A worker inspects the equipment in an intelligent workshop of a fastener-producing company in Yongnian District of Handan, north China's Hebei Province, Feb. 20, 2024. (Xinhua/Wang Xiao)

China will provide strong financial support for large-scale equipment renewals and trade-ins of consumer goods, an official said Thursday.

At the same time, local governments conducting assessments regarding this move and will take into account their actual financial situation to provide certain funds, said Zhao Chenxin, deputy head of the National Development and Reform Commission, at a press conference.

Last month, the State Council released an action plan to promote the large-scale renewal of equipment and the trading-in of consumer goods.

Annual investment demand in China's equipment upgrades in key industrial and farm sectors exceeds 5 trillion yuan (about 704.5 billion U.S. dollars), and demand for the replacement of automobiles and household appliances is above 1 trillion yuan, Zhao said.

This market space is very huge, he said, adding that the action plan will not only boost consumption and investment but also promote energy conservation and high-quality development.