Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road
Industry

China steps up efforts to spur car consumption

July 30, 2020


Abstract : China has recently introduced a string of policies to promote automobile consumption by simulating demand for new cars as well as replacing old ones.

ChkhkcC000291_20170420_TXPFN0A001_500x500.jpg

BEIJING, July 30 (Xinhua) -- China has recently introduced a string of policies to promote automobile consumption by simulating demand for new cars as well as replacing old ones.

Since the beginning of 2020, the central and local governments at all levels have provided continuous assistance to the auto market including financial subsidies, purchase tax cuts and relaxation of purchase restrictions to boost auto consumption.

Some local governments have stepped up efforts to promote the consumption of new energy vehicles (NEVs), accelerate the circulation of second-hand car market and strengthen auto financing service.

The Ministry of Industry and Information Technology, the Ministry of Agriculture and Rural Affairs and the Ministry of Commerce have jointly issued a notice to carry out NEVs promotion activities from July to December in rural areas.

It's estimated that there are currently 7.6 million tricycles and low-speed vehicles in China's rural areas, and these vehicles are in urgent need of upgrading and replacement.

NEVs are not only exempt from purchase tax, but also have a lower cost of use. They also enjoy various benefits such as interest-free finance, worried-out cars and considerate services. If the construction of charging facilities can keep up, NEVs may have a larger market in the future.

(Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)

Scan the QR code and push it to your mobile phone

Keyword: auto market

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial