The State Council recently approved an implementation plan to encourage automobile and household appliance "trade-ins" (hereinafter referred to as the Plan). The Plan shows that a maximum subsidy of 6,000 yuan will be granted for "trade-ins" of automobiles that have reached ce
rtain service lifetime.On May 19, the policy aimed at encouraging automobile and household appliance "trade-ins" was studied and deployed during a State Council executive meeting. The Plan for the first time clearly defines various aspects of the policy, including its procedure and the scope and standard of the subsidy.According to an official from the National Development and Reform Commission, the basic idea of the Plan is to encourage "trade-ins" by means of financial subsidies, with a view to expanding consumption demand, promoting energy conservation and emission reduction, and developing circular economy.
According to the Plan, in addition to the 1 billion yuan already allocated to provide subsidies for the replacement of old and worn-out automobiles with new models, another 4 billion yuan in the form of subsidies will be further allocated to certain types of vehicles that have met service lifetime requirement. The subsidies offered should not exceed the amount of purchase tax levied on the same model of vehicle. These types of vehicles include various types of freight trucks, some types of medium-duty passenger cars, and "yellow-label vehicles", which are to be scrapped earlier than their service lifetime expires and replaced with new vehicles.
rtain service lifetime.On May 19, the policy aimed at encouraging automobile and household appliance "trade-ins" was studied and deployed during a State Council executive meeting. The Plan for the first time clearly defines various aspects of the policy, including its procedure and the scope and standard of the subsidy.According to an official from the National Development and Reform Commission, the basic idea of the Plan is to encourage "trade-ins" by means of financial subsidies, with a view to expanding consumption demand, promoting energy conservation and emission reduction, and developing circular economy.According to the Plan, in addition to the 1 billion yuan already allocated to provide subsidies for the replacement of old and worn-out automobiles with new models, another 4 billion yuan in the form of subsidies will be further allocated to certain types of vehicles that have met service lifetime requirement. The subsidies offered should not exceed the amount of purchase tax levied on the same model of vehicle. These types of vehicles include various types of freight trucks, some types of medium-duty passenger cars, and "yellow-label vehicles", which are to be scrapped earlier than their service lifetime expires and replaced with new vehicles.
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