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On August 16, the Ministry of Commerce and seven other departments issued the "Notice on Further Improving the Car Trade-in Program" (hereinafter referred to as the "Notice").

Compared with the first round of implementation details released in April, the subsidy standard has been greatly increased. The "Notice" mentioned that for individual consumers who scrap their old cars and buy new cars in accordance with the "Auto Trade-in Subsidy Implementation Details", the subsidy standard will be increased from 10,000 yuan for new energy passenger cars and 7,000 yuan for fuel passenger cars to 20,000 yuan and 15,000 yuan respectively.

In addition to scrapping and updating, this policy also includes replacement and updating in the subsidy scope. The state directly allocates ultra-long-term special treasury bond funds to local governments to support local governments in independently carrying out replacement and updating. In addition, this policy requires the optimization of the review and payment supervision process for scrapping and updating of automobiles.

"The release of the policy is undoubtedly beneficial to the entire automotive industry chain." Lang Xuehong, deputy secretary-general of the China Automobile Dealers Association, said in an interview with a reporter from Shell Finance that raising the subsidy standard for scrapped and updated vehicles will bring greater stimulus. The introduction of the policy is very timely. With the policy being strengthened, it is expected to drive at least 1 million additional scrapped and updated vehicles, providing strong support for automobile consumption and the growth of the auto market in the second half of the year.