China's stimulus package, which includes incentives for large-scale equipment renewals and consumer goods trade-ins, has helped to boost investment growth, unlock consumption potential, and better facilitate economic recovery amid domestic downward pressure, officials and analysts said.

The technological upgrade and green transformation driven by the initiatives will pay dividends, not only in terms of immediate economic benefits but also in laying the foundation for a more sustainable development path, they added.

In March, the State Council, the country's Cabinet, launched a plan to promote large-scale equipment upgrades and old-for-new exchanges of consumer goods. This was followed by an additional measure in July, where the government allocated around 300 billion yuan ($42.4 billion) in long-term special government bonds to further support these initiatives.

All 31 provincial-level regions on the mainland have issued implementation plans to further support these initiatives, complementing the central government's policy framework, said Zhao Chenxin, deputy head of the National Development and Reform Commission, during a recent news conference.

In terms of equipment renewal, China has set targets to increase investment in a wide range of sectors, including manufacturing, agriculture, construction, transportation, education, culture, tourism, and medical care, by at least 25 percent by 2027, compared to 2023 levels, as outlined in the plan.

The commission has streamlined the approval process and identified over 4,600 eligible projects, with the 150 billion yuan in special bonds for equipment upgrades already allocated to these initiatives in two batches, Zhao added.