According to the latest economic data for the first three quarters released by Hangzhou, the policy on "renewal & trade-in" (namely, large-scale equipment renewal and trade-in of old consumer goods) achieves remarkable results. In the past three quarters, the retail sales volume of household appliances & audio-visual equipment and communication equipment respectively grew by 6.7 percent and 30.8 percent.

Hangzhou increases subsidies to stimulate consumption potential effectively. As of early November, millions of people participated in home appliance subsidy activities to drive the accelerated recovery of the consumer market.

The policy also promotes optimizing and upgrading industrial structure to advance the high-quality economic development of Hangzhou. In the first three quarters, the production of computer communication and other electronic equipment manufacturing industry, electrical machinery and equipment manufacturing industry, and automobile manufacturing industry in Hangzhou increased significantly.