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SZ Boosts Consumption With Ultra-Long-Term Special National Loans; Trade-In Subsidies up to RMB20K
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Shenzhen has released the "Implementation Plan for Further Supporting the Replacement of Old Consumer Goods with New Ones with Ultra-Long-Term Special National Loans", aiming to achieve by the end of 2024 the trade-in of 70,000 vehicles, sales of 1 million home appliances, renovation of 51,000 homes, replacement of 250,000 electric bicycles, and renewal of 1,300 commercial vehicles. The plan proposes a one-time purchase subsidy for individual consumers buying new vehicles, with the subsidy amount divided into three tiers based on the purchase price, up to a maximum of RMB16,000 per vehicle. The subsidy for scrapping old cars and purchasing new energy passenger vehicles is raised to RMB20,000. For home appliances trade-in, purchasing high-efficiency appliances can receive a 15% subsidy on the sales price, with an additional 5% subsidy for first-class energy-efficient products. Electronic products such as mobile phones are also included in the subsidy range, with standards set at 10-15% of the sales price. The trade-in subsidy for electric bicycles is up to RMB800, while partial home renovation subsidies are capped at RMB20,000. AAStocks Financial News |
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