China's $889M Auto Trade-in Subsidies for 2024

China’s finance ministry has allocated 6.44 billion yuan ($889.02 million) for auto trade-in subsidies in 2024. This significant amount aims to incentivize scrapping old cars for new ones, boosting demand in the world's largest auto market, which has been showing signs of slowing down.

China's finance ministry has allocated 6.44 billion yuan ($889.02 million) to subsidise auto trade-ins in 2024, state television reported on Monday.

The amount of subsidies from the central government was disclosed after the commerce ministry announced in late April subsidies of up to 10,000 yuan apiece for scrapping old cars in exchange for new ones by the year-end, in an attempt to revive slowing demand the world's largest auto market.

($1 = 7.2439 Chinese yuan renminbi)