BEIJING -- China has reaffirmed its support for the national consumer goods trade-in program, ensuring continued funding to sustain the government subsidy payment throughout 2025.

The program, a key part of the country's broader strategy to stimulate domestic consumption, encourages consumers to replace outdated products -- such as home appliances and vehicles -- with newer, more efficient models.

The central government has earmarked 300 billion yuan ($41.84 billion) in treasury bonds to support local authorities in implementing the program in 2025, doubling that of last year. Two tranches of the central funding, totaling 162 billion yuan, were issued in January and April to support first-half implementation, with further allocations planned for July and October to cover the third and fourth quarters of the year.

"Currently, about half of the annual subsidy budget has been utilized, a pace well within expectations," said an official with the National Development and Reform Commission.