Key facts
- China's nationwide trade-in program generated 1.1 trillion yuan ($160 billion) in consumer goods sales in the first half of 2026.
- This figure is down from 1.6 trillion yuan in sales during the first half of 2025.
China's nationwide trade-in program generated 1.1 trillion yuan ($160 billion) in consumer goods sales in the first half of 2026. This represents a decrease from 1.6 trillion yuan in sales during the same period a year earlier. The decline suggests that the three-year-old stimulus effort is experiencing diminishing returns, with lower subsidy levels and previously released demand limiting its capacity to further boost consumption growth.