During the 618 shopping festival, online and offline promotional activities lasted for several days, and consumers' enthusiasm for exchanging old for new remained undiminished. However, there have also been discussions on social media about some regions temporarily being unable to apply for the "national subsidy". The reporter conducted interviews in multiple locations regarding relevant hot topics. Since the end of May, discussions about the temporary inability to receive "national subsidies" in Chongqing, Jiangsu, Hubei and other places have attracted attention on social media. The reporter consulted the Chongqing Consumer Goods Trade in page of the Yunshanfu APP and found that a notice mentioned that the subsidy funds for 27 subcategories of green smart home appliances and home decoration kitchen and bathroom "revitalization" have been used up. Recently, when logging into the national subsidy section of Taobao, the reporter also saw a prompt on the page of Jiangsu Province saying "Jiangsu national subsidy activities are being upgraded, and you will not be able to receive them during the upgrade period". The page of the JD National Subsidy Zone in Hubei Province has also shown reminders such as "Hubei Smart Home National Subsidy Activity Upgrade". Based on these statements, some netizens began to speculate whether the "national subsidy" in some places would stop here? Through interviews with relevant departments and officials in multiple places, the reporter learned that the so-called cancellation of "national subsidies" does not exist. The reporter contacted the Market Operation and Consumption Promotion Department of the Jiangsu Provincial Department of Commerce and learned that the policy of exchanging old for new consumer goods in Jiangsu has not been suspended. The relevant notice previously issued by Jiangsu has clarified the regulations on the implementation of quota management and qualification regulation for the exchange of old and new consumer goods funds, namely the implementation of quota management for "national subsidies". In late May, the Chongqing Municipal Commission of Commerce responded on its official website's "Public Mailbox" section, stating that the city is intensifying efforts to expand its borders and implement the policy of exchanging old for new consumer goods subsidies. The participation of citizens is high, and the first phase of subsidy funds is about to be used up. At present, relevant departments are drafting the second phase of the trade in subsidy policy. The Department of Commerce of Hubei Province clearly replied to the reporter that the Hubei National Subsidy Program will run through the whole year of 2025 and will continue until December 31. At present, the national subsidy qualification vouchers for household appliances and digital 3C products are issued in limited quantities on a first come, first served basis. ”Dong Wei, a staff member of the Circulation Department of Hubei Provincial Department of Commerce, told reporters. Industry insiders have stated that a few regions have gradually improved the implementation pace of the "national subsidy" policy. In fact, the work of exchanging old for new consumer goods will continue throughout the year, and consumers have the opportunity to participate in applying for the "national subsidy" every month and week. Recently, some companies, platforms, and self media have taken the opportunity to hype up and engage in hunger marketing, creating panic emotions. Consumers should pay special attention to discernment. In fact, except for the few regions mentioned above, most provinces are also promoting their national subsidy preferential activities normally. The policy of exchanging old for new consumer goods is an important policy deployed and promoted at the national level. Why do the use of "national subsidies" vary in different regions after implementation? The reporter found through research that on the basis of the national subsidy rules' framework ', each region has a certain degree of autonomy to determine the' small details' of the implementation of national subsidies, such as how to apply for and use subsidies. He Daixin, Director and Researcher of the Finance Research Office at the Institute of Financial Strategy, Chinese Academy of Social Sciences, believes that the rapid implementation of policies in a few regions is related to the local consumption structure and consumer enthusiasm. "This also shows that the market has a strong demand for 'national subsidy', and the policy has stimulated consumption vitality." Since this year, the trade in policy of consumer goods has "strengthened" and "expanded", not only adding new categories such as mobile phones, tablets, dishwashers, etc., but also doubling the capital scale of the ultra long term special treasury bond, from 150 billion yuan last year to 300 billion yuan this year. The 300 billion yuan super long term special treasury bond, together with the local matching and self arranged funds in proportion, constitute the source of funds for the "national subsidy". The reporter learned that this 300 billion yuan was "divided" and allocated to local areas. When allocating funds, factors such as the number of permanent residents in each region, regional gross domestic product, ownership of automobiles and household appliances, the 2024 trade in policy for consumer goods, and the implementation of funds will be taken into account. The allocation of funds will be moderately tilted towards regions with better results in the trade in of consumer goods in 2024. This year, the central government will allocate 300 billion yuan of extra long term special treasury bond to support the exchange of old for new consumer goods. In order to enable local governments to use central funds in a reasonable, orderly, and sustainable manner, this year's 300 billion yuan of central funds will be issued in batches in the issuance process. The reporter learned from relevant departments that two batches of central funds totaling 162 billion yuan have been allocated in January and April this year to support local governments in carrying out the work of exchanging old for new consumer goods in the first and second quarters. Subsequently, 138 billion yuan of central funds will be distributed in batches and orderly in the third and fourth quarters, while local governments will also provide corresponding support and arrange sufficient local funds on their own. The "national subsidy" will continue to benefit consumers. The implementation of the policy of exchanging old for new consumer goods has a long chain and multiple links. In an interview at the "China Economic Roundtable" launched in early June, Ding Lin, Deputy Director of the Comprehensive Department of the National Development and Reform Commission, mentioned in introducing a series of policy measures to expand domestic demand that the funds for exchanging old for new consumer goods will be accelerated. During the investigation, the reporter found that many regions actively optimize and improve policy processes, focus on reducing the pressure of participating enterprises to advance subsidy funds, innovate work measures, and enhance consumers' experience and sense of gain. Several experts and scholars have stated that since its implementation last year, the policy of exchanging old for new consumer goods has become an important driving force for promoting consumption and expanding domestic demand. In Hubei, as of June 11th, the total sales volume of 3C digital, home appliances, kitchen and bathroom, electric bicycles and other trade in products in the province this year was 33.5815 million units, driving a total sales volume of 41.483 billion yuan; In Liaoning Province, the number of consumers participating in the trade in activity for consumer goods has reached 2 million, directly driving consumption of over 15 billion yuan... From the implementation situation in various regions, the policy progress is positive and the effects continue to show. According to data from the Ministry of Commerce, as of May 31, 2025, the total sales revenue of the five major categories of consumer goods trade in will be 1.1 trillion yuan, and about 175 million subsidies will be issued directly to consumers. From the practice in various regions, policies not only directly drive a significant increase in sales of related consumer goods, but also actively promote the upgrading of the structure of related consumer goods and the transformation and leap of related industrial chains. ”Yao Dongmin, a professor at the Central University of Finance and Economics and deputy director of the China Finance Development Collaborative Innovation Center, said that with the subsequent allocation of funds and continuous optimization of relevant systems, the policy of exchanging old for new consumer goods is expected to continue to play a positive role and benefit more people. (New Society)