooth and orderly transition.
II. Expansion of support for trade-in of consumer goods
(vii) Optimizing the allocation of funds for consumer goods trade-ins. Continue to directly arrange ultra-long-term special national bond funds to localities for supporting the replacement of old consumer goods with new ones. The National Development and Reform Commission and the Ministry of Finance will rationally determine the scale of support funds for each region by integrating factors such as the number of permanent residents in each region, regional GDP, the number of automobiles and home appliances, the policy of consumer goods trade-in in 2024, and the implementation of funds, and the allocation of funds will be appropriately tilted to the regions that have achieved better results in the consumer goods trade-in in 2024. All regions should focus on key areas, prioritize support for the replacement of large durable consumer goods, explore the linkage between subsidy policies and financial support, give full play to the prying effect of policies and funds, and promote the entry of more high-quality durable consumer goods into the lives of residents.
(h) Expanding the scope of support for automobile scrapping and renewal. On the basis of the Notice on Further Improving the Relevant Work of Automobile Trade-in (Commercial Consumption Letter [2024] No. 392), eligible fuel-fired passenger cars of the National IV emission standard will be included in the scope of old cars that can apply for scrapping and renewal subsidies. Individual consumers scrapping gasoline passenger cars registered before June 30, 2012 (including the same day, hereinafter the same), diesel and other fuel passenger cars registered before June 30, 2014, or new energy passenger cars registered before December 31, 2018, and purchasing new energy passenger cars included in the Catalogue of New Energy Vehicle Models with Reduced or Exempted Vehicle Purchase Taxes, or new energy passenger cars with a 2.0-liter displacement or less For the purchase of new energy passenger cars or fuel passenger cars with a displacement of 2.0 liters or less, the subsidy for a single unit of new energy passenger car is 20,000 yuan, and the subsidy for a single unit of fuel passenger car with a displacement of 2.0 liters or less is 15,000 yuan. Individual consumers applying for subsidies in accordance with the standards in this Notice shall scrap the motor vehicles registered in their names before the date of publication of this Notice.
(ix) Improvement of automobile replacement and renewal subsidy standards. If an individual consumer transfers a passenger car registered in his or her name and purchases a new passenger car, he or she will be given a subsidy to support the replacement of the car, with the maximum subsidy for the purchase of a new energy passenger car not exceeding 15,000 yuan, and the maximum subsidy for the purchase of an oil-fired passenger car not exceeding 13,000 yuan. Individual consumers applying for subsidies in accordance with the standards of this Notice shall have the transferred existing passenger cars registered in their own names no later than the date of publication of this Notice. The implementation rules for the subsidy for vehicle replacement and renewal shall be reasonably formulated by each region in accordance with the requirements of this Circular and in the light of the actual situation.
(j) Strengthening support for the trade-in of home appliances. Continue to support the replacement of refrigerators, washing machines, TVs, air conditioners, computers, water heaters, household stoves, range hoods and other 8 types of home appliances, microwave ovens, water purifiers, dishwashers, rice cookers and other 4 types of home appliances into the scope of subsidies. Individual consumers purchasing the above 12 categories of home appliances with 2 levels of energy efficiency or water efficiency standard products, the subsidy standard is 15% of the sales price of the product; 1 level of energy efficiency or water efficiency standard products, the subsidy standard is 20% of the sales price of the product. each consumer can be subsidized for 1 piece of each category of products (air-conditioning products can be subsidized for up to 3 pieces), and the subsidy does not exceed 2,000 yuan per piece. 2024 has been enjoying the Individual consumers who have enjoyed the trade-in subsidy for certain types of home appliances in 2024 can continue to enjoy the subsidy for purchasing the same type of home appliances in 2025.
(xi) Implementing subsidies for the purchase of new cell phones and other digital products. Individual consumers purchasing cell phones, tablet PCs, smart watches and bracelets, and other three types of digital products (with a single sales price of no more than 6,000 yuan) will be subsidized at 15% of the sales price of the product, and each consumer will be allowed to subsidize one piece of each type of product, with a subsidy of no more than 500 yuan per piece.
