Chinese Premier Li Qiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, speaks while attending a State Council video conference on promoting large-scale equipment upgrades and trade-ins of consumer goods on March 28, 2024. The meeting was chaired by Vice Premier Ding Xuexiang, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee. (Xinhua/Rao Aimin)

Chinese Premier Li Qiang on Thursday pledged to take concrete action to promote large-scale equipment upgrades and trade-ins of consumer goods, in an effort to facilitate economic transformation and improve people's livelihoods.

Speaking during a State Council video conference, Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, highlighted the strategic significance of the upgrade campaign and its benefits for the economy, businesses and individuals.

He called on all regions and government departments to attach great importance to the campaign and make solid efforts to carry it out.

Li said the campaign should be market-oriented and government-guided, and it should include four major areas: equipment renewals, trade-ins of consumer goods, the recycling of used goods, and the leveling-up of standards.

China will prioritize equipment upgrades in promising industries with powerful driving forces, accelerate the elimination of dated or inefficient equipment with high levels of energy consumption, high emissions or hidden safety risks, and focus on supporting the trade-ins of costly durable consumer goods that are urgently needed and can drive the economy, Li said.

Work will be done to accelerate the development of recycling systems and encourage the concentrated, large-scale development of enterprises engaged in the processing and utilization of renewable resources, Li said.

He also called for industrial standards to be lifted gradually so that these upgrades become normal practices.

The meeting was chaired by Vice Premier Ding Xuexiang, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee. He Lifeng and Zhang Guoqing, both vice premiers, and State Councilor Wu Zhenglong also attended the meeting.