National subsidies go live and "sell out instantly"! 250 billion yuan for renewal benefits, did you grab yours?

In 2024, the government’s work report for the first time proposed “Encouraging and Promoting the Replacement of Old Consumer Goods.” The 2026 government work report once again prioritized “Expanding Domestic Demand,” allocating 250 billion yuan in ultra-long-term special national bonds to specifically support the replacement of old consumer goods. Over three years, “Old for New” has transformed from a policy term into a real consumer habit.

What changes has the “Old for New” policy brought to the market and industry? How can the subsidy distribution mechanism be optimized? How can rural users also smoothly enjoy national subsidies and online replacement benefits? As a new round of “Old for New” begins, what suggestions are there for further optimization and improvement? To explore these questions, we invited NPC deputies, CPPCC members, industry association representatives, and policy research experts to discuss the implementation of the new “Old for New” policy.

Topic 1: What changes has the “Old for New” policy brought?

Becoming a strategic engine for expanding domestic demand

According to the latest report by Minister of Commerce Wang Wintao at the March 6 NPC and CPPCC sessions, the “Old for New” consumer goods policy has driven sales of related products exceeding 4.16 trillion yuan, benefiting over 531 million consumers. Among these, over 195 million home appliances have been replaced, with 91% being high-efficiency products. What changes and trends have emerged in the market and industry due to “Old for New”?

NPC deputy and Haier Group Chairman and CEO Zhou YunJie believes that behind these figures is a profound reshaping of consumption structure and a significant leap in industrial capability. The policy has now become a strategic engine for expanding domestic demand. Currently, the market shows three clear trends: first, green and intelligent products are becoming mainstream, with consumers paying more attention to high-efficiency and smart products, which are gradually becoming essential. Second, expanding across all categories has revitalized the market, extending from traditional home appliances to mobile phones, tablets, and wearable devices, continuously expanding consumption scenarios. Third, the recycling system is improving, with standardized collection and disassembly turning old items into real new value. The “new” in “Old for New” not only signifies the replacement of old with new but also represents innovation-driven green transformation. Haier has built a closed-loop green recycling ecosystem covering collection, disassembly, regeneration, and reuse of waste appliances, promoting end-to-end standardized disposal of recycled appliances.

NPC deputy and Henan Provincial Department of Commerce Party Secretary and Director Wang Zhenli stated that the “Old for New” consumer policy has been effective in activating consumption potential and boosting internal demand. This year, they plan to further increase awareness and coverage of the policy, encouraging merchants to penetrate deeper into markets, making it easier for more consumers to participate locally. For the massive data generated by consumers uploading documents, they will strengthen digital empowerment, promote intelligent review, shorten processing times, and accelerate subsidy payments to maximize benefits for businesses and the public.

Lü Shenghua, Deputy Secretary-General of the China Household Electrical Appliances Association and Editor-in-Chief of China Home Appliance Network, believes that with the implementation of national subsidies this year, more rural consumers can enjoy the benefits of the policy, improving their quality of life, stimulating rural consumption, and injecting more momentum into rural revitalization.

Topic 2: Is the current subsidy allocation mechanism compatible with mainstream consumption habits?

Suggestions for establishing a dynamic adjustment mechanism

Since the launch of online national subsidies on JD.com on January 1, 2026, the quota for national subsidies in Beijing was exhausted immediately. Currently, online quotas are fixed daily, while offline quotas are unlimited. Is the current subsidy distribution mechanism aligned with mainstream consumption habits? How necessary and feasible is it to expand the proportion of online national subsidies?

Zhou YunJie believes that the instant depletion of online eligibility in places like Beijing demonstrates the high efficiency and popularity of online channels. First, online platforms have strong consumer capacity, enabling more precise matching of supply and demand, reducing resource waste. Second, e-commerce platforms have broad coverage, effectively reaching users in remote areas and compensating for the insufficient offline outlets. Third, online processes are transparent and traceable, helping prevent fraud and ensuring the safety of funds. Therefore, the optimal solution is to establish a dynamic adjustment mechanism that deeply integrates online and offline channels. Big data can be used to monitor redemption speeds in real time and flexibly allocate quotas. When online demand surges, offline quotas can be automatically redirected to support, and vice versa.

CPPCC member and JD Group Technology Committee Chairman Cao Peng said that the implementation of the “Two New” policies in rural counties still faces some bottlenecks, including insufficient publicity and mobilization, lack of dedicated funds, and unqualified offline stores, resulting in many rural consumers not benefiting from the policy. To truly root the national subsidy policy in rural areas, JD has invested nearly 30 billion yuan in towns and below, covering product subsidies, logistics, offline service networks, and more. Nearly 100,000 township service stations across the country have become key nodes for national subsidies, allowing villagers to enjoy replacement services at their doorstep.

Lü Shenghua believes that urban consumers have developed habits of claiming national subsidies online and shopping, but due to active promotions, some regional consumers cannot claim online subsidies immediately. They hope to maintain the convenience of online subsidies so that habitual users can continue to claim subsidies online and enjoy the benefits.

Topic 3: How can rural users also smoothly enjoy national subsidies and online replacement benefits?

Suggestions for establishing a dedicated fund pool for rural subsidies

Since this year, the speed of replacement in rural areas has significantly increased, with sales of air conditioners, wall-mounted washing machines, and other large appliances growing more than sixfold year-on-year. Orders for national subsidy TVs, air conditioners, and refrigerators in remote rural areas of Heilongjiang, Hunan, Guizhou, and other provinces have surged. However, despite continuous policy improvements, several key bottlenecks remain during implementation, affecting policy effectiveness and farmers’ satisfaction.

