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Today (January 8, 2025), the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Increasing Efforts to Expand the Implementation of Large-Scale Equipment Updates and Consumer Goods Trade-in Policies in 2025". The article mentioned that the subsidy standards for new energy city buses and power battery updates will be increased. Efforts will be made to promote the electrification of urban buses, and the average subsidy for each vehicle will be increased from 60,000 yuan to 80,000 yuan for urban buses with an age of 8 years or more and power batteries that have exceeded the warranty period. Local governments can keep the power battery update subsidy standards basically stable and independently determine the vehicle update subsidy standards. The Ministry of Transport guides various regions to make good connections between preferential policies and a smooth and orderly transition.

National Development and Reform Commission Ministry of Finance

Notice on the implementation of large-scale equipment renewal and consumer goods trade-in policy in 2025
NDRC [2025] No. 13
People's governments of provinces, autonomous regions, and municipalities directly under the Central Government, and ministries and commissions of the State Council and directly affiliated institutions:
In order to fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, and conscientiously implement the deployment of the Central Economic Work Conference, in accordance with the "Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Trade-in" (Guofa [2024] No. 7), with the approval of the State Council, the following notice is hereby issued to promote the implementation of large-scale equipment renewal and consumer goods trade-in policy in 2025.
1. Promote equipment renewal
(I) Increase support for equipment renewal projects in key areas. Increase the scale of funds for ultra-long-term special treasury 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 the form of investment subsidies and other means in conjunction with relevant departments. The overall screening and approval process will be carried out in accordance with the "local review and national review" method to simplify the application and approval process and effectively improve the efficiency of work.
(II) Strengthen the implementation of interest subsidies for equipment renewal loans. Give full play to the role of policy tools for scientific and technological innovation and technological transformation re-lending. For bank loan principals related to equipment renewal of business entities that meet relevant conditions, on the basis of the central government's interest subsidy of 1.5 percentage points, the National Development and Reform Commission will arrange ultra-long-term special treasury bonds for additional interest subsidies to further reduce the financing costs of equipment renewal for business entities. Relying on the promotion of the "two new" inter-ministerial joint meeting system, strengthen cross-departmental coordination and information feedback of equipment renewal loan interest subsidies, optimize the whole chain of project application, requirements review, list push, fund issuance and other operational processes, and enhance policy transparency and awareness.
(III) Accelerate the evaluation and diagnosis of stock equipment and project reserves. Benchmarking against mandatory standards such as technology, energy consumption, emissions, and safety, and the guidance catalog for industrial structure adjustment, equipment elimination catalog, etc., carry out 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. Relying on the national major construction project database, strengthen the regular reserve of equipment renewal projects in key areas, strengthen the guarantee of various factors, and improve the maturity and feasibility of projects. Improve the long-term mechanism combining incentives and constraints, and eliminate backward and inefficient equipment in accordance with laws and regulations.
(IV) Strengthen the implementation of scrapping and renewal projects for old operating ships. Improve the implementation methods of scrapping and renewal subsidies for old operating ships, and continue to support the scrapping and renewal of old operating ships that meet the conditions. Strengthen the planning and tracking of the scrapping and renewal of old operating ships, and promote the efficient implementation of the projects.
(V) Expand the scope of support for the scrapping and renewal of old operating trucks and agricultural machinery. On the basis of implementing the support policy in 2024, the scope of subsidies for the scrapping and renewal of old operating trucks will be expanded to trucks operating with emission standards of National IV and below, and the subsidy standards will be implemented in accordance with the "Notice on the Implementation of the Scrapping and Renewal of Old Operating Trucks" (Jiao Guihua Fa [2024] No. 90). On the basis of the "Supplementary Notice on Increasing Efforts to Continue to Implement the Subsidy Policy for the Scrapping and Renewal of Agricultural Machinery" (No. 5 of the Agricultural Machinery Office [2024]), rice seedling transplanters are included in the scope of scrapping and renewal subsidies, and support is provided in accordance with the scrapping subsidy policy for rice transplanters; scrapping and renewing cotton pickers, the maximum scrapping subsidy amount is increased from 60,000 yuan per unit to 80,000 yuan; field operation detection terminals, plant protection drones, grain dryers (dryers), color sorters, and mills are included in the scope of scrapping and renewal subsidies, and the scrapping and renewal subsidy standards are calculated by various regions in accordance with regulations; the upper limit of the scope of agricultural machinery types that can be determined by various regions for scrapping and renewal subsidies is increased from 6 to 12.
