Beijing renews trade-in subsidy scheme amid domestic car market’s gloomy outlook

Beijing has renewed a trade-in subsidy for car purchases, at least a week ahead of schedule, in an apparent effort to prop up the country’s automotive sector amid worries of a sales slump in 2026. Buyers who replace their petrol and electric cars with new vehicles would receive a cash subsidy of up to 20,000 yuan (US$2,858) per unit, according to a circular jointly released on Monday by the National Development and Reform Commission and the Ministry of Finance. The authorities were earlier...