江苏、宁波等多地暂停汽车以旧换新补贴

Core Viewpoint - The recent adjustments in the "old-for-new" automobile subsidy policies across various regions in China indicate a strategic pause to manage funding effectively and ensure the sustainability of the program until the end of the year [1][2][3]. Group 1: Policy Adjustments - Jiangsu Province announced the suspension of its automobile replacement subsidy policy effective from September 28, 2025 [1]. - Ningbo City followed suit, stating that its automobile replacement subsidy policy would be suspended starting October 11, 2025 [1]. - Multiple regions, including Guangxi and Rizhao, have also announced similar suspensions in September, reflecting a trend of local governments pausing subsidy programs [1]. Group 2: Funding and Implementation - The Chinese government has allocated a total of 300 billion yuan in national debt funds to support the "old-for-new" consumption policy throughout the year [2]. - As of October, the government plans to distribute the fourth batch of 69 billion yuan, completing the annual target of 300 billion yuan [2]. - Local governments have previously faced challenges in disbursing subsidies due to funding issues, but these have been resolved with the recent allocations [2]. Group 3: Market Impact - The implementation of the "old-for-new" policy has led to a significant increase in automobile consumption, with 8.3 million applications submitted by September 10 this year [4]. - Data indicates that over half of the consumers have benefited from the subsidies, with cumulative passenger car sales reaching 14.765 million units from January to August [4].