China's replacement policy boosts car and home appliance purchases - Chinese media

According to the Ministry of Commerce of China, the effects of the car replacement promotion policy are becoming apparent, with the number of applications for car scrapping and replacement subsidies nationwide exceeding 2 million as of midnight on November 18th.
The total number of car sales in October was 2.261 million, up 11.3% from the same month last year, and the increase rate was 1.2%.
Sales of new energy vehicles increased by 56.7% year-on-year to 1.196 million units. The increase rate was 5.8 percentage points higher than in September, accounting for 52.
In addition, the number of automobile sales in the first ten months of this year increased 3.2% year-on-year to 17,835,000 units. Of these, the number of automobile sales increased 39.8% year-on-year to 8,327,000 units.
Recently, the Henan provincial government expanded the scope of its automobile and home appliance replacement subsidy policy. In the city of Puyang, the number of eligible home appliances has increased from 13 to 34.
The number of car replacement subsidies has been increased. The process from application review to receipt of the subsidy is to be completed within seven business days.
Since the announcement of the "Replacement Activities for Consumer Goods" in the third quarter (July-September), the consumption of large items has increased significantly. In particular, the consumer market has been booming, with automobile sales increasing by 11.2% and home appliance sales increasing by 26.9%.
"There was a clear increase," he said.