conomy and Informatization, the trade-in program targets the 603,000
vehicles complying with State-III emissions standards or below in this city.
Shanghai also encourages owners of public service vehicles — such as buses, sanitation vehi
cles, postal cars, taxis and light logistics vehicles — to replace their current vehicles with electric ones.
The city will improve auto financing, leasing and used car trading, as well as the construction of charging poles and hydrogen
refueling stations, to promote the use of new energy vehicles, the commission added.
The Shanghai Automotive Industry Corporation G
roup (SAIC), China’s largest automobile manufacturer, has set up a 3 billion yuan fu
nd to support the trade-in program, with trade-in models limited to its Roewe, MG and Maxus brands.
A gasoline vehicle trade-in would enjoy a subsidy of 10,000 yuan per vehicle, while a new en
ergy vehicle trade-in would receive a subsidy of 15,000 yuan, the manufacturer said.
In fact, the group had lowered prices of its Roewe- and MG-branded
vehicles last month, in response to China’s VAT reduction policy that started April 1.
for a “high-income country” — above $12,736 in per capital GDP — set by the World Bank in 2015.
However, a productivity slowdown, aging population and unbalanced regional developme
nt could be among the “bottlenecks” that constrain China in becoming a high-income country, economists said.
Given the pressure of the slowing global economy, a high degree of leveraging maintains the top risk for China’s econ
omy, thus measures should continue to reduce the debt-to-GDP ratio “in proper order”, said Lou Jiwei, chairman of
the National Council for Social Security Fund and a former finance minister.
It is necessary to build a long-term and efficient mechanism for financial regula
tion and fiscal supervision, and to prevent potential risks in the property sector, Lou said.
The three-day China Development Forum has a guest list of more than 150 international delegates, including global industry leaders.