Shanghai aims to rev up car sales with trade-in subsidies

The city of Shanghai has become the first local government to answer the call of the central gove

rnment to promote automobile consumption by providing subsidies, since 10 mi

nistries and commissions of the country released six major methods of promoting car sales in January.

The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i

n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi

ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.

The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered

vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.

China’s automobile market saw a sales decline in 2018 for the first time

in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y

ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy

vehicles this year, the promotion of car consumption depends more on local governments and enterprises.

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