China’s Trade-In Program Sales Drop as Stimulus Effect Fades

China’s nationwide trade-in program generated 1.1 trillion yuan ($160 billion) in consumer goods sales in the first half of 2026, down from 1.6 trillion yuan a year earlier, official data showed.

The drop highlights diminishing returns from the three-year-old stimulus effort, with lower subsidy levels and previously released demand limiting its ability to drive further consumption growth.