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NDRC & MOF Raise Subsidies for Scrapping Old Cars for New, Implement Support for Home Appliances Replacement
2024-07-25 15:12:11 The National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) have issued "Certain Measures on Strengthening Support for Large-Scale Equipment Replacement and Consumer Goods Replacement" (literal translation of "關於加力支持大規模設備更新和消費品以舊換新的若干措施"). Based on "Implementing Rules for Vehicle Replacement Subsidies" (literal translation of "汽車以舊換新補貼實施細則"), individual consumers may scrap fuel-powered passenger cars of China III emission standard or below, or passenger new energy vehicles (NEVs) registered before 30 April 2018, and purchase new passenger NEVs within the "NEV Model Catalogue for Waiving Car Purchase Tax" (literal translation of "減免車輛購置稅的新能源汽車車型目錄") or fuel-powered passenger cars of 2.0 litres or below displacement. Under the new Measures, the subsidy amount has been raised to RMB20,000 for the purchase of new passenger NEVs in the Catalogue and RMB15,000 for the purchase of fuel passenger cars under the captioned displacement. The Measures supported the replacement of household electrical appliances with new ones. Individual consumers will be given subisidies for purchasing refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves and kitchen hoods with energy or water efficiency standards of level 2 or above. The subsidy would be 15% of the product's sales price. An additional 5% of the sales price will be given as subsidy for buying products with energy or water efficiency standards of level 1 and above. Each consumer is entitled to one subsidy for each type of product, with each subsidy not exceeding RMB2,000. The Measures also mentioned the implementation of the policy of financial support for the recycling and treatment of waste electrical and electronic products, with the central government arranging RMB7.5 billion in 2024 to continue to support the recycling and treatment of waste electrical and electronic products by providing bonuses in lieu of subsidies. By the end of 2023, for recycling and treatment operations of waste electrical and electronic products that operated in accordance with the requirements of he existing treatment fund subsidy, but has not received subsidies, the Ministry of Ecology and Environment will provide phased bonuses according to the actual situation. ~ AAStocks Financial News Web Site: www.aastocks.com | |