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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Dec. 31 (Xinhua) — China on Wednesday released detailed rules for a trade-in subsidy program for old cars for new ones through 2026, supporting the auto market as part of the country's broader efforts to boost consumption.
According to a document jointly released by the Ministry of Commerce and other government agencies, the subsidies will be issued for the decommissioning of gasoline-powered passenger cars registered on or before June 30, 2013, diesel-powered and other fuel-powered passenger cars registered on or before June 30, 2015, and new energy-powered passenger cars registered on or before December 31, 2019.
Consumers who scrap old vehicles and buy new ones will be able to receive subsidies calculated according to a certain proportion of the price of the new car, with the maximum subsidy amount capped at 20,000 yuan (approximately US$2,845).
China began issuing subsidies in 2024 as part of a broader consumer goods exchange program covering a wide range of products, including cars, smartphones, and home appliances. This initiative played a key role in boosting market confidence and stimulating domestic demand.
Analysts believe that subsidizing car trade-ins is expected to further boost consumer spending and encourage the development of clean transport.
Expanding domestic demand will be a priority for China's economic development next year. This was announced at the recent Central Economic Work Conference, which also emphasized the need to implement measures to stimulate consumption and develop and implement plans to increase incomes for urban and rural residents.
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