(xii) Actively supporting the replacement of consumer goods for home furnishings. Increasing subsidies for individual consumers to purchase goods and materials used in the process of renovating old houses, renovating kitchens and bathrooms, and renovating homes for the elderly, and actively promoting the consumption of smart homes. The categories, standards, limits and implementation methods of the subsidies will be rationally determined by the relevant departments, guiding each region to take into account the actual situation.
(xiii) Accelerate the promotion of electric bicycle trade-in. Each region should further improve the subsidy implementation rules, optimize the subsidy method, simplify the operation process, strengthen market supervision, and accelerate the promotion of electric bicycle trade-in. Individual consumers to sell for scrapping of old electric bicycles and exchange for a new car, to give the old for new subsidies; to sell for scrapping of old lithium-ion battery electric bicycles and exchange for lead-acid battery electric bicycles for new cars, can be appropriately increased subsidies. The subsidy standard for the trade-in of electric bicycles will be rationally formulated by the relevant departments to guide the regions in light of the actual situation.
III. Accelerating the level of recovery and recycling
(xiv) Strengthening capacity-building for recovery and recycling. The Government has continued to arrange ultra-long-term special national bond funds to support the construction of high-level recovery and recycling projects. China Resources Recycling Group Co., Ltd. has been supported to speed up the establishment of a national and functional resources recovery and recycling platform, so as to smooth the chain of resources recycling. It supports the supply and marketing cooperative system to give full play to the advantages of grass-roots outlets, accelerate the improvement of the standardized recycling network, and promote the "integration of the two networks" of the domestic garbage collection and transportation system and the recycling system. It has strengthened the scientific and technological research on major technologies and equipment for recycling and cultivated a number of backbone enterprises in the field of resource recycling.
(xv) Promoting the upgrading of second-hand goods trading and remanufacturing industries. Promote the pilot construction of second-hand goods circulation, and encourage the development of the "Internet + second-hand" model. Support platform enterprises, third-party organizations to provide second-hand commodity quality inspection services, information erasure inspection services. Support the export of used cars that meet the quality and other relevant requirements. Encourage the implementation of remanufacturing of used mechanical and electrical equipment with conditions, remanufacturing product quality characteristics and safety and environmental performance should not be lower than the prototype new product. Replication and promotion of pilot measures for the import of remanufactured products in key industries for pilot free trade zones.
(p) support the waste electrical and electronic products recycling and treatment. 2025 the central financial government to continue to arrange special funds, to take the "award instead of subsidies" to support the waste electrical and electronic products recycling and treatment work, to promote the healthy development of the industry. As soon as possible to introduce special funds for the disposal of waste electrical and electronic products management approach supporting documents, clear standards and conditions required for enterprises included in the scope of funding support, to guide enterprises to environmental protection, standardized dismantling.
(xvii) Promoting the high-quality development of the resource recycling industry. It has accelerated the implementation of "reverse invoicing" by resource recycling enterprises to sellers of end-of-life products to natural persons, and standardized the tax order of the resource recycling and utilization industry. Implementing special actions to promote the application of recycled materials, implementing the extended producer responsibility system, and supporting manufacturers of automobiles, electrical and electronic products and other enterprises to increase the proportion of recycled materials applied. Crack down on "workshop-style" recycling and dismantling, and investigate and deal with illegal recycling and dismantling of end-of-life motor vehicles, waste electrical and electronic products, decommissioned new energy equipment, decommissioned power batteries and other behaviors in accordance with the law.
Fourth, give full play to the standards to enhance traction
(xviii) Accelerating the formulation and revision of standards. In line with the international advanced level, it will upgrade the requirements of key industries and important equipment in terms of mandatory technology, energy consumption and emission indicators, promote the upgrading of quality and safety standards for bulk durable consumer goods such as automobiles, home appliances and home furnishings, and accelerate the formulation of energy or water efficiency standards for the smart home, digital products and other fields. Strengthen the supply of standards in the field of resource recycling, and study and formulate standards for recovery, dismantling and recycling in key areas such as end-of-life motor vehicles, waste electrical and electronic products, decommissioned new energy equipment and decommissioned power batteries, etc. By the end of 2025, all the 294 key national standards specified in the action plan for upgrading the standards of the two new areas will be completed by the end of 2025 on schedule. Formulate and revise the tasks.
