MNI China Press Digest June 7: Insurance, NEVs, Trade-In

Highlights from Chinese press reports on Friday:

• China will establish a high-quality inclusive insurance system in the next five years, according to the latest guideline released by the National Financial Regulatory Administration. Inclusive insurance will focus on improving the protection level of farmers and low-income groups, increasing the risk resistance capabilities of SMEs and participating in risk protection in key areas, the guideline said. The development of inclusive insurance will be added to the performance assessment of large insurance companies and the weight of the assessment of inclusive insurance shall not be less than 5%. (Source: Shanghai Securities News)
• China’s new energy vehicle capacity utilisation rate stands at 76%, making U.S. and EU accusations of overcapacity and low-price dumping unfounded, said Wang Xia, president at the automotive branch of the China Council for the Promotion of International Trade. Wang noted China is launching a new era of inclusive international technology and capital cooperation. The country's passenger car exports account for 15.9% of total sales, much lower than that of Germany, Japan and South Korea, Wang continued. (Source: Securities Daily)
• Car buyers have accelerated applications for the national automobile scrapping and renewal subsidy programme, Ministry of Commerce Spokesperson He Yadong has said. MOFCOM’s trade-in platform recently received 10,000 applicants in four days, marking a jump in the growth rate, He noted. Automakers sold 1.7 million retail passenger cars in May, up about 10% m/m, of which NEV sales totalled 790,000 units. From January to May, major e-commerce platforms saw home appliance trade-ins up 81.8% y/y, He added.