China’s latest measures will further stimulate purchasing appetites of consumers, unleash domestic demand and consolidate the foundation for a rebound of the economy, experts said. — China Daily
BEIJING: China’s second-hand goods trading sector is on the cusp of a new stage of growth as young, Internet-savvy shoppers, who are also environmentally conscious, are inclined to use or share such goods and buy the relatively cheaper products online, experts say.
China’s latest measures to boost large-scale equipment renewals and trade-in deals for consumer goods, they said, will further stimulate purchasing appetites of consumers, unleash domestic demand and consolidate the foundation for a rebound of the economy.
Ding Jian, president of Xianyu, Chinese tech heavyweight Alibaba Group’s online trading platform for second-hand goods, said an increasing number of young Chinese consumers are paying more attention to green, sustainable consumption, and regard the purchase of secondhand goods as a thrifty, environmentally friendly way to shop.
Ding said Xianyu will cooperate with the relevant government departments to speed up the establishment of standards concerning the secondhand trading system, and further boost the efficient recycling and utilisation of idle items and reduce carbon emissions.
Xianyu, he said, will further leverage digital technologies like artificial intelligence to continuously enrich and innovate the forms of, and mechanisms for, trading in secondhand items. It will also promote the circulation and reuse of idle resources, and bolster trade-in deals for consumer goods.
In late July, China said it will allocate about 300 billion yuan in ultra-long-term special treasury bonds to support large-scale equipment upgrades and trade-in activities for consumer goods, aiming to further tap into the potential of domestic demand.
According to a notice jointly issued by the National Development and Reform Commission and the Finance Ministry, about half of the planned bond funds will be used to support trade-in deals for consumer goods.
Ding said the recent trade-in programme will encourage consumers to replace old consumer goods with new products that are more environmentally friendly, energy-saving and highly efficient, which will give a strong boost to the circulation of idle goods, adding China’s second-hand goods market and the circular economy are expected to usher in new development opportunities.
Ding said Xianyu’s daily active users have grown continuously over the past quarters, making him bullish on the prospects of the country’s fast-developing secondhand trading sector. — China Daily/ANN
