The Beijing municipal government on Sunday unveiled an action plan to facilitate equipment renewals and encourage trade-ins of consumer goods.

The plan comprises 23 specific measures, covering upgrades to rail transit, heating and natural gas systems, as well as advancements to educational and medical equipment.

It also includes initiatives for green transformations and intelligent computing in data centers, along with support for old vehicle replacements.

Government officials have lauded the initiative for presenting significant market opportunities.

"After over 40 years of reform and opening-up, Beijing has amassed a wealth of machinery and equipment, entering its peak period for the renewal and replacement of existing assets ahead of the rest of the nation," said Lai Xianyu, deputy director of the Beijing Municipal Commission of Development and Reform. "The city also boasts a large inventory of durable consumer goods."

Based on estimates provided by Lai, Beijing residents had over 50 million household appliances and approximately 7.6 million motor vehicles by 2023, indicating significant renewal and replacement demand.

Beijing will introduce a range of incentives to bolster the action plan.

Zhao Weidong, deputy director of the Beijing Municipal Commerce Bureau, highlighted the government's plans to promote smart household appliances and modernized home furnishings, focusing on 26 types of eco-friendly and innovative products.

Consumers purchasing new items could benefit from subsidies equivalent to 10 percent of new product prices, with subsidies capped at 1,000 yuan (about 138 U.S. dollars) per item, Zhao said.

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