National Development and Reform Commission: Last year, over 360 million people applied for subsidies to exchange old goods for new ones, directly boosting the total retail sales of consumer goods by 0.6 percentage points.

On January 20th, Wang Shancheng, the director of the Resource Conservation and Environmental Protection Department of the National Development and Reform Commission, revealed at a press conference at the State Council Information Office that by 2025, more than 360 million people will apply for subsidies to exchange old products for new ones, driving related commodity sales to exceed 2.6 trillion yuan, directly boosting the growth of total retail sales of consumer goods by 0.6 percentage points.