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China To Speed Up Trade-ins - MOFCOM

CHINA PRESS

Officials will accelerate trade-in schemes for old products after China recycled 55.6% more cars in May year-on-year, according to Xu Xingfeng, director at the Ministry of Commerce's Consumer Promotion Department. So far, local governments have arranged about CNY9 billion to support automobile trade-ins, while the Ministry of Finance has issued CNY6.44 billion. From January to May, major e-commerce platforms increased trade-in sales of home appliances by 81.8% y/y. (Source: 21st Century Business Herald)

MNI Beijing Bureau | lewis.porylo@marketnews.com

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