china sees more auto trade-ins on policy support
china reported a rapid increase in auto trade-ins thanks to policy support designed to benefit consumers.
the ministry of commerce said tuesday it had received over 4 million subsidy applications for trade-ins of passenger vehicles as of monday under a mass renewal program initiated early this year.
currently, people trading in an old car for a new energy vehicle are entitled to a 20,000 yuan ($2,781) subsidy, while those replacing for a fuel car will get 15,000 yuan.
the policy has effectively stimulated the auto market. china's auto sales rose 7 percent year-on-year to 3.05 million units last month. in the first 10 months, auto sales across the country surpassed 24.6 million units in total.
the auto trade-in subsidies are part of a national program unveiled in march aimed at expanding domestic demand and shoring up the economy through equipment upgrades and consumer goods trade-ins.
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