On March 31, a relevant person in charge of the Ministry of Commerce said that it will further implement the special action to boost consumption and take various measures to promote sustained consumption growth. Among them, the car and home appliance trade-in policies will be further optimized, highlighting the green and intelligent orientation, and providing market support for new industries and new quality productive forces.

It is reported that car purchase subsidies in many places officially expired today. Coupled with the policy of halving the purchase tax, car consumption has ushered in a pulsed growth in the short term, and the auto whole vehicle sector performed actively today. At the same time, the Ministry of Commerce will promote the reform of auto circulation and consumption, promote the efficient circulation of used cars, advance the development of the auto after-market, and expand auto consumption in the whole chain. In the field of service consumption, it will implement the action to improve the quality and benefit the people of service consumption, support leisure consumption such as cruise ships, yachts, and RV camping, and expand low-altitude consumption.

In addition, the State Administration for Market Regulation issued a notice yesterday, focusing on preventing and controlling “involutionary” competition in key industries such as the platform economy, photovoltaic, lithium batteries, and new energy vehicles, and ensuring fair competition among various market entities. Industry analysts believe that the joint efforts of multiple departments are not only conducive to stabilizing the consumption market, but also can promote the high-quality development of related industries. With the implementation of policies in the follow-up, the momentum of consumption recovery will be further consolidated, injecting lasting impetus into economic growth.