Shanghai Expands Trade-In Program with Over 4 Billion Yuan to Drive Consumer Spending

On September 3, the Shanghai Municipal Development & Reform Commission and the Shanghai Municipal Finance Bureau unveiled the "Implementation Plan of Shanghai on Further Intensifying Efforts to Promote the Replacement of Old Consumer Goods with New Ones" (hereinafter referred to as the "Implementation Plan"). The "Implementation Plan" outlines that by the end of 2024, Shanghai will make full use of the ultra-long-term special treasury bonds allocated by the central government. Key initiatives include supporting the scrapping and renewal of vehicles, promoting the trade-in of household appliances and electric bicycles, renovating old homes, and modifying them for elderly-friendly living. The plan also aims to boost new consumption in areas like smart home technology, raise standards for scrapping old commercial trucks and agricultural machinery, and advance the upgrade of new energy vehicles and batteries, thereby unlocking Shanghai's investment and consumption potential. This "Implementation Plan" combines the ultra-long-term special treasury bonds allocated directly by the central government with supplementary funds provided by Shanghai, totaling over 4 billion yuan. This figure significantly surpasses previous consumption subsidy levels, aiming to benefit a broader range of consumers and stimulate a larger scale of consumer spending.