(xix) Strengthening supervision of standards implementation. Focusing on the implementation of important standards, we will improve the quality supervision and sampling system, and include household appliances, furniture and building decoration materials, electronic and information technology products, transportation equipment and related products in the national catalog of key industrial product quality and safety supervision. The implementation of key national standards in the "two new" areas will be included in the assessment of the central quality inspection. Continue to expand the scope of implementation of energy efficiency and water efficiency labels, and organize the selection of products and equipment energy efficiency and water efficiency "frontrunners". Strictly enforcing mandatory standards on energy consumption and pollutant emissions, and enhancing the binding force of standards.
V. Strengthening organizational implementation
(xx) Strengthening organizational leadership. The National Development and Reform Commission will play the role of leading department of the inter-ministerial joint conference system for the "two new", and will work with the Ministry of Finance to arrange for the 2025 ultra-long-term special government bond funds to strengthen the expansion of the implementation of the "two new" policies, and to strengthen coordination and tracking and scheduling. The Ministry of Commerce, the Ministry of Transportation, the Ministry of Agriculture and Rural Development and other departments, in accordance with their division of responsibilities, have accelerated the refinement of subsidy standards in relevant areas, improved the implementation rules, and organized the localities to implement policies in relevant areas. The Ministry of Commerce has integrated the national common consumption subsidy data platform, done a good job in data sharing and automatic comparison, simplified the audit process, and improved the regulatory capacity. The people's governments at the provincial level should take into account the actual implementation of the "two new" policies, strengthen the responsibilities of all parties, enhance coordination and promotion, grasp the pace of work, give full play to the enthusiasm, initiative and creativity, and continue to amplify the effects of the "two new" policies.
(xxi) Strengthening financial support. The National Development and Reform Commission takes the lead in arranging ultra-long-term special national bond funds to support equipment renewal for the implementation of the support policies listed in articles (1) (2) (4) and (14) of this Circular and the construction of eligible projects; and arranging ultra-long-term special national bond funds directly to localities to support the trade-in of consumer products for the implementation of the support policies listed in articles (8) (9) (10) (11) (12) (13) and (5) (6) of this Circular. (e) (f) (vi). The funds arranged directly to the local government will be shared between the central government and the local government in accordance with the principle of 9:1, with the central government's share in the eastern, central and western regions amounting to 85%, 90% and 95%, respectively, and the provincial governments will arrange for the matching funds in accordance with the central government's funding allocation, and the funding sharing method for the provinces will be determined by the provincial governments. All regions should strictly implement the support standards for the relevant areas specified in this notice, and the specific support standards and categories for other areas should be reasonably determined by the regions in the light of the actual situation, so as to ensure that the investment of funds is in line with the requirements of the "two new" policies. All regions should complete the 2024 consumer goods trade-in subsidy fund clearing in a timely manner, and do a good job of the relevant support policies across the year smooth convergence and smooth and orderly transition. If a region exhausts the amount of funds allocated by the central government for consumer goods trade-in, the excess will be supported by the region through local funds, and the central government will no longer bear the burden. By December 31, 2025, the amount of funds allocated by the central government for the replacement of old and new consumer goods that have not been used up will be returned to the central government.
(xxii) Optimizing participation thresholds. Each region should reasonably determine and timely update the list of business entities participating in the consumer goods trade-in activities, shall not restrict the participation of business entities on the basis of sales, advancing capacity, etc., and should equally support online and offline business entities, as well as the participation of business entities of different ownership, different places of registration, and different scales of business entities in the activities. Under the premise of risk prevention and control, each region will actually allocate part of the funds to the corresponding payment platform or business entity to improve the efficiency of fund clearing and reduce the pressure on business advances and operations.
