Yesterday, a reporter from the Shanghai Securities News learned that the Ministry of Commerce has finalized a preliminary draft of the implementation rules for vehicle replacement programs and is expected to launch them soon after receiving approval from relevant departments. The new guidelines aim to streamline the trade-in process and reduce the time it takes for consumers to receive subsidies, making the procedure more efficient and consumer-friendly.
Analysts believe that by expanding the subsidy scope to include medium, light, micro-vehicles, and certain mid-sized passenger cars, the policy will help boost the mid-size sedan market and revitalize the struggling commercial vehicle sector. This move is seen as a significant step in stimulating domestic demand and encouraging the adoption of newer, more environmentally friendly vehicles.
The former Ministry of Commerce had already drafted an initial version of the vehicle replacement rules. Recently, Yao Jian, a spokesperson for the Ministry of Commerce, emphasized that, building on the "Appliances to the Countryside" initiative, the government is working to expand the trade-in program to cover both home appliances and automobiles. The current policy is still under refinement and will be officially announced once finalized.
According to a source familiar with the matter, the implementation of the trade-in program requires unanimous approval from several key ministries, including the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the Ministry of Industry and Information Technology, and the Ministry of Environmental Protection. Once approved, the policy will be officially released to the public.
Earlier this year, the Ministry of Commerce's Market Construction Department stated that the implementation rules for the vehicle replacement program are expected to be launched this year. The first draft of the regulations outlined specific procedures for consumers seeking subsidies when trading in old vehicles for new ones.
In June, the "Implementation Plan for Promoting Domestic Demand and Encouraging the Replacement of Old Vehicles" was announced, stipulating that medium, light, and micro-duty trucks, along with certain mid-sized passenger vehicles meeting service life requirements, can be scrapped and replaced. Vehicles that fail to meet emission standards—such as petrol cars not meeting national I standards or diesel cars not meeting national III standards—may also qualify for subsidies when replaced with new models. This year, the central government increased the retirement subsidy for old vehicles from 1 billion to 5 billion yuan.
Local governments have the flexibility to adjust the vehicle replacement policies based on their specific circumstances. For example, Shanghai and Henan Province have already introduced their own regulations. In Shanghai, mid-size sedans have become popular choices for replacement, with the first "one-for-one" replacement involving older models being replaced by newer ones.
Luo Lei, deputy secretary-general of the China Circulation Association, noted that the new rules will particularly benefit commercial vehicles, especially light trucks and mid-sized passenger cars, which are expected to see the most significant gains. According to local policy adjustments, the consumption upgrade will also extend to the mid-size sedan market.
Zhang Xin, an automotive analyst at Guoxin Junan, pointed out that vehicles with engine displacements between 1.6 and 2 liters will benefit the most from the policy. Major automakers such as Shanghai Automotive and FAW Cars saw their models in this range gain popularity. Commercial vehicle manufacturers like Jiangling Motors, JAC Motors, and Dongfeng Motors are also expected to benefit from the policy.
This development signals a positive shift in the automotive industry, aimed at promoting sustainable growth and supporting economic recovery through increased consumer spending.
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