英语新闻丨Upgrading, trade-in policy bearing fruit

China has issued 300 billion yuan ($42.5 billion) in treasury bonds to support equipment upgrades andtrade-in deals for consumer goods, significantly boosting the growth of consumption and economic momentum, said the country's top economic regulator.

据国家发展改革委消息，中国已发行3,000亿元人民币（425亿美元）国债资金用于支持大规模设备更新和消费品以旧换新，极大地促进了消费增长和经济动能。

The special treasury bonds fund has been fully allocated, and the upgrading and trade-in policy has been implemented in various regions across the country, the National Development and Reform Commission said on Monday.
国家发展改革委23日表示，目前国债资金已全面下达，大规模设备更新和消费品以旧换新政策在全国各地区推行实施。

"The policy has effectively helped release consumption potential in the country, driving sales growth of related products such as automobiles and household appliances," said Zhao Chenxin, deputy head of the commission.
国家发展改革委副主任赵辰昕表示：“该政策有力释放了国内消费潜力，带动汽车、家电等相关产品销售明显上涨。”

"China is a giant that consumes a large amount of durable consumer goods, with the inventory of household appliances exceeding 3 billion units and cars over 300 million units. Improving the energy efficiency level of those existing products through trade-in deals will also help reduce China's overall energy consumption and carbon emissions," Zhao said.
赵辰昕解释：“我国是耐用消费品保有大国，家电保有量超过30亿台，汽车保有量超过3亿辆。通过以旧换新提高这些存量产品的能效水平，将有助于降低我国总体能耗水平和碳排放强度。”

In August, retail sales of passenger vehicles in China reached 1.91 million units, an increase of 10.8 percent compared with July. Sales of new energy vehicles hit 1.03 million units, a 17 percent increase over July, according to the China Automobile Dealers Association.

据中国汽车流通协会统计，8月份，中国乘用车零售量达到191万辆，比7月份增长10.8%；新能源汽车零售量达到103万辆，比7月份增长17%。

The penetration rate of NEVs in China has exceeded 50 percent for two consecutive months, and 2 million high-emission cars are expected to be phased out by the end of the year, the NDRC said.
国家发展改革委表示，中国的新能源汽车渗透率连续两个月突破50%，预计全年将实现200万辆低排放标准乘用车退出。

For consumers who scrap and replace polluting automobiles, subsidies of 20,000 yuan will be provided for the purchase of NEVs and 15,000 yuan for buying fuel-efficient passenger vehicles with displacement of 2.0 liters or below, according to the latest policy.

根据最新政策，对于报废和更换污染严重的汽车的消费者，购买新能源乘用车可获2万元补贴，购买2.0升及以下排量燃油乘用车可获1.5万元补贴。

"With the continuous promotion of the trade-in deals, a large amount of waste materials are expected to be generated in the near future. The NDRC will work with relevant departments to accelerate the building of a waste recycling system, covering various fields," Zhao said.
“‘两新’工作持续推进将会在未来一段时间产生大量废旧物资，国家发展改革委将会同有关部门，加快构建覆盖各领域的废弃物循环利用体系。”赵辰昕说。

Fu Yifu, a researcher at the Star Atlas Institute of Finance, said the trade-in deals are expected to boost household consumption while expanding domestic demand, and promote the upgrade of traditional industries and the high-quality growth of the economy.
星图金融研究院研究员付一夫表示，消费品以旧换新政策有望在扩大内需的同时拉动家庭消费，促进传统产业升级和经济高质量增长。

"A series of such subsidy policies can help lower the consumption threshold for residents and stimulate their willingness to trade in the old products for new ones," Fu said.

“一系列这样的补贴政策有助于降低居民的消费门槛，刺激居民以旧换新的意愿。”付一夫说。

He added that this will also help drive the upgrade of the whole industrial chain, from raw materials and parts to after-sale services.

他补充道，这也将有助于推动从原材料和零部件到售后服务的整个产业链的升级。

The policy has also helped lift the retail sales of household appliances and audiovisual equipment. In August, sales in those categories edged up 3.4 percent year-on-year, according to the National Bureau of Statistics.

该政策还有助于家用电器和音像器材类零售额上升。国家统计局数据显示，8月份，这些类别的销售额同比增长了3.4%。

For home appliances, older ones can be exchanged for new and better ones via e-commerce platforms and brick-and-mortar stores, and sales involving trade-in deals have grown rapidly. During Mid-Autumn Festival in mid-September, the home appliance market embraced a consumption peak.

在家电方面，以旧换新可通过电商平台和实体店进行，相关销售额增长迅速。9月中旬中秋节期间，家电市场迎来消费高峰。

On Chinese e-commerce platform JD.com, between Aug 26 and Sept 21, the sales value of air conditioners surged 240.5 percent year-on-year, with televisions up 130.6 percent and refrigerators 128.8 percent.

8月26日至9月21日，中国电商平台京东的空调销售额同比增长240.5%，电视增长130.6%，冰箱则增长128.8%。

JD said it is confident that the favorable policies will encourage more than 20 million consumers on its platform to participate in trade-in deals this year.

京东表示，相信这些利好政策将鼓励其平台上超过2000万的消费者参与今年的以旧换新消费活动。

trade-in deals

以旧换新

treasure bond

国债

allocate

v. 分配；拨出

subsidy

n. 津贴；补贴

after-sale service

售后服务

brick and mortar store

实体店