The Ministry of Commerce in China has announced a series of automobile consumption promotion activities to stabilize and expand automobile consumption. The activities, scheduled from June to December 2023, are part of the “2023 Consumption Boost Year” initiative. The main objectives are to stimulate car sales, revitalize the automotive market, promote new energy vehicles, and benefit the general public.
The Ministry emphasizes the need for preferential policies, strong organizational support, effective publicity, fair competition, and comprehensive evaluation of the activities’ outcomes.
As part of this initiative, China is encouraging financial institutions to introduce credit support measures for individuals purchasing automobiles. Moreover, local governments and car manufacturers will implement specific measures tailored to support vehicle sales. Additionally, China plans to enhance the charging infrastructure for electric vehicles in rural areas.