BEIJING, Jan. 1 (Xinhua) -- Sales of consumer goods under China's policy-backed trade-in program exceeded 2.6 trillion yuan (about 369.9 billion U.S. dollars) last year, benefiting over 360 million people, data from the Ministry of Commerce showed Thursday.

Specifically, over 11.5 million automobiles, 129 million home appliances, 91 million digital products, 120 million home decoration, kitchen and bathroom items, as well as 12.5 million electric bicycles were purchased through the trade-in program in 2025.

In the first 11 months of 2025, retail sales of consumer goods rose 4 percent year on year, with the trade-in program contributing over 1 percentage point to the growth, according to the ministry.

The initiative also drove industrial upgrading and the green transition. New energy vehicles accounted for nearly 60 percent of automobile trade-ins, helping push the retail market share of new energy passenger vehicles above 50 percent for nine consecutive months.

In 2025, the recycling volume of scrapped automobiles jumped 24.5 percent year on year, which facilitated the recycling of about 9.6 million tonnes of steel and 1.3 million tonnes of non-ferrous metals, reducing carbon emissions by approximately 24.5 million tonnes.

Since the program's implementation in September 2024, over 480 million subsidies have been issued directly to Chinese consumers, bringing green, low-carbon and smart products into their daily life, said the ministry.

Chinese authorities announced late last month that the trade-in subsidy program for consumer goods will be renewed in 2026 as part of the broader efforts to boost consumption, with 62.5 billion yuan in ultra-long special treasury bond funds allocated in advance to support this year's program.

The expansion of domestic demand is set to top China's major economic priorities this year, according to the recent Central Economic Work Conference, which also outlined plans to implement consumption-boosting campaigns, as well as plans to increase the incomes of urban and rural residents. ■