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, 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.