On August 10, the Hengyang Municipal Bureau of Commerce reported that, since the beginning of this year, Hengyang has been vigorously advancing the “trade-in” initiative for consumer goods. To date, a total of 404 million yuan in subsidies has been granted, directly generating 2.836 billion yuan in social consumption, with overall performance ranking among the top in Hunan Province.

Hengyang has also taken the lead provincewide in both the average transaction value and average subsidy amount for trade-in purchases, reaching 3,723.85 yuan and 710.27 yuan respectively—demonstrating strong market vitality and policy effectiveness.

Following the unified arrangements of Hunan Province, the city has advanced the trade-in program with precision and efficiency. Efforts have been made to expand coverage by incorporating National IV fuel vehicles, three categories of digital products, eight categories of household appliances, and signature Hunan products such as Xiang embroidery and Xiang porcelain into the subsidy scope, thereby fully unleashing consumption potential. The city has optimized automobile replacement subsidy policies, reduced entry barriers for consumers, and increased subsidy amounts to enhance policy attractiveness. At the same time, consumer-friendly models such as instant payment deductions and direct cash subsidies have been promoted, more payment channels have been introduced, and the convenience of “buy now, get subsidized now” has been realized. Measures such as advance fund allocation, financial credit support, and automated system reviews have been adopted to ease business cash flow pressures. Clear timelines for subsidy review and disbursement have been set, big-data verification and compliance guidelines have been applied, and regular auditing has been introduced to ensure safe and orderly policy implementation.

Looking ahead, Hengyang will continue to implement the “trade-in” policy to greater depth, further improve the consumption environment, enrich both online and offline consumption scenarios, fully release policy dividends, stimulate the vitality of market entities, and drive sustained prosperity in the consumer goods market—injecting fresh momentum into the city’s high-quality economic development.

Translator: Jing