China has suspended trade-in subsidies for car buyers in at least six cities and municipalities, according to government announcements reviewed by Reuters.
Reasons for Suspension
- Zhengzhou and Luoyang: Cited the depletion of the first round of funding allocated by Beijing as the reason for the pause.
- Shenyang and Chongqing: Attributed the suspension to adjustments aimed at improving capital efficiency.
- Xinjiang: Issued a similar notice suspending trade-in subsidies.
Impact of Subsidies
China’s government has relied heavily on subsidies for big-ticket items such as cars, home appliances, and electronics to boost consumer spending. This strategy comes in response to sluggish consumer sentiment due to:
- A prolonged property slump
- Concerns over wage growth
- Rising unemployment
As of May 31, more than 4 million applications had been submitted this year for car-specific trade-in subsidies, according to China’s Ministry of Commerce. Retail sales data released earlier in May showed higher-than-expected growth at 6.4%, which analysts attributed partly to these subsidies.
Future Expectations
While there has been no official announcement regarding the release of additional funds from the central government, analysts anticipate that new funds will be available starting in July. This expectation is based on previous statements by officials indicating continued support throughout 2025.
Zhang Yanxu from the Shanghai Securities Research Institute stated, "We expect new funds will be allocated later. It is likely that they will continue their policy support throughout the year."
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