Old-for-new service incentives support national campaign

A Changan Deepal production model at a car shop in Liangjiang attracts many visitors. [Photo/liangjiang.gov.cn]

In response to the old-for-new promotional campaign that was recently launched by the State Council, Liangjiang New Area in Southwest China's Chongqing municipality will soon roll out targeted policy measures to stimulate old-for-new services connected to automobiles, furniture and home appliances.

Consumers selling their old cars to purchase new ones in the new area will be given a red envelope worth 1,000 yuan ($141), which can be used in designated stores.

Automobile producers that participate in this old-for-new promotional campaign and sell new energy vehicles (NEVs) or fuel vehicles with an engine displacement of 2.0 liters or less, will also be granted a bonus based on their January-September KPI last year. The highest bonus shall be no more than 500,000 yuan per enterprise.

Participating used car dealerships and home appliance sales companies will also enjoy subsidies. For example, home appliance sales companies that sell environmentally friendly furniture products with domestic or international environmental certifications through this trade-in program will be given subsidies, with a maximum subsidy of no more than 200,000 yuan.

Banks and consumer finance institutions in Liangjiang are encouraged to provide financial support for the consumption of NEVs, green smart home appliances and furniture through various forms, such as preferential interest rates, and consumption discounts.