China's car trade-in subsidies to reach 11.198 billion yuan in 2024

In 2024, China's total subsidies for replacing old cars with new ones will reach 11.198 billion yuan, of which 6.44004 billion yuan will be from the central government and 4.75771 billion yuan from local governments. This policy is designed to encourage consumers to replace old cars with new ones that are more environmentally friendly.