Aiming at prospective buyers to stimulate demand for electric and low-emission gasoline vehicles, the Chinese Ministry of Commerce said Thursday that consumers who trade in old cars for new ones can enjoy various subsidies and discounts, including tax exemptions, financial credit support and corporate discounts.
He Yadong, a spokesperson for the Ministry of Commerce, told a press briefing in Beijing that the implementation rules on car trade-in subsidies that were issued on April 24 have gained widespread attention and positive responses from various stakeholders, and many regions have already rolled out specific measures.
The spokesperson said that the ministry insists on an integrated implementation of the car scrappage scheme and the replacement scheme, encouraging qualified regions to support vehicle replacement and upgrading.
"We offer coordinated support to all links of the entire automobile consumption chain. The car trade-in subsidy policy can be enjoyed in combination with other benefits, including new energy vehicle purchase tax exemptions, financial credit support for car purchases, and corporate discounts. The combined discount package can provide ordinary people with more benefits," said He.
The Ministry of Commerce has also developed a nationwide unified information service platform for car trade-ins, and launched mini-programs on WeChat, Alipay, Douyin (the Chinese version of TikTok), and UnionPay's Quickpass for the public to apply for car trade-in subsidies.
As of 2027, the recycling volume of scrapped vehicles is expected to roughly double from 2023 and used car transactions will increase by 45 percent, according to an action plan issued by the State Council.
China offers incentives to promote auto trade-ins
China offers incentives to promote auto trade-ins
