China's top economic planner announced on July 25 new measures to promote the trade-in program. Approximately 300 billion yuan ($42 billion) in ultra-long special treasury bonds will be earmarked to boost large-scale equipment renewals and replace old consumer goods with new ones, according to the National Development and Reform Commission (NDRC).
According to it, China will raise subsidies for qualified buyers of 8 categories of home appliances including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, home ranges and hoods will get subsidies equivalent to 15%-20% of their sales prices based on their energy efficiency level or water efficiency level, but the subsidy for each item will not exceed 2,000 yuan.