CCTV News: On the afternoon of April 25, the Ministry of Commerce held a special press conference. Relevant persons in charge introduced that the exchange of old products for new consumer goods increased the growth rate of total retail sales of consumer goods in the first quarter by 1.6 percentage points, effectively promoting the sustained recovery and improvement of the economy. 120 million people received discounts, driving sales of over 720 billion yuan

The latest data from the Ministry of Commerce shows that as of 24:00 on April 24, 2.705 million cars were traded for old cars, 47.466 million units of 12-category home appliances were traded for new products, 36.61 million units of new products such as mobile phones were purchased, 37.123 million units of home decoration, kitchen and bathroom were "renewed", and 4.2 million units of electric bicycles were traded for new products. Since the implementation of the policy, more than 120 million people have enjoyed the "real money" subsidy discount, driving sales of over 720 billion yuan.

Li Gang, Director of the Market Operation and Consumption Promotion Department of the Ministry of Commerce, introduced that driven by the policy of ex-new consumer goods, the growth rate of market sales in the first quarter rebounded, and the total retail sales of consumer goods increased by 4.6% year-on-year, an accelerated by 1.1 percentage points over the whole year of the previous year.

Specifically, in the first quarter, the retail sales of communication equipment, home appliances, audio-visual equipment, and furniture products above the limit increased by 26.9%, 19.3% and 18.1% respectively; among them, the increase in March was 28.6%, 35.1% and 29.5% respectively. In the first quarter, passenger cars were retailed at 5.127 million, an increase of 6%; of which, it increased by 14.4% in March, setting the highest growth rate in the same period in the past 10 years.

At the same time, the consumption structure of the mobile phone market is optimized, and among the new subsidies for digital product purchases, mid-to-high-end models with RMB 2,000-6,000 account for about 76%. New energy vehicles maintained rapid growth. In the first quarter, 2.42 million new energy passenger cars were sold, an increase of 36.4%, and the retail market penetration rate reached 47.2%. Take advantage of the situation and seize key nodes to carry out more activities

According to reports, consumer goods traded in old products has achieved positive results in 2024. By the end of 2024, cross-year continuation measures will be clarified in advance to ensure that consumer goods traded for old products will be implemented continuously and continuously. In 2025, consumer goods traded with old products will take advantage of the momentum and expand more forcefully.

Li Gang introduced that he would seize the key nodes of holidays such as "May Day" and organize more old-for-new consumption promotion activities, and do his best to promote consumer goods to achieve greater results.