Mainland Automotive Sector Set for RMB200 Billion Boost

As part of ongoing moves to drive economic recovery, the State Council’s 22 June executive meeting adopted a range of measures designed to deliver an uptick in automobile sales. This will see incentives for second-hand car purchases introduced as of 1 August, while an existing new-energy vehicle subsidy scheme will be extended and parallel car import policies relaxed. Overall, it is anticipated that the agreed measures will boost sales in the automotive sector by an estimated RMB200 billion.