In delivery, installation, recycling, after-sales, and quality control, how can online channels differentiate in efficiency and experience to truly benefit consumers? How can companies increase investment in logistics, service outlets, and recycling systems to ensure rural users can enjoy the benefits of national subsidies and online replacement smoothly?

Zhou YunJie believes that in the entire chain of delivery, installation, recycling, after-sales, and quality control, the core differentiation of online channels lies in digital-driven certainty and service productization. First, rebuild experience through transparency. Online platforms should visualize real-time logistics and installation progress, allowing users to track the entire process as easily as checking a parcel. In quality control, big data can establish a “cloud supervisor” system, digitally tracing installation standards and the flow of old machines for recycling, ensuring subsidies are not intercepted and that every yuan of national subsidy truly benefits consumers and ensures safety.

Second, deepen penetration into rural markets and connect the “last mile.” The pain points for rural consumers claiming subsidies are “can buy, cannot deliver, cannot install, cannot recycle.” Companies must increase investment to build a “county-township-village” three-level service network: first, logistics pre-positioning—deploy high-frequency subsidized products to county warehouses for next-day or same-day delivery; second, integrating outlets—upgrade township stores into comprehensive “delivery, installation, service, and recycling” centers, enabling farmers to enjoy professional installation and debugging at their doorstep; third, reverse logistics—establish standardized rural reverse logistics, promote “new delivery and old removal” door-to-door service, solving the difficulty and high cost of handling old appliances, and eliminating consumers’ concerns about replacement.

Jia Nan, a CPPCC Standing Committee member and former deputy director of the National Bureau of Statistics, believes that leveraging the mature supply chain infrastructure and technological capabilities of e-commerce platforms to serve rural national subsidies can quickly promote affordable prices, upgrade county consumption, and develop the rural e-commerce ecosystem. They suggest promoting a dual-track model of “online traffic + offline foundation + county adaptation,” optimizing fund allocation, improving service systems, and ensuring policy benefits reach rural consumers while driving county-level economic development, logistics, and employment.

Cao Peng emphasizes the need to increase publicity for rural subsidies, establish dedicated fund pools, relax offline registration requirements for national subsidies, and coordinate efforts to activate rural consumption markets. Promoting rural subsidies will help more rural residents benefit from policies. The Ministry of Commerce, together with the Ministry of Agriculture and Rural Affairs and other departments, should organize targeted publicity campaigns in rural areas and establish joint mechanisms between agricultural and commerce departments.

Specifically, it is recommended to set up a dedicated fund pool for rural subsidies, allocating specific funds within the national subsidy budget to support enterprises capable of rural coverage and compliant with regulations, prioritizing online rural consumption. Relaxing registration requirements for offline entities will enable more township stores to serve rural consumers conveniently. Encouraging more compliant small and medium-sized enterprises to participate, including those without current subsidy qualifications, and including county and rural home appliance and digital stores into the subsidy scope will benefit more rural consumers and boost local retail sales.

Topic 4: What further optimizations and improvements can be made to the new round of “Old for New”?

Coordinated efforts to activate rural consumption

The 2026 government work report again prioritized building a strong domestic market, implementing special actions to boost consumption, allocating 250 billion yuan in ultra-long-term bonds to support the replacement of old consumer goods, and establishing 100 billion yuan in fiscal and financial coordination funds to stimulate internal demand. As the new round of “Old for New” begins, what further improvements and enhancements are recommended?

Zhou YunJie believes that this new round should elevate in three dimensions, building a high-quality development paradigm and becoming a key driver for expanding demand, promoting transformation, and benefiting people’s livelihoods: first, establish a dynamic adjustment mechanism based on big data, flexibly allocating funds according to regional differences and category saturation.

Second, shift policy focus from single purchase to full lifecycle management, creating long-term mechanisms for recycling incentives and carbon points, allowing consumers to share benefits over a longer green usage cycle, transforming from “buying value” to “using value.” Third, raise standards for compliance and efficiency, pushing industries toward high standards in energy efficiency and intelligence, leading technological breakthroughs. Simultaneously, break down barriers between tax, commerce, and environmental data, using seamless subsidies to reduce institutional costs, and drive industry transformation from volume-based to quality and green competitiveness. Focus policy support on quality and green products, encouraging companies to develop more innovative, competitive original technologies.

NPC deputy and TCL founder and chairman Li Dongsheng states that the key to “Old for New” for enterprises is to put more effort into “new” aspects. New quality productivity, representing technological innovation and manufacturing improvements, can better meet consumer needs. Historically, home appliances saw incremental innovation; with AI development, more disruptive innovations are expected in the future.

Cao Peng emphasizes the need to coordinate efforts to activate rural markets. Through corporate initiatives and policy support, rural national subsidies can be further promoted, ensuring that “Old for New” policies truly benefit millions of rural residents. In 2026, JD will continue investing resources in rural areas, leveraging its nationwide logistics network and thousands of offline stores to deepen rural subsidy implementation. Many leading companies plan to work with JD to strengthen rural subsidy efforts.

Wang Wei, a second-level researcher at the Development Research Center of the State Council and former director of the Market Economy Research Institute, believes that “Old for New” is an important policy innovation with significant results since its implementation. In 2026, the policy will continue to focus on precision, with rural consumption as a key area. Currently, rural home appliance markets differ markedly from urban markets in product functions, usage scenarios, and sales channels. Promoting rural “Old for New” requires targeted policies that address these differences. Unlike urban areas emphasizing green and smart appliances, rural markets need to fill gaps in appliance penetration and upgrade product functions according to demand, considering price differences. This includes preferential subsidies for rural “Old for New” and expanding coverage through online and offline channels, defining suitable product ranges, and solving rural appliance replacement challenges to activate rural consumption potential.

Written by Chen Weicheng and Cheng Zijiao, Proofread by Yang Li

On duty editor: Guli, Intern: Zhao Yue