China's Ministry of Commerce announced on Saturday that it will adopt multiple measures to further unleash the potential of automobile consumption, a key driver for stabilizing growth and promoting domestic demand.
According to ministry officials, as of September 10 this year, applications for car trade-ins had reached 8.3 million.
Beyond the trade-in policy, the ministry will continue to roll out the new energy vehicle consumption season across thousands of counties and towns and strengthen supply-demand matching for new energy vehicles (NEVs).
The ministry also plans to push forward reforms in automobile circulation-related taxes and fees.
"We support local governments in actively exploring innovative measures to remove restrictive policies on car consumption, develop the automobile aftermarket, extend the auto consumption chain, and accelerate the creation of a unified, efficient, and green automobile circulation and consumption market," said Geng Hongzhou, senior official from the Department of Market Operation and Consumption Promotion under the Ministry of Commerce.
Experts highlighted that the establishment of a unified national market is of critical strategic importance to the automobile industry and will play a positive role in boosting consumption.
"Especially on the circulation end, it mainly allows social resources to be allocated more effectively. The establishment of a unified national market is one of the most important foundations for enabling the next stage of high-speed growth in automobile consumption," said Wang Du, assistant to the president of the China Automobile Dealers Association.
China to intensify efforts to unleash domestic car market potential: commerce ministry
China to intensify efforts to unleash domestic car market potential: commerce ministry
