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According to the Ministry of Commerce's official website, on August 16, the Ministry of Commerce and seven other departments issued a notice on further improving the work related to the old-for-new car exchange. Compared with the first round of implementation details released in April, the subsidy standard this time has been greatly increased. In terms of car scrapping and renewal, the subsidy standard has been increased from the original 10,000 yuan subsidy for purchasing new energy passenger cars and 7,000 yuan subsidy for purchasing fuel passenger cars to 20,000 yuan and 15,000 yuan respectively.

According to the implementation details released in April, a subsidy of 10,000 yuan will be provided for scrapping passenger cars with National III emission standards or below, or new energy passenger cars registered before April 30, 2018 (inclusive), and purchasing a new new energy passenger car included in the "Catalogue of New Energy Vehicle Models with Vehicle Purchase Tax Reduction and Exemption" of the Ministry of Industry and Information Technology; a subsidy of 7,000 yuan will be provided for scrapping fuel passenger cars with National III emission standards or below and purchasing a new fuel passenger car with a displacement of 2.0 liters or less.

The notice released this time shows that the subsidy standard for scrapping and updating has been greatly increased. Individual consumers who scrap fuel passenger cars with emission standards of National III or below or new energy passenger cars registered before April 30, 2018 between April 24, 2024 (including that day, the same below) and December 31, 2024, and purchase new energy passenger cars included in the "Catalogue of New Energy Vehicle Models for Vehicle Purchase Tax Reduction and Exemption" of the Ministry of Industry and Information Technology, will receive a subsidy of 20,000 yuan; those who scrap fuel passenger cars with emission standards of National III or below and purchase fuel passenger cars with a displacement of 2.0 liters or less will receive a subsidy of 15,000 yuan.

The notice clearly states that all eligible subsidy applications (including applications for which subsidy payments have been completed) submitted between April 24, 2024 and January 10, 2025 will be subsidized according to the standards specified in this notice. Among them, for subsidy applications that have been issued according to previous standards, local governments will make up the difference according to the standards specified in this notice.

The owner of the scrapped car and the owner of the newly purchased car who apply for the subsidy should be the same individual consumer. The scrapped fuel passenger car with National III emission standards or below or the new energy passenger car registered before April 30, 2018 should be registered in the name of the applicant before July 25, 2024 in accordance with the requirements of the "Several Measures". From the date of issuance of this notice, during the subsidy application review period, the newly purchased car should be registered in the name of the applicant.

In addition to raising the subsidy standard, this policy also further optimizes the review and payment supervision process for scrapped and updated vehicles. The notice requires that after receiving the application materials for scrapped and updated vehicle subsidies, the local commercial authorities shall review them in accordance with their functions and responsibilities together with the finance, public security, industry and information technology departments, and feedback the review results through the national automobile trade-in platform, and the tax department shall cooperate well. The Ministry of Commerce, the Ministry of Public Security, the Ministry of Industry and Information Technology and other departments provide information verification and comparison services such as scrapped motor vehicle recycling and cancellation, new car registration, and new energy new car models to support local governments in conducting review work efficiently.

The provincial-level commerce authorities will work with relevant departments to determine the review level and review department for subsidy applications within their jurisdiction. The local commerce authorities will promptly summarize the information of applicants who meet the subsidy conditions, determine the subsidy amount, and submit funding applications to the finance department. The local finance departments will transfer the subsidy funds to the bank account provided by the applicant in accordance with the procedures based on the funding arrangement opinions put forward by the commerce authorities. When local commerce authorities submit funding applications to the finance departments at the same level, they must also report the funding arrangement opinions to the local supervision bureaus of the Ministry of Finance and the development and reform departments at the same level.

After the policy implementation period ends, provincial-level commerce departments, development and reform departments, and finance departments shall submit subsidy fund disbursement information to the Ministry of Commerce, the National Development and Reform Commission, and the Ministry of Finance before February 10, 2025. The Ministry of Commerce will review and summarize the subsidy fund disbursement information reported by various regions. In accordance with the relevant requirements of the "Several Measures", the review opinions of the Ministry of Commerce, and the preliminary review results of the local regulatory bureaus of the Ministry of Finance, the central and local governments will conduct liquidation.

In addition, the notice also emphasized that all localities and relevant departments should supervise and manage the subsidy work for car trade-in funds in accordance with the "Several Measures" and "Subsidy Implementation Rules", and do a good job in the implementation of relevant policies to ensure a smooth transition of policies, improve the efficiency of fund use, strengthen publicity and guidance, effectively benefit enterprises and the people, and effectively ensure the safety of subsidy funds. All localities should support enterprises of different ownership and different registered places to participate in car trade-in. All localities should speed up the formulation of implementation plans for car replacement and renewal, reasonably determine subsidy standards, subsidy conditions and implementation methods, refine the operation process, and consolidate the responsibilities of all parties.

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Text/Beijing Youth Daily reporter Song Xia

Editor/Fan Hongwei