On January 8, 2024, the National Development and Reform Commission and the Ministry of Finance jointly issued the "Notice on Intensifying and Expanding the Implementation of Large-Scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025". The policy aims to further promote high-quality economic development, release domestic demand potential, and promote industrial upgrading and green transformation.

Key policy contents:

Increase the scale of funds for ultra-long-term special government bonds to support equipment renewal in key areas. On the basis of continuing to support equipment renewal in industry, energy-consuming equipment, energy and electricity, transportation, logistics, environmental infrastructure, education, culture and tourism, medical care, and old elevators, the scope of support will be further expanded to electronic information, production safety, and facility agriculture, with a focus on supporting high-end, intelligent, and green equipment applications. Encourage places with conditions to use industrial parks and industrial clusters as carriers to deploy and implement equipment renewal on a large scale. The National Development and Reform Commission will support equipment renewal projects in key areas in conjunction with relevant departments through investment subsidies and other means. Overall, they will be screened and approved in accordance with the "local review and national re-examination" method to simplify the application and approval process and effectively improve work efficiency.

Strengthen the supply of standards in the field of resource recycling, and study and formulate standards for recycling, disassembly and recycling in key areas such as scrapped motor vehicles, waste electrical and electronic products, retired new energy equipment, and retired power batteries.

Accelerate the evaluation and diagnosis of stock equipment and project reserves. Benchmarking against mandatory standards such as technology, energy consumption, emissions, and safety, as well as guidance catalogs for industrial restructuring and equipment elimination catalogs, conduct in-depth evaluation and diagnosis of stock equipment in the fields of industry, agriculture, energy, construction, transportation, education, culture, tourism, and medical care, and clarify equipment renewal goals, tasks, and implementation plans by field and industry.