Recently, the Ministry of Commerce (MOFCOM) and six other authorities have jointly released the Circular on Further Enhancing the Vehicle Trade-in Program (the "Circular"), which takes effect on the date of release.
The Circular introduces measures in four key areas: increasing the subsidy standards for scrapping and replacing old vehicles, boosting central government financial support, optimizing the application review and subsidy allocation processes, and strengthening overall supervision and management. According to the Circular, the subsidy standards for scrapping and replacing old vehicles will be raised. For individual consumers who scrap their old vehicles and purchase new ones in accordance with the Implementing Rules for Vehicle Trade-in Subsidies, the subsidy for purchasing new energy passenger vehicles will increase from CNY10,000 to CNY20,000, and for fuel-powered passenger vehicles, from CNY7,000 to CNY15,000. The Circular mandates that all eligible subsidy applications submitted between April 24, 2024, and January 10, 2025, shall be subsidized according to the standards specified in this Circular. For subsidies granted under previous standards, local authorities are required to make up for the difference according to the new standards outlined in this Circular.
(Source:https://scyxs.mofcom.gov.cn/xfpyjhx/zccs/art/2024/art_5934dbc9e74848c7b83e9bdb8d8cfd03.html)
Note: The link to the Chinese official website of the document is for your reference.
