China’s State Council has issued its Action Program for Promoting Large-scale Equipment Renewal and Consumer Goods Replacement (Action Program) which states that, “focusing on key industries, including iron and steel, non-ferrous metals, petrochemicals, chemicals, building materials and electric power, etc., and vigorously promoting the renewal and technological upgrading of production equipment, energy-using equipment, and equipment for the generation, transmission and distribution of electricity and power,” annual equipment renewal in China’s industrial sector will reach a value RMB 4.0 trillion ($0.56 trillion) spanning the 2024-27 period.
Several related government departments are already focusing on the key industries mentioned above, making a list of projects, aiming to increase fiscal and financial support and improve the land and energy elements of the action program which will promote large-scale equipment renewal in the industrial sector.