Sichuan Launches Trade-In Subsidy for 10 Consumer Categories

This is a provincial, not national, program — and that distinction matters. Sichuan is using its own matching funds from the ultra-long special treasury bond allocation, meaning the rollout pace and scale will vary by province rather than arrive as one synchronized national demand shock. The mechanics are what to watch: a 15% subsidy capped at 1,500 yuan per item, one unit per category per consumer, first-come first-served until funds are exhausted. That design front-loads spending into the program window and makes the funding ceiling, not consumer appetite, the binding constraint. Whether other provinces follow with comparable terms is the open question.