Visitors view cars displayed at an automobile consumption promotion event held in Changsha, central China's Hunan Province. The event kicked off at Hunan International Convention and Exhibition Center on Wednesday with an aim to activate the vitality of the automotive consumption market. (Photo/Xinhua)

Beijing - China's government-backed consumer goods trade-in programs had generated 5 trillion yuan (about 733.45 billion U.S. dollars) in sales as of June 22 this year, totaling nearly 630 million purchases, official data showed on Tuesday.

Of the 5-trillion-yuan total, automobile trade-ins accounted for 63 percent, Yang Mu, an official with the Ministry of Commerce, said at a press conference.

Since the automobile trade-in policy took effect over two years ago, it has supported more than 21 million car buyers in swapping their old vehicles for new ones, with an average subsidy of 14,000 yuan per vehicle, said Yang.

In March 2024, the consumer goods trade-in program was incorporated into a State Council action plan.

Chinese authorities have announced the renewal of the trade-in subsidy program for consumer goods in 2026 as part of 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.