Aug. 22 2024 (InvestinChina.asia) – China’s Ministry of Commerce (MOC) reported on Thursday（Aug. 22 2024） that applications for subsidies under the country’s car scrappage program have surged in recent months, indicating strong participation in the initiative aimed at boosting the auto industry.
As of midday today, the MOC’s car scrappage information platform had received over 680,000 applications for subsidies related to vehicle scrappage and replacement. Over the past month alone, approximately 340,000 new applications were submitted.
The scrappage policy has significantly boosted the volume of cars being recycled. From January to July, the number of vehicles recycled nationwide reached 3.509 million, a year-on-year increase of 37.4%. Notably, the months of May, June, and July saw respective year-on-year growth rates of 55.6%, 72.9%, and 93.7%.