China's sales of new energy passenger vehicles rose by 17 percent month on month in August to reach 1.027 million units, thanks to the government policy of increasing financial incentives to encourage trade-ins in car sales, the latest industry data show.
According to the China Automobile Dealers Association (CADA), the national passenger vehicle market saw retail sales of 1.905 million cars of all types including new energy vehicles and traditional fuel vehicles, a month-on-month increase of 10.8 percent.
The surge in the trade volume came after China issued a new circular in August that increased financial incentives to encourage consumers to scrap their old vehicles and buy new ones.
According to the circular, subsidies for trade-ins of new-energy passenger vehicles have doubled from 10,000 yuan (around 1,418 U.S. dollars) per unit -- a figure stipulated in an April document -- to 20,000 yuan (2,836 U.S. dollars) per unit.
Subsidies for trade-ins of fuel passenger vehicles have also risen from 7,000 yuan (993 U.S. dollars) to 15,000 yuan (2,127 U.S. dollars) per unit.
China's trade-in program stimulates auto market
The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.
In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.
The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.
She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.
The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."
"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.
UNGA President warns global multilateral system "under attack"
