BEIJING - China has allocated 62.5 billion yuan ($8.88 billion) in ultra-long special treasury bond funds in advance to support the trade-ins of consumer goods for 2026, the country's top economic planner said Tuesday.

The funds - the first to support the trade-in program for 2026 - were initiated by the National Development and Reform Commission (NDRC) and the Ministry of Finance, the NDRC said.

The move aims to ensure policy continuity and meet surging consumption demand during the upcoming New Year and Spring Festival holidays, the NDRC said, noting that it will guide local authorities to leverage the funds and implement the consumer goods trade-in program in an improved, orderly manner.

Also on Tuesday, the NDRC and the ministry issued a joint announcement, detailing policies and measures for the implementation of large-scale equipment renewal and consumer goods trade-in programs in 2026.

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According to the announcement, consumers will continue to receive subsidies through trade-in programs for products ranging from automobiles to six types of home appliances: Refrigerators, washing machines, televisions, air conditioners, computers and water heaters.

In one example, consumers can enjoy a 15 percent subsidy when purchasing a Grade-I energy-efficient home appliance product, to a maximum of 1,500 yuan of the sales price.

The consumer goods trade-in program for the purchase of new digital products will also be expanded to include smart products such as AI glasses and intelligent home products, including elderly-friendly home products.

As for equipment renewals, subsidy programs will be expanded to include elevators for installation in old residential buildings, equipment used in elderly care homes, and equipment used for firefighting, rescue or testing purposes, according to the announcement.

READ MORE: China intensifies financial support to spur consumption

The expansion of domestic demand is set to top China's major economic priorities next year, according to the recent Central Economic Work Conference, which also outlined plans to implement consumption-boosting campaigns, as well as plans to increase the incomes of urban and rural residents.

Auto trade-in subsidy program

On Wednesday, detailed guidelines was released for the 2026 auto trade-in subsidy program to sustain support for the automotive market as part of broader efforts to boost consumption.

According to a notice jointly issued by the Ministry of Commerce and other government departments, gasoline-powered passenger vehicles will qualify for subsidies if they were registered on or before June 30, 2013. Diesel and other fuel-powered passenger vehicles must have been registered on or before June 30, 2015, while new energy passenger vehicles are eligible if their registration date is on or before Dec 31, 2019.

Consumers who scrap old vehicles and purchase new ones can receive subsidies calculated as a proportion of the new vehicle's price, with the maximum subsidy capped at 20,000 yuan.

China began rolling out the subsidies in 2024 as part of a broader consumer goods trade-in program covering a wide range of products, including automobiles, smartphones and household appliances. The initiative has played a key role in boosting market confidence and stimulating domestic demand.

Analysts said the renewed auto trade-in subsidies are expected to further unleash consumer spending and promote greener transportation.