A banner plays up China's trade-in policy at a home goods expo in Qingdao, Shandong province, China, on June 1, 2024. Nurphoto | Nurphoto | Getty ImagesBEIJING — China's plan to boost consumption by encouraging trade-ins has yet to show significant results, several businesses told CNBC. Analysts are not overly optimistic about the extent to which the trade-in program could support retail sales. China's retail sales for August are due Saturday morning. Retail sales in June rose by 2%, the slowest since the Covid-19 pandemic, while July sales growth saw a modest improvement at 2.7%.

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Persons: Jens Eskelund, Tao Wang, Sally Loh, Otis, Kone, We've, Ilkka Hara, Hara Organizations: Nurphoto, Getty, BEIJING, CNBC, EU Chamber of Commerce, UBS Investment Bank, China, U.S, Otis Locations: Qingdao, Shandong province, China, Greater China