The National Development and Reform Commission (NDRC) has announced an allocation of 300 billion yuan in treasury bonds intended to support a consumer goods trade-in program. This initiative aims to enhance economic activity and create jobs in a sector crucial for the country's economic resilience.

The NDRC has confirmed that the fourth batch of ultra-long special treasury bond funds, amounting to 69 billion yuan, will be distributed in October. This decision was communicated by NDRC officials during a recent press conference.

The effective implementation of these funds will be coordinated by the NDRC in collaboration with the Ministry of Finance (MOF) and the Ministry of Commerce (MOFCOM) to ensure judicious and balanced usage throughout the remainder of the year.

Earlier this year, the MOF allocated a similar 69 billion yuan in July as part of the third batch to assist local authorities with advancing the trade-in program. The commitment to this initiative reflects a broader strategy to stimulate the domestic market.

Cumulatively, the government has earmarked 300 billion yuan this year to bolster the trade-in scheme, with the first two funding batches totaling 162 billion yuan released in January and April.

Zhou Chen from the NDRC emphasized the role of domestic demand in sustaining economic growth during the first half of the year, indicating that future measures will focus on policy optimization to further expand domestic consumption and employment.

In a response to external economic challenges, China has prioritized boosting domestic demand, implementing various strategies aimed at invigorating consumption through the first half of 2025.

According to data from the National Bureau of Statistics, domestic demand accounted for 68.8 percent of GDP growth, with final consumption expenditures comprising 52 percent, marking it as a primary growth engine.

The consumer goods trade-in program has stimulated significant purchasing activity, resulting in over 109 million home appliances sold and involving more than 66 million consumers, as reported by the Xinhua News Agency on July 22.

The initiative has also driven sales of 74 million digital devices and nearly 9.06 million electric bicycles. Furthermore, the program generated sales of 1.1 trillion yuan in the first five months of the year.

Retail sales figures from the National Bureau of Statistics reveal that in the first half of the year, China's retail sales reached 24.55 trillion yuan, reflecting a year-on-year increase of 5.0 percent.

A State Council meeting highlighted the need to consolidate economic recovery momentum for the latter half of the year. It emphasized the importance of effective macroeconomic policies and the alignment of development goals with security objectives.