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Recently, Huaihua City, Hunan Province, held a car "trade-in" consumption promotion activity, with hundreds of car models on display. Buyers of cars on site have the opportunity to enjoy the "trade-in" replacement subsidy, as well as promotional offers from manufacturers and dealers. The picture shows many citizens viewing cars and consulting at the event site.

Photo by Tian Min (People's Vision)

The automobile industry is an important engine for the high-quality development of China's economy. The proportion of automobile output value in China's GDP and the proportion of automobile consumption in China's total retail sales of consumer goods are both around 10%. Recently, the Ministry of Commerce and seven other departments issued the "Notice on Further Improving the Work Related to the Old-for-New Automobile Replacement" (hereinafter referred to as the "Notice"), raising the subsidy standard for automobile scrapping and renewal, stabilizing and expanding automobile consumption, and further releasing the potential of automobile consumption.

Car trade-in becomes more convenient

Since the beginning of this year, China has vigorously promoted the trade-in of old consumer goods, and car trade-in is an important part of it.

Data from the Ministry of Commerce's automobile trade-in information platform shows that the number of applications for automobile scrapping and renewal subsidies in China has accelerated this year. As of the end of July, the number of applications for automobile scrapping and renewal subsidies nationwide has exceeded 410,000. In the first half of the year, the number of scrapped cars recycled nationwide reached 2.778 million, a year-on-year increase of 27.6%.