Seven Chinese departments jointly release car trade-in subsidy policy

The Ministry of Commerce and seven other departments recently issued a notice requiring further efforts to improve the car trade-in program in order to stabilize and expand car consumption. The notice pointed out that the scrapping and renewal subsidy standard will be increased for individual consumers who meet the requirements, including scrapping fuel passenger cars with emission standards of National III or below or new energy passenger cars registered before April 30, 2018, and purchasing new energy vehicles or fuel passenger cars with a displacement of 2.0 liters or less, will receive subsidies of 20,000 yuan and 15,000 yuan respectively. In addition, the central government will increase its financial support, optimize the review and payment supervision process for scrapping and renewal of automobiles, and require local governments to strengthen supervision and management.