The latest clear： the subsidy has been greatly improved!

Recently, seven departments, including the Ministry of Commerce and the Ministry of Finance, officially issued the Notice on Further Doing a Good Job in Automobile Trade-in. The new round of automobile trade-in will raise the subsidy standard and intensify efforts to promote automobile trade-in. After the standard is raised, the maximum subsidy for buying a new car through trade-in will be 20,000 yuan. Understand the specific content together.

After the standard is raised, the maximum subsidy is 20,000 yuan.

According to the notice, for individual consumers who comply with the "Detailed Rules for the Implementation of Vehicle Trade-in Subsidies" and scrap old cars and buy new ones, the subsidy standard will be increased from 10,000 yuan for new energy passenger cars and 7,000 yuan for fuel passenger cars to 20,000 yuan and 15,000 yuan respectively.

Eligible subsidy applications submitted from April 24, 2024 to January 10, 2025, the date of issuance of the Detailed Rules for the Implementation of Automobile Trade-in Subsidies, will be subsidized according to the clear standards in this notice. For subsidy applications that have been issued according to the previous standards, all localities will make up the difference.

The notice requires that the supervision process of automobile scrapping update review and disbursement be optimized, and the subsidy funds should be disbursed to the bank account provided by the applicant according to the procedures.

The circular proposes that all localities should speed up the formulation of the implementation plan for automobile replacement and update, and reasonably determine the subsidy standards, subsidy conditions and implementation methods.

The full text of the notice is as follows:

According to the Notice of the Ministry of Finance of the National Development and Reform Commission on Printing and Distributing Several Measures for Supporting Large-scale Equipment Renewal and Trade-in of Consumer Goods (No.1104 [2024] of the Development and Reform Commission, hereinafter referred to as "Several Measures"), in order to further improve the trade-in of automobiles and strive to stabilize and expand automobile consumption, relevant matters are hereby notified as follows:

First, improve the subsidy standard for scrapping and updating

In accordance with the Notice of the Ministry of Commerce and the Ministry of Finance and other seven departments on Printing and Distributing the Detailed Rules for the Implementation of Automobile Trade-in Subsidies (Shang Consumption Letter [2024] No.75, hereinafter referred to as the Detailed Rules for the Implementation of Subsidies), individual consumers will scrap fuel passenger cars with emission standards of Grade III and below or 2018 from April 24, 2024 (including the same day, the same below) to December 31, 2024. And purchase a new energy passenger car or a fuel passenger car with a displacement of 2.0 liters or less, which is included in the Catalogue of New Energy Vehicles with Vehicle Purchase Tax Exemption by the Ministry of Industry and Information Technology, and adjust the subsidy standard, as follows:

For scrapping the above two types of used cars and buying new energy passenger cars, the subsidy is 20 thousand yuan; For scrapping fuel passenger cars with national emission standards of Grade III and below and buying fuel passenger cars with a displacement of 2.0 liters and below, the subsidy is 15,000 yuan.

Eligible subsidy applications (including applications for completing subsidy distribution) submitted from April 24, 2024 to January 10, 2025 shall be subsidized according to the standards specified in this notice. Among them, for the subsidy applications that have been issued according to the previous standards, all localities will make up the difference according to the standards specified in this notice.

The owner of scrapped cars and the owner of newly purchased cars who apply for subsidies should be the same individual consumer, and their scrapped fuel passenger cars with emission standards of Grade III and below or new energy passenger cars registered before April 30, 2018 should be registered in the name of the applicant before July 25, 2024 according to the requirements of Several Measures; From the date of issuance of this notice, the newly purchased cars shall be registered in the applicant’s name during the examination of the subsidy application.

Second, increase the central financial support.

According to the requirements of "Several Measures", the National Development and Reform Commission has arranged ultra-long-term special treasury bonds to support local governments to improve the trade-in capacity of consumer goods, and promote the scrapping and renewal of automobiles and the replacement and renewal of passenger cars for individual consumers.

The subsidy funds for automobile scrapping and renewal shall be shared by the central and local governments according to the principle of overall 9:1, and the specific sharing ratio shall be determined by regions. Among them, the eastern provinces will be shared by 8.5:1.5, the central provinces by 9:1 and the western provinces by 9.5:0.5. The local share shall be arranged in proportion by the provincial finance according to the allocation of central funds.

Third, optimize the supervision process of automobile scrapping update review and disbursement.

After receiving the application materials for automobile scrapping and renewal subsidies, the local competent commercial departments shall, jointly with the departments of finance, public security, industry and information technology, conduct an audit according to their functions and responsibilities, and feed back the audit results through the national automobile trade-in platform, and the tax authorities shall do a good job in cooperation. The Ministry of Commerce, the Ministry of Public Security, the Ministry of Industry and Information Technology and other departments provide information verification and comparison services such as recycling and cancellation of scrapped motor vehicles, new car registration, and new energy vehicle models, and support local governments to carry out audit work efficiently.

The competent commercial departments at the provincial level shall, jointly with relevant departments, co-ordinate to determine the audit level and audit department of subsidy applications within their respective jurisdictions. Local competent commercial departments timely collect the information of applicants who meet the subsidy conditions, determine the subsidy amount, and apply for funds to the financial department. Local financial departments shall allocate subsidy funds to the bank account provided by the applicant according to the financial arrangement opinions put forward by the competent commercial departments. When the local competent commercial departments submit the application for funds to the finance department at the same level, they shall submit the opinions on the arrangement of funds to the local supervision bureaus of the Ministry of Finance and the development and reform departments at the same level.

After the end of the policy implementation period, the provincial commerce departments, development and reform departments and financial departments should submit the distribution of subsidy funds to the Ministry of Commerce, the National Development and Reform Commission and the Ministry of Finance before February 10, 2025, and the Ministry of Commerce will conduct a summary review of the distribution of subsidy funds reported by various localities. In accordance with the relevant requirements of Several Measures, the audit opinions of the Ministry of Commerce and the preliminary audit results of the local supervision bureaus of the Ministry of Finance, the central and local governments shall carry out liquidation.

Fourth, strengthen supervision and management

All localities and relevant departments shall, in accordance with the "Several Measures", "Detailed Rules for the Implementation of Subsidies" and other provisions, supervise and manage the subsidy work of automobile trade-in funds, do a good job in connecting relevant policies in the implementation, ensure the smooth transition of policies, improve the efficiency in the use of funds, strengthen publicity and guidance, effectively benefit enterprises and the people, and effectively guarantee the safety of subsidy funds. All localities should equally support enterprises with different ownership and different places of registration to participate in automobile trade-in. All localities should speed up the formulation of the implementation plan for automobile replacement and renewal, reasonably determine the subsidy standards, subsidy conditions and implementation methods, refine the operation process, and compact the responsibilities of all parties. Encourage qualified places to build and improve the vehicle replacement update information system, strengthen cross-departmental information sharing and verification comparison, and carry out audit work in a coordinated and efficient manner. Where the information system of automobile replacement has been established, it should be connected with the national automobile trade-in platform, and timely push the relevant data of subsidy distribution through the data interface; Where there is no information system for the time being, it is necessary to timely summarize the replacement and update data of the local area and push it to the Ministry of Commerce through the "National Automobile Circulation Information Management" system.

This notice shall be implemented as of the date of promulgation. If the Detailed Rules for the Implementation of Subsidies are inconsistent with the provisions of this notice, this notice shall prevail.

(Source: China News Network, Xinhua News Agency, Ministry of Commerce official website)