CNBC TV18
By Anand Singha
Published April 26, 2024
How much will buyers get? Up to 10,000 yuan ($1,380) To exchange old vehicles for new ones
People exchanging cars older than 2018 for electric/hybrid vehicles will get 10,000 yuan ($1,380)
Customers who trade in newer vehicles will receive 7,000 yuan
The China subsidy for vehicle exchange will be a one-time offer available till 2024 ends
The offer from the Chinese government is an attempt to boost the country’s sluggish economy
China’s annual GDP growth is expected to be short of the government’s target of 5%
Some cities within China have already started similar programmes to boost consumption
People in Suzhou, a city in China’s wealthy Jiangsu province, already get up to 6,000 yuan for buying a new car
The Suzhou administration has also announced up to 1,500 yuan for people buying new appliances like refrigerators