China Drives Growth with Subsidized Auto Trade-Ins

China's commerce ministry has launched a new round of subsidized auto trade-ins that extend a prior program credited with boosting car sales. This initiative is part of a broader consumer trade-in scheme aimed at reviving economic growth through increased consumption.

China's commerce ministry has initiated a subsidized auto trade-in program, reminiscent of the United States' 'cash-for-clunkers' campaign, to stimulate the automotive sector. This move follows last year's successful boost in car sales due to similar incentives.

The initiative, announced earlier this month, serves as an integral part of China's expansive consumer trade-in strategy. It aims to revitalize economic growth by encouraging more consumer spending in the automotive market.

As the world's second-largest economy, China's efforts to inject momentum into its markets are critical, and such measures underscore the government's focus on leveraging consumer-driven recovery strategies.

(With inputs from agencies.)