Is China’s massive trade-in programme running out of steam?

For months, consumers across China buying everything from iPhones to cars and washing machines have enjoyed steep discounts – courtesy of the government.

Last week, Beijing reaffirmed its support for the national trade-in scheme for durable goods, pledging that the rest of the 300 billion yuan (US$41.8 billion) funding would be allocated to local governments before the end of the year, with the next two rounds of funding set to be issued in July and October.

On Thursday, Li Chao, deputy director of the National Development and Reform Commission’s Policy Research Office, said the government would formulate monthly and weekly plans to monitor the utilisation of those funds. “This will ensure the orderly implementation of the consumer goods trade-in policy throughout the year,” she added.