China has front-loaded 62.5 billion yuan ($8.9 billion) through the first tranche of ultra-long-term special treasury bonds to local governments, providing an early funding boost for consumer goods trade-in programs set for 2026.

According to a notice jointly released by the National Development and Reform Commission and the Ministry of Finance, incentives will still be in place for consumers who replace old cars and purchase new ones.

For home appliances, the trade-in program will cover six major categories: refrigerators, washing machines, televisions, air conditioners, computers and water heaters.

The program also covers the purchase of new digital and smart products, including mobile phones, tablets, smartwatches, smart glasses and smart home devices, particularly those designed for elderly users.

China also intends to optimize the implementation of large-scale equipment upgrades to boost consumption.

While maintaining the overall continuity of existing efforts, new areas have been added to the initiative. These include installing elevators in older residential communities, upgrading facilities for elderly care institutions, improving fire and rescue equipment, and modernizing in-person commercial facilities.