National Development and Reform Commission and Ministry of Finance increase subsidy standards for scrapped and replaced vehicles

On July 25, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures on Strengthening Support for Large-Scale Equipment Renewal and Consumer Goods Trade-in", which aims to increase the subsidy standard for vehicle scrapping and renewal. The new policy will directly allocate about 150 billion yuan of ultra-long-term special treasury bond funds to local governments, part of which will be used to support the renewal of the automotive industry.