Accelerating Auto Consumption Upgrade through the Power of Trade-in

From the joint implementation details issued by seven departments to the central and local financial advance funds with a budget subsidy of over 11.1 billion yuan, the trade-in of old cars for new ones is entering the "fast lane," gaining "acceleration."

On June 16th, under the guidance of the China Automobile Circulation Association, JD Auto, together with China Automobile News and Auto Observation, co-hosted the "6.16 Renewal Day" launch event in Beijing with the theme of "Condensing the Power of Trade-in to Jointly Promote the Upgrading of Automobile Consumption." The event brought together various car brands and ecological partners from the market to jointly release trade-in plans to boost the upgrade of automobile consumption.

Joint Implementation by Multiple Parties

Recently, China has successively issued policies including the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" and the "Detailed Rules for the Implementation of the Auto Trade-in Subsidy" (hereinafter referred to as the "Rules"), actively guiding the trade-in of old cars for new ones. Since the implementation of the auto trade-in policy 50 days ago, it has received support at all levels from the central to local governments, with a surge of enthusiasm across the regions. On June 3rd, the Ministry of Finance issued the central financial advance funds budget for the 2024 auto trade-in subsidy, with a total subsidy amount exceeding 11.1 billion yuan, once again adding fuel to the local auto trade-in efforts.

Cars are the mainstay of the consumer market. Promoting the trade-in of old cars for new ones is of great significance and potential. "At present, the joint force for the trade-in of old cars for new ones is taking shape," said **Song Yingjie**, a researcher at the Automobile Circulation Office of the Market Operation and Consumption Department of the Ministry of Commerce, in his speech. The Ministry of Commerce also coordinates support for consumer subsidies in all links of the entire chain of automobile consumption and develops a national unified information service platform, striving to simplify processes and reduce time, providing convenience for the public and car owners to apply for subsidies and ensuring that good deeds are well done. The trade-in of old cars for new ones is a systematic project that requires joint action by the central and local governments and various parties to form a policy combination. The event will promote the implementation of the auto trade-in policy, strengthen cooperation and linkage, further enrich product supply, improve service quality, innovate in consumer scenarios, and introduce practical measures that benefit the people, making a new contribution to the continuous expansion of consumption and meeting the people's needs for a better life.

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