(VI) Increase the subsidy standards for new energy city buses and power battery renewal. Increase efforts to promote the electrification of city buses, and update city buses with a vehicle age of 8 years or more and power batteries that have exceeded the warranty period. The average subsidy per vehicle is increased from 60,000 yuan to 80,000 yuan. Local governments can keep the power battery renewal subsidy standards basically stable and independently determine the vehicle renewal subsidy standards. The Ministry of Transport guides all regions to make good connections between preferential policies and smooth and orderly transition.
2. Expand the scope of support for the trade-in of consumer goods
(VII) Optimize the allocation of funds for the trade-in of consumer goods. Continue to directly allocate ultra-long-term special treasury bonds to local governments to support the trade-in of consumer goods. The National Development and Reform Commission and the Ministry of Finance will comprehensively consider factors such as the number of permanent residents in each region, regional GDP, the number of cars and home appliances, the 2024 trade-in policy for consumer goods and the implementation of funds, and reasonably determine the scale of support funds for each region. Fund allocation will be moderately tilted towards regions with better results in the 2024 trade-in of consumer goods. All regions should focus on key areas, give priority to supporting the trade-in of large durable consumer goods, explore the linkage between subsidy policies and financial support, give full play to the leverage role of policy funds, and promote more high-quality durable consumer goods into residents' lives.
(VIII) Expand the scope of support for automobile scrapping and renewal. Based on the Notice on Further Improving the Work Related to the Replacement of Old Vehicles with New Vehicles (Shang Xiaowu Letter [2024] No. 392), eligible fuel passenger cars that meet the National IV emission standards will be included in the scope of old vehicles that can apply for scrapping and renewal subsidies. Individual consumers who scrap gasoline passenger cars registered before June 30, 2012 (including that day, the same below), diesel and other fuel passenger cars registered before June 30, 2014, or new energy passenger cars registered before December 31, 2018, and purchase new energy passenger cars or fuel passenger cars with a displacement of 2.0 liters or less included in the "Catalogue of New Energy Vehicle Models for Vehicle Purchase Tax Reduction and Exemption", will receive a subsidy of 20,000 yuan for each new energy passenger car and 15,000 yuan for each fuel passenger car with a displacement of 2.0 liters or less. Individual consumers who apply for subsidies according to the standards of this notice must scrap the corresponding motor vehicles that were registered in their name before the announcement of this notice.
(IX) Improve the subsidy standards for automobile replacement and renewal. Individual consumers who transfer passenger cars registered in their own names and purchase new passenger cars will be given subsidies for car replacement and renewal. The maximum subsidy for purchasing new energy passenger cars is no more than 15,000 yuan, and the maximum subsidy for purchasing fuel passenger cars is no more than 13,000 yuan. Individual consumers apply for subsidies according to the standards of this notice, and the time when the transferred existing passenger cars are registered in their own names shall not be later than the date of publication of this notice. The implementation details of the car replacement and renewal subsidy shall be reasonably formulated by each region in accordance with the requirements of this notice and in combination with actual conditions.
(X) Strengthen support for the replacement of old household appliances. Continue to support the replacement of old household appliances such as refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, and include 4 types of household appliances such as microwave ovens, water purifiers, dishwashers, and rice cookers in the scope of subsidies. For individual consumers who purchase products with level 2 energy efficiency or water efficiency standards among the above 12 types of household appliances, the subsidy standard is 15% of the product sales price; for products with level 1 energy efficiency or water efficiency standards, the subsidy standard is 20% of the product sales price. Each consumer can subsidize 1 product of each category (up to 3 products can be subsidized for air conditioners), and the subsidy for each product shall not exceed RMB 2,000. Individual consumers who have enjoyed the trade-in subsidy for a certain type of home appliance in 2024 can continue to enjoy the subsidy for purchasing the same type of home appliance in 2025.
