The Action Plan for Large-scale Equipment Replacement Has Been Released!

Recently, the State Council issued the Action Plan for Promoting Large-scale Equipment Replacement and Trade-in of Consumer Goods (hereinafter referred to as the "Action Plan"). Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Action Plan thoroughly implements the spirit of the 20th CPC National Congress, the deployment of the Central Economic Work Conference and the fourth meeting of the Central Financial and Economic Commission. It coordinates the expansion of domestic demand and the deepening of supply-side structural reform, adheres to the market-oriented approach and government guidance, encourages the advanced and eliminates the backward, leads with standards and promotes orderly improvement. It implements four major actions, including equipment renewal, trade-in of consumer goods, recycling and utilization, and standard improvement. It vigorously promotes the production and application of advanced equipment, continuously improves the proportion of advanced production capacity, encourages more high-quality and durable consumer goods to enter residents' lives, smooths the chain of resource recycling and utilization, and significantly improves the quality and level of national economic circulation.

The Action Plan proposes that by 2027, the scale of equipment investment in industries such as industrial, agricultural, construction, transportation, education, cultural tourism, and healthcare will increase by more than 25% compared to 2023. The Action Plan requires all regions and departments to improve working mechanisms, strengthen overall coordination, provide policy interpretation, and create a favorable social atmosphere for promoting large-scale equipment replacement and trade-in of consumer goods under the centralized and unified leadership of the Party Central Committee.