(xxiii) Simplifying the subsidy process. Each region shall, for the purpose of facilitating and benefiting the people, issue the eligibility for consumer goods trade-in subsidies through government platforms and cell phone applications that are widely known to the public and are used more frequently on a daily basis, so as to reduce the multiple and repetitive filling in of information from the source. No restrictions shall be imposed on consumers' payment methods and types of payment vouchers, and business entities shall not be required to procure new payment equipment on the grounds of participating in the activities. Optimize the review and approval process of trade-in subsidies for consumer goods such as automobiles and home appliances, strengthen cross-departmental data linkage and sharing, promote the electronic use of vouchers such as motor vehicle recycling certificates, implement multi-departmental joint review and approval, and reduce the number of non-essential approval levels and links. On the premise of good fund supervision, each region should clarify the timeframe from the approval of the audit to the disbursement of funds to consumers, and strive for the timely and efficient realization of the subsidy benefits.
(xxiv) Regulating market order. Each region shall organize the business entities participating in the consumer goods trade-in activities to implement public commitments on product sales prices. On the discovery of the existence of non-performance of the price commitment, "first price increases and then discounts" and other price violations, as well as arbitrage subsidy funds of the main business, the first time to cancel its participation in the activities of the qualification, and recovery of the state subsidy funds. Smooth channels for consumers to report complaints, strengthen the supervision and random inspection of consumer goods quality, and crack down on counterfeiting, substandard products, old products as new ones, substandard products as qualified products, as well as counterfeiting and fraudulent use of energy and water efficiency labels and other behaviors. In accordance with the law and regulations to seriously deal with fraudulent use of state subsidies and other illegal acts, suspected of committing a crime transferred to the judicial authorities in accordance with the law and severely investigated. All regions should implement the requirements of accelerating the construction of a unified national market, breaking local protection, eliminating geographical and channel restrictions, and promoting fair competition.
(xxv) Strengthening the supervision of project funds. Relevant departments should, in accordance with the division of responsibilities, strengthen the supervision and guidance of the whole chain of local project implementation and fund utilization, coordinate online monitoring and early warning and offline field verification, and resolutely guard against the problems of untimely fund allocation, delayed utilization and misappropriation of funds. The people's governments at each provincial level are the main body with the first responsibility for project and fund management, and they should strictly manage the ultra-long-term special national bond funds, carry out daily scheduling and on-site supervision of the equipment renewal projects, strictly implement the centralized payment system of the State Treasury, and guard the bottom line of the red line of fund use, so as not to falsely list the expenditures, falsely report the expenditures, or allocate funds instead of expenditures, and to avoid the funds being deposited and left unused. For those who do not meet the above requirements and violate financial discipline, the funds should be recovered in a timely manner, and the relevant personnel should be seriously held accountable in accordance with the law.
(xxvi) Strengthening follow-up and evaluation. The National Development and Reform Commission, in conjunction with the relevant departments, has strengthened its assessment and supervision of the implementation of the "two new" policies in various regions and areas, supervised the implementation of key tasks, and coordinated the resolution of difficulties and blockages. Relevant departments and provincial people's governments should carry out self-assessment and self-examination of work promotion, project implementation, fund utilization and performance target achievement, and report the fund utilization and performance target achievement to the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) in a timely manner. The National Development and Reform Commission, in consultation with the Ministry of Finance, will summarize and form a performance assessment report, and will take the results of the assessment as an important basis for the subsequent optimization of funding arrangements.
(xxvii) Strengthening publicity and guidance. All relevant departments in all regions should vigorously publicize the progress and effectiveness of the "two new" policies, do a good job of interpreting the policies in a timely manner, and actively respond to social concerns. All regions should carry out a variety of publicity activities at the grass-roots level in communities, enterprises and other areas, and refine the interpretation of the connotations of the "two new" policies and the specific modus operandi of the two new policies. They should strengthen collaboration among governments, enterprises and social organizations, promote typical models and advanced experiences, and vigorously create a good social atmosphere.
PRC National Development and Reform Commission
Ministry of Finance
January 5, 2025
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