(XI) Implement subsidies for the purchase of new digital products such as mobile phones. For individual consumers who purchase three types of digital products such as mobile phones, tablets, and smart watches and bracelets (single product sales price does not exceed RMB 6,000), subsidies will be given at 15% of the product sales price. Each consumer can subsidize 1 product of each category, and the subsidy for each product shall not exceed RMB 500.
(XII) Actively support the replacement of home decoration consumer goods. Increase subsidies for individual consumers to purchase items and materials used in the process of renovating old houses, partial renovations of kitchens and bathrooms, and home adaptation for the elderly, and actively promote smart home consumption. The subsidy categories, standards, limits and implementation methods shall be reasonably determined by the relevant departments and regions in light of actual conditions.
(XIII) Accelerate the promotion of the trade-in of electric bicycles. All regions should further improve the implementation rules of subsidies, optimize subsidy methods, simplify operating procedures, strengthen market supervision, and accelerate the promotion of electric bicycle trade-in. Individual consumers who sell old electric bicycles for scrapping and exchange them for new ones will be given a trade-in subsidy; those who sell old lithium-ion battery electric bicycles for scrapping and exchange them for new lead-acid battery electric bicycles can be appropriately increased. The subsidy standards for electric bicycle trade-in subsidies shall be guided by relevant departments and formulated by various regions in accordance with their actual conditions.
III. Accelerate the improvement of recycling and recycling levels
(XIV) Strengthen the construction of recycling and recycling capabilities. Continue to arrange ultra-long-term special treasury bond funds to support the construction of high-level recycling and recycling projects. Support China Resources Recycling Group Co., Ltd. to accelerate the establishment of a national and functional resource recycling and reuse platform to smooth the resource recycling chain. Support the supply and marketing cooperative system to give full play to the advantages of grassroots outlets, accelerate the establishment of a standardized and standardized recycling and utilization network, and promote the "two-network integration" of the domestic waste collection and transportation system and the renewable resource recycling system. Strengthen the scientific and technological research on major technical equipment for recycling and recycling, and cultivate a group of backbone enterprises in the field of resource recycling.
(15) Promote the upgrading of second-hand goods trading and remanufacturing industry. Promote the construction of pilot projects for the circulation of second-hand goods and encourage the development of the "Internet + second-hand" model. Support platform enterprises and third-party institutions to provide second-hand goods quality inspection services and information erasure inspection services. Support the export of second-hand cars that meet quality and other relevant requirements. Encourage the remanufacturing of qualified waste electromechanical equipment, and the quality characteristics and safety and environmental protection performance of remanufactured products should not be lower than those of the original new products. Replicate and promote the pilot measures for the import of remanufactured products in key industries in the free trade pilot zones.
(16) Support the recycling and treatment of waste electrical and electronic products. In 2025, the central government will continue to allocate special funds and adopt the "reward instead of subsidy" method to support the recycling and treatment of waste electrical and electronic products to promote the healthy development of the industry. Issue supporting documents for the management measures of special funds for the treatment of waste electrical and electronic products as soon as possible, clarify the enterprise standards and required conditions included in the scope of fund support, and guide enterprises to dismantle in an environmentally friendly and standardized manner.
(17) Promote the high-quality development of the resource recycling industry. Accelerate the implementation of "reverse invoicing" by resource recycling enterprises to natural persons who sell scrapped products, and standardize the tax order of the resource recycling industry. Implement special actions to promote the application of recycled materials, implement the extended producer responsibility system, and support automobile, electrical and electronic product manufacturers to increase the proportion of recycled materials. Severely crack down on "workshop-style" recycling and dismantling, and investigate and punish illegal recycling and dismantling of scrapped motor vehicles, discarded electrical and electronic products, retired new energy equipment, and retired power batteries in accordance with laws and regulations.
