In April, China's economic prosperity continued to expand in general, and the three major indexes continued to remain in the expansion range. Manufacturing enterprises continued to accelerate production, market demand continued to recover, and enterprises' confidence in recent market development was generally stable. China's automobile production and sales declined month on month, showing a rapid growth year on year, of which new energy vehicles and automobile exports continued to maintain a rapid growth year on year.
On the whole, the export growth rate of China's automobile market is faster than that of domestic sales, and the domestic automobile market needs further boosting. Recently, the Ministry of Commerce, the Ministry of Finance and other seven departments issued the Detailed Rules for the Implementation of the Subsidy for Trade in of Old Vehicles to clarify the scope and standard of fund subsidies and coordinate the development of new energy vehicles and fuel vehicles. In the early stage, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued the Notice on Adjusting Policies Related to Auto Loans, which helps to further reduce the threshold of auto consumption and forms a policy synergy with the implementation rules. The local government is also actively responding by introducing relevant supporting measures. It is believed that with the in-depth implementation of relevant policies, as well as the further step of innovation of automobile manufacturers and the continuous introduction of a large number of new models, it will be conducive to further stimulating the consumption potential of the automobile market and expanding the domestic market demand.
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