Breaking News

China Unveils Action Plan to Boost Equipment Renewal and Consumer Goods Trading

China Unveils Action Plan to Boost Equipment Renewal and Consumer Goods Trading

Beijing, March 14, 2024, The Europe Today: China has unveiled an ambitious action plan aimed at promoting the large-scale renewal of equipment and facilitating the trading-in of consumer goods. Issued by the State Council, the country’s cabinet, the plan underscores China’s commitment to enhancing the quality and efficiency of economic circulation while promoting sustainability and resource conservation.

The action plan aims to introduce more high-quality durable consumer goods into the market, streamline the recycling chain of resources, and elevate the overall quality and level of economic circulation. Central to the plan is the goal of increasing the scale of equipment investment across various sectors, including industry, agriculture, construction, transportation, education, culture, tourism, and medical care. By 2027, the plan targets a growth of more than 25 percent in equipment investment compared to the previous year, fostering technological advancement and infrastructure development.

Key provisions of the action plan include significant targets for the recycling and trading-in of consumer goods. By 2027, the plan aims to double the recycling volume of scrapped vehicles from 2023, while also increasing used car transactions by 45 percent. Additionally, the plan sets a goal to boost the recycling of used household appliances by 30 percent compared to 2023, promoting sustainable consumption and resource utilization.

The action plan outlines 20 key tasks across five sectors, including equipment renewal, trading-in of consumer goods, recycling of used goods, standard leveling-up, and policy reinforcements. These tasks encompass a comprehensive approach to advancing the goals of the plan, ensuring effective implementation and tangible outcomes.

Crucially, the plan emphasizes the importance of fiscal and financial support to facilitate the transition towards a more sustainable and efficient economic model. By aligning policies and providing necessary incentives, China aims to accelerate progress towards a circular economy and promote the responsible consumption and utilization of resources.

The unveiling of this action plan represents a significant step forward in China’s efforts to foster sustainable economic development and promote ecological balance. With a clear roadmap and targeted measures, China is poised to drive innovation, enhance productivity, and create a more resilient and environmentally-conscious economy for the future.