The Chinese Ministry of Commerce (MOFCOM) has received over 10 million subsidy applications for trade-ins of passenger vehicles since the launch of the auto trade-in scheme in April 2024, it said on Monday.
The MOFCOM's data shows that as of Sunday vehicle trade-in subsidy applications in 2025 reached 3.225 million, including 1.035 million applications for vehicle scrappage and renewal subsidies and 2.19 million applications for vehicle replacement subsidies.
The current trade-in policy provides subsidies for trade-ins of new energy passenger vehicles for up to 20,000 yuan (around 2,763 U.S. dollars) and of fuel passenger vehicles for up to 15,000 yuan (around 2,073 U.S. dollars), announced by the MOFCOM and seven other government departments in January. The policy has effectively stimulated auto consumption in the country. From Jan to April, the retail sales of passenger cars rose 7.9 percent year on year to 6.87 million units. The auto retail sales of major retailing enterprises monitored by MOFCOM increased by 1.9 percent year on year in April.
Notably, data suggests that new green and intelligent cars are popular among consumers in China. In the first four months of this year, over 53 percent of new vehicles replacing the old ones are new energy vehicles (NEVs). The retail sales of NEVs totaled over 3.3 million units, marking a year-on-year increase of 35.7 percent. The market penetration rate for NEVs, a gauge of popularity, reaches 48.4 percent, up 0.8 percentage points year-on-year.
Moreover, China's auto recycling and utilization capabilities are growing. In the first four months this year, around 2.77 million scrapped vehicles have been recycled, representing a 65 percent increase compared with the previous year.
China receives over 10 mln vehicle trade-in applications since launch of mass renewal program
China receives over 10 mln vehicle trade-in applications since launch of mass renewal program
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