IV. Give full play to the traction role of standards
(XVIII) Accelerate the formulation and revision of standards. Benchmarking against international advanced levels, improve the mandatory technical, energy consumption, emission and other indicator requirements for key industries and important equipment, promote the upgrading of quality and safety standards for bulk durable consumer goods such as automobiles, home appliances, and home decoration, and accelerate the formulation of energy efficiency or water efficiency standards in the fields of smart homes and digital products. Strengthen the supply of standards in the field of resource recycling, and study and formulate recycling, dismantling and recycling standards in key areas such as scrapped motor vehicles, discarded electrical and electronic products, retired new energy equipment, and retired power batteries. Complete the formulation and revision tasks of all 294 key national standards specified in the action plan for improving standards in the "two new" fields on schedule by the end of 2025.
(XIX) Strengthen supervision of standard implementation. Focus on the implementation of important standards, improve the quality supervision and spot check system, and include household appliances, furniture and building decoration materials, electronic and information technology products, transportation equipment and related products in the national key industrial product quality and safety supervision catalog. Study the inclusion of the implementation of key national standards in the "two new" fields into the central quality inspection assessment. Continue to expand the scope of implementation of energy efficiency and water efficiency labels, and organize the selection of "leaders" in product and equipment energy efficiency and water efficiency. Strictly implement mandatory standards such as energy consumption and pollutant emissions to enhance the binding force of standards.
V. Strengthen organizational implementation
(20) Strengthen organizational leadership. The National Development and Reform Commission will play the leading role of the "two new" inter-ministerial joint meeting system, and will work with the Ministry of Finance to arrange the 2025 ultra-long-term special treasury bond funds to expand the implementation of the "two new" policies, and strengthen overall coordination and tracking and scheduling. The Ministry of Commerce, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs and other departments will accelerate the refinement of subsidy standards in relevant fields according to their division of responsibilities, improve implementation details, and organize local governments to implement relevant policies in relevant fields. The Ministry of Commerce integrates the national consumer subsidy data platform, shares data and automatically compares data, simplifies the review process, and improves regulatory capabilities. Provincial people's governments should implement the "two new" policies in a timely manner, strengthen the responsibilities of all parties, strengthen coordination and promotion, grasp the work rhythm, give full play to enthusiasm, initiative and creativity, and continue to amplify the effects of the "two new" policies.
(21) Strengthen financial support. The National Development and Reform Commission will take the lead in arranging ultra-long-term special treasury bond funds to support equipment renewal, which will be used to implement the support policies listed in Articles (1), (2), (4) and (14) of this Notice and the construction of qualified projects; ultra-long-term special treasury bond funds will be directly arranged to local governments to support the replacement of old consumer goods for new ones, which will be used to implement the support policies listed in Articles (8), (9), (10), (11), (12), (13) and (5) (6). The funds directly arranged to local governments will be shared by the central and local governments in accordance with the principle of 9:1, with the central government bearing 85%, 90% and 95% in the eastern, central and western regions respectively. Each provincial finance department shall arrange matching funds in proportion to the allocation of central funds, and the method of sharing funds below the provincial level shall be determined by the provincial finance department. All regions shall strictly implement the support standards for relevant fields specified in this notice. The specific support standards and categories in other fields shall be reasonably determined by each region based on actual conditions to ensure that the investment of funds meets the requirements of the "two new" policies. All regions shall promptly complete the liquidation of the subsidy funds for the replacement of old consumer goods in 2024, and ensure the smooth connection and orderly transition of relevant support policies across years. If a region uses up the quota of funds for the replacement of old consumer goods issued by the central government, the excess will be supported by the region through local funds, and the central government will no longer bear the burden. The quota of funds for the replacement of old consumer goods issued by the central government that has not been used up by December 31, 2025 will be recovered by the central government.
(XXII) Optimize the participation threshold. All regions shall reasonably determine and promptly update the list of business entities participating in the replacement of old consumer goods, and shall not restrict the participation of business entities on the grounds of sales volume, advance payment capacity, etc. They shall support online and offline business entities equally, as well asBusiness entities of different ownership, different registered places and different sizes participate in the activities. Under the premise of doing a good job in risk prevention and control, each region shall pre-allocate part of the funds to the corresponding payment platform or business entity based on the actual situation to improve the efficiency of fund settlement and reduce the pressure of enterprise advance payment and operation.
