China's top economic planner announced on Thursday new measures to promote the trade-in program.
Approximately 300 billion yuan (about 42 billion U.S. dollars) 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).
The trade-in program will be expanded to cover equipment renewals of energy power, old elevators, operating ships, trucks, agricultural machinery and new energy buses, the NDRC said.
The central budget will also provide a 20 billion yuan interest subsidy to direct financial institutions in supporting equipment renewal and technical upgrades, the economic planner added.
China has already completed the building of a policy system for promoting large-scale equipment renewals and replacing old consumer goods with new ones, while local governments across 31 provincial-level regions have all released action plans for the program.