China released on Wednesday detailed guidelines for its 2026 auto trade-in subsidy program, sustaining support for the automotive market as part of broader efforts to boost consumption.

According to a notice jointly issued by the Ministry of Commerce and other government departments, petrol-powered passenger vehicles will qualify for subsidies if they were registered on or before June 30, 2013.

Diesel and other fuel-powered passenger vehicles must have been registered on or before June 30, 2015, while new energy passenger vehicles are eligible if their registration date is on or before December 31, 2019.

Drivers who scrap old vehicles and purchase new ones can receive subsidies calculated as a proportion of the new vehicle's price, with the maximum subsidy capped at 20,000 yuan.

China began rolling out the subsidies in 2024 as part of a broader consumer goods trade-in program covering a wide range of products, including automobiles, smartphones and household appliances.

The initiative has played a key role in boosting market confidence and stimulating domestic demand.

Analysts said the renewed auto trade-in subsidies are expected to further unleash consumer spending and promote greener transportation.

The expansion of domestic demand is set to top China's major economic priorities next year, according to the recent Central Economic Work Conference, which also outlined plans to implement consumption-boosting campaigns, as well as plans to increase the incomes of urban and rural residents. (Xinhua)