(XXIII) Simplify the subsidy process. All regions should aim to facilitate and benefit the people, and issue the qualification of consumer goods trade-in subsidy through government platforms and mobile applications that are widely known to the masses and frequently used in daily life, so as to reduce the repeated filling of information from the source. Consumers' payment methods and payment voucher types shall not be restricted, and business entities shall not be required to purchase new payment equipment on the grounds of participating in the activities. Optimize the review process of the trade-in subsidy for consumer goods such as automobiles and home appliances, strengthen cross-departmental data interconnection and sharing, promote the electronicization of certificates such as motor vehicle recycling certificates, implement multi-department joint review and approval, and reduce unnecessary approval levels and links. Under the premise of doing a good job in fund supervision, each region should clarify the time limit requirements from the approval of the review to the allocation of funds to consumers, and strive to realize the subsidy benefits in a timely and efficient manner.
(XXIV) Regulate the market order. All regions should organize business entities participating in the old-for-new consumer goods exchange activities to implement public commitments on product sales prices. If business entities are found to have failed to fulfill price commitments, "first increase prices and then discounts", and other price violations, as well as those that have embezzled subsidy funds, their eligibility to participate in the activities should be revoked immediately, and the state subsidy funds should be recovered. Unblock consumer reporting and complaint channels, strengthen supervision and spot checks on consumer product quality, and severely crack down on counterfeiting, inferior products, old products, unqualified products, and counterfeiting and misusing energy efficiency and water efficiency labels. Seriously deal with illegal acts such as embezzling state subsidy funds in accordance with laws and regulations, and transfer suspected crimes to judicial organs for severe investigation and punishment in accordance with the law. All regions should implement the requirements of accelerating the construction of a unified national market, break local protectionism, break regional and channel restrictions, and promote fair competition.
(XXV) Strengthen project fund supervision. Relevant departments should, in accordance with the division of responsibilities, strengthen supervision and guidance on the entire chain of local project implementation and fund use, coordinate online monitoring and early warning and offline on-site verification, and resolutely prevent problems such as untimely allocation of funds, slow use, and misappropriation of funds. The provincial people's governments are the primary responsible entities for project and fund management. They should strictly manage the ultra-long-term special treasury bond funds, carry out daily scheduling and on-site supervision of equipment renewal projects, strictly implement the treasury centralized payment system, and firmly adhere to the red line of fund use. They must not falsely list expenditures, falsely report expenditures, or use appropriations instead of expenditures to avoid idle funds. For those who do not meet the above requirements and violate financial discipline, the funds should be recovered in a timely manner, and the relevant personnel should be held accountable in accordance with laws and regulations.
(XXVI) Strengthen follow-up evaluation. The National Development and Reform Commission will work with relevant departments to strengthen the evaluation and supervision of the implementation of the "two new" policies in various regions and fields, urge the implementation of key tasks, and coordinate the resolution of difficult and blocked issues. Relevant departments and provincial people's governments should conduct self-evaluation and self-inspection of work progress, project implementation, fund use, and performance target achievement, and promptly report the fund use and performance target completion to the National Development and Reform Commission and the Ministry of Finance. The National Development and Reform Commission will consult with the Ministry of Finance to summarize and form a performance evaluation report, and use the evaluation results as an important basis for subsequent optimization of fund arrangements.
(XXVII) Strengthen publicity and guidance. All regions and relevant departments should vigorously publicize the progress and results of the "two new" policies, timely interpret the policies, and actively respond to social concerns. All regions should carry out various forms of publicity activities at the grassroots level such as communities and enterprises, and interpret the connotation and specific operation methods of the "two new" policies in detail. Strengthen the cooperation and coordination between the government, enterprises, and social organizations, promote typical models and advanced experiences, and vigorously create a good social atmosphere.