National Development and Reform Commission Strengthening automobile consumer finance services and support for automobile consumer credit

The National Development and Reform Commission is enhancing automobile consumer finance services and supporting automobile consumer credit

【phoneauto News】Currently, the rapid development of China’s new energy vehicle industry is largely due to policy support. Recently, phoneauto noticed that the National Development and Reform Commission and other departments have issued a notice on “Several Measures to Promote Automobile Consumption,” which contains many noteworthy information.

It is reported that this notice proposes to strengthen automobile consumption financial services. Increase support for automobile consumption credit, encourage financial institutions to reasonably determine down payment ratio, loan interest rate, and repayment period on the premise of legal compliance and controllable risks. Continuously deepen comprehensive reform of automobile insurance, improve the mechanism for determining commercial auto insurance rates, and support insurance companies in developing innovative products such as insurance for new energy vehicle charging piles. Strictly regulate the order of the automobile finance market and prohibit the mandatory sale of financial products or the collection of unreasonable fees from consumers.

At the same time, this notice also states that it supports the consumption of replacing old vehicles. Encourage localities to accelerate the scrapping of China III and below emission standard passenger cars and non-standard commercial vehicles. Encourage the comprehensive use of economic and technological means to promote the phased-out of old vehicles, and regions with conditions can carry out the “trade-in” program to accelerate the elimination and replacement of old vehicles.

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According to the data from the China Association of Automobile Manufacturers obtained by phoneauto, in the first half of 2023, a total of 9.524 million vehicles were sold in the Chinese market, an increase of 2.7% compared to the same period in 2022. Among them, in June 2023, the sales volume of domestic brands reached 930,000 vehicles, with a year-on-year growth rate of 14%, accounting for 49.3% of the domestic automobile market retail share. By June 2023, the cumulative share of domestic brands has reached 50%, which is a remarkable achievement. At the same time, in June 2023, the market share of domestic brands in the wholesale market was 53.7%, an increase of 8.6% compared to the same period last year. The growth in the new energy vehicle market and the export market was significant, and established automakers such as BYD, Geely, Changan, and Chery also performed excellently.

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