National Effort on Consumer Goods Trade-in for Renewal in China

TapTechNews May 31, according to the information on the website of the Ministry of Commerce, on May 29, the national work promotion teleconference on the action of replacing consumer goods with new ones through trade-in was held in Beijing.

The Ministry of Commerce disclosed that currently, the information platform for automobile trade-in (scrapping and renewal) has accumulated over 1.2 million visits from users, and nearly 20,000 subsidy applications have been submitted. In some areas, subsidies for automobile scrapping and renewal have already been issued. In April, sales of new energy vehicles increased by 33.5% year-on-year, and the retail sales of home appliances above the quota increased by 4.5%, and the online sales of furniture increased by 12.2%. The national work of replacing consumer goods with new ones through trade-in is progressing smoothly in general with a good start.

The meeting pointed out that after the issuance of documents such as the Action Plan for Promoting the Replacement of Consumer Goods with New Ones through Trade-in and the Implementation Rules for Automobile Trade-in Subsidy, all aspects actively responded, and the news media widely publicized. The Ministry of Commerce took the lead in establishing a coordination system for promoting the replacement of consumer goods with new ones through trade-in involving 18 departments, promoting relevant departments to introduce a series of policy measures such as fiscal, taxation, and financial, forming a package. All regions earnestly organized implementation, and policy measures such as trade-in for automobiles, home appliances, and kitchen and bathroom renewal for home decoration have been successively introduced, and the financial support has been continuously strengthened. Organized 18 activities of the National Action of Replacing Consumer Goods with New Ones through Trade-in - Local Stations.

According to the previous report of TapTechNews, on April 26, seven departments including the Ministry of Commerce and the Ministry of Finance issued the Implementation Rules for Automobile Trade-in Subsidy, from the date of the issuance of this rule to December 31, 2024, for individual consumers who scrap fuel passenger cars meeting the national standard III and below or new energy passenger cars registered before April 30, 2018 (including the same day, the same below), and purchase new energy passenger cars included in the Catalog of New Energy Automobiles for Tax Exemption of Vehicle Purchase Tax of the Ministry of Industry and Information Technology or fuel passenger cars with a displacement of 2.0 liters and below, a one-time lump-sum subsidy is given.

Among them, those who scrap the above two types of old cars and purchase new energy passenger cars will get a subsidy of 10,000 US dollars; those who scrap fuel passenger cars meeting the national standard III and below and purchase fuel passenger cars with a displacement of 2.0 liters and below will get a subsidy of 7,000 US dollars. (about 69443.92 yuan and 48610.74 yuan. respectively)