Promoting the trade-in of consumer goods is an important measure to accelerate the construction of a new development pattern and promote high-quality development. Since the beginning of this year, based on fully implementing the trade-in policy at all levels, Huai'an City has further increased its efforts to promote consumption and created new driving forces for consumption through a multi-pronged approach. With substantial support and subsidies, the city has brought full vitality into the consumption market and driven market performance. Preliminary statistics show that from January to October this year, the city's retail sales above the designated size reached RMB 45.364 billion, up 12.6% year-on-year. As of November 26, various trade-in subsidies totaling RMB 222.64 million have been granted in the city.

The aggregation of subsidy policies at all levels has stimulated the consumption of vehicles, especially new energy vehicles. The effect of the trade-in policy is fully manifested. According to the data, in the first three quarters of this year, Huai'an City has recorded a total retail sales revenue of RMB 152.877 billion, up 4.5% year on year. Notably, the sales of new energy vehicles were booming, up 71.3%.

Since the introduction of the vehicle scrapping subsidy policy this year, a large number of citizens have consulted about the application process for vehicle scrapping and replacement subsidies. According to statistics, as of November 22, Huai'an City has received 10,861 applications for subsidies for vehicle scrapping, replacement, and renewal, with RMB 130.931 million expected to be granted from higher authorities.