Government Officials Hold Conference to Promote Large-Scale Equipment Updates and Consumer Goods Trade-In
On April 26, officials from the People’s Bank of China, the National Development and Reform Commission, the Ministry of Finance, and the State Administration of Financial Supervision came together to host a conference focused on promoting large-scale equipment updates and trade-in of consumer goods. The event was held in order to implement decisions made by the Party Central Committee and the State Council, as well as to follow the requirements set forth in the “Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods”.
During the conference, key figures such as Pan Gongsheng, Secretary of the Party Committee and Governor of the People’s Bank of China, and Xiao Weiming, Deputy Secretary-General of the National Development and Reform Commission, delivered speeches emphasizing the importance of these initiatives. The meeting highlighted the strategic significance of promoting large-scale equipment updates and replacing old consumer goods with new ones, stating that it will benefit both the present and the long-term, stabilize growth, and support transformation efforts.
Participants at the conference discussed the need for a market-oriented approach coupled with government guidance to encourage advancements and eliminate outdated practices. It was also stressed that financial institutions must operate independently, bear their own risks, and issue loans in accordance with market principles and legal standards. The meeting called for enhanced coordination, improved internal mechanisms, and optimized business processes to ensure effective implementation of policies.
Furthermore, representatives from major financial institutions such as China Development Bank, Industrial and Commercial Bank of China, China Construction Bank, and Industrial Bank shared their experiences during the conference. Key officials from 21 national financial institutions and relevant departments also attended the event to discuss strategies for supporting large-scale equipment renewal and consumer goods trade-in.
Overall, the conference served as a platform for government officials and financial institutions to collaborate on enhancing financial support for these crucial initiatives, with the goal of achieving tangible results in promoting economic growth and sustainability.