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On August 16, the Ministry of Commerce and seven other departments officially issued the "Notice on Further Improving the Work Related to Car Trade-in" (hereinafter referred to as the "Notice"), and a new round of car trade-in was officially launched. Efforts will be made to promote car trade-in by raising subsidy standards, expanding subsidy scope, and increasing financial support.

According to the latest "Notice", the new round of car trade-in will increase the subsidy standard and intensify efforts to promote car trade-in. After the standard is raised, a subsidy of up to 20,000 yuan can be obtained by purchasing a new car through trade-in.

The car trade-in policy has increased the subsidy standard for scrapping and updating. For eligible cars that are scrapped and updated, the subsidy standard has been increased from the previous 10,000 yuan for purchasing new energy passenger cars and 7,000 yuan for purchasing fuel passenger cars to 20,000 yuan and 15,000 yuan respectively, both of which have increased by more than double. In addition, the new subsidy standard can be implemented retroactively. In other words, consumers who submit subsidy applications from April 24 can implement the adjusted subsidy standard. For consumers who have already received subsidies, local governments will make up the difference in subsidies according to the standards of this policy.

In response to the public's concern about whether their old cars can be replaced with new ones, and which cars are eligible for the old-for-new exchange? It is understood that some provinces and cities are promoting the replacement and renewal of cars according to local standards, while there are unified national implementation rules for the scrapping and renewal of cars. In April this year, the Ministry of Commerce and seven other departments issued the "Implementation Rules for the Subsidy for the Replacement of Old Cars", which clarified the scope of subsidies and other specific contents.

According to the regulations, vehicles that meet the conditions for old-for-new exchange refer to fuel-powered passenger cars with emission standards of National III or below or new energy passenger cars registered before April 30, 2018 (including that day). Among them, fuel-powered passenger cars with emission standards of National III or below refer to gasoline passenger cars registered before June 30, 2011, diesel passenger cars registered before June 30, 2013, and passenger cars using other fuels. The regulations also state that from April 24 to December 31 this year, individual consumers can receive state subsidies as long as they scrap the above two types of old cars and purchase new energy passenger cars or fuel passenger cars within the regulations.

Since March this year, the country has launched a car trade-in campaign, and the policy has gradually taken effect. From January to July this year, the national car recycling volume was 3.509 million, a year-on-year increase of 37.4%. After the implementation of the car scrapping and renewal subsidy policy, the number of scrapped cars has increased rapidly. Among them, in July, the national car recycling volume was 731,000, a year-on-year increase of 93.7%.

As the effect of the car trade-in policy gradually emerged, it also boosted the growth of car sales. From January to July this year, my country's automobile production and sales reached 16.179 million and 16.31 million respectively, up 3.4% and 4.4% year-on-year respectively.

Beijing Business Daily Comprehensive Report