SMM: on April 22, the Jiangxi Provincial Financial Regulatory Bureau made an official interpretation of the "several measures to promote Automobile consumption" recently issued by the provincial government (hereinafter referred to as "Jiangxi Automobile consumption 10") (as shown in figure 1). Among them, Jiangxi Province clearly proposed to vigorously develop automobile consumer finance business and encourage financial institutions to implement the minimum down payment ratio of personal automobile consumption loans on the premise of legal compliance and controllable risks. At the same time, financial institutions are encouraged to increase their credit support to automobile dealerships.
The original text is as follows:
Jiangxi Provincial people's Government issues on promoting Automobile consumption
Notification of certain measures
The people's governments of cities and counties (districts) and all departments of the provincial government:
"on a number of measures to promote car consumption" has been agreed by the provincial government, is issued to you, please conscientiously implement.
April 18, 2020
(this one is made public on its own initiative)
Some measures to promote Automobile consumption
Automobile is a strategic and pillar industry of the national economy. Automobile consumption accounts for a high proportion of the total retail sales of consumer goods, strong driving effect and large growth space, which is the main content of the upgrading of consumption structure. In order to actively deal with the adverse impact of the epidemic of Xinguan pneumonia on consumption, further tap the consumption potential and promote automobile consumption in our province, the following measures are formulated:
I. strengthening the support of Automobile Consumer Financial Services
1. Increase the support of "Caiyuan Credit Link" to automobile distribution enterprises. Through the "Caiyuan Credit Link" platform to help automobile distribution enterprises ease the pressure of liquidity, encourage automobile distribution enterprises to increase sales, and boost the automobile consumption market in our province. According to the relevant regulations, the Provincial Department of Commerce shall formulate the whitelist of the "Finance Park Credit Link" of the automobile distribution enterprises in the whole province, and the banking institutions shall give the automobile distribution enterprises "Finance Park Credit Link" loan support according to the whitelist. (responsible units: provincial Department of Finance, Provincial Department of Commerce, Municipal and County (District) people's governments)
2. Financial institutions are encouraged to increase their credit support to auto dealers. We will guide banking institutions to make full use of the people's Bank of China's reloan and rediscount policy, further expand credit lending to automobile distribution enterprises, encourage them to increase credit loans and medium-and long-term loans under the principle of commercial sustainability, and give priority to supporting the credit policy of small and micro enterprises under the same conditions; with reference to the (LPR) pricing of quoted interest rates in the loan market, the loan interest rate will be appropriately reduced. It is not allowed to blindly withdraw loans, cut off loans or suppress loans to automobile distribution enterprises. Banking institutions are encouraged to adopt measures such as adjusting the repayment period, extending and renewing loans, and reducing overdue interest, so as to give enterprises temporary deferred repayment and deferred interest payment arrangements for a certain period of time. (responsible units: provincial Financial Regulatory Bureau, Jiangxi Banking Regulatory Bureau, Nanchang Central Branch of the people's Bank of China)
3. We will vigorously develop the business of automobile consumer finance. Financial institutions are encouraged to innovate auto financial products and services and simplify the processing process of auto consumer loans. Financial institutions are encouraged to implement the minimum down payment ratio of personal car consumption loans on the premise of legal compliance and controllable risks, refer to LPR pricing, appropriately reduce the interest rate of personal car consumption loans, and promote the development of the automobile consumption loan market. At the same time, we will strengthen the monitoring and dispatching of automobile consumption loans issued by banking institutions for automobile distribution enterprises and individuals. (responsible unit: Jiangxi Banking Supervision Bureau, people's Bank of China Nanchang Central Branch)
4. Give full play to the function of automobile consumption insurance. We will encourage the people's governments of various cities and counties (districts) to subsidize premiums for consumers of new cars to purchase compulsory insurance; encourage insurance institutions to innovate insurance services, simplify the process of underwriting car insurance and settling claims, and improve the level of online services. (responsible unit: people's governments of various cities and counties (districts), Jiangxi Bureau of Banking and Insurance Supervision)
II. Reduction and reduction of vehicle-related taxes
5. Reduction and reduction of vehicle purchase tax, vehicle and ship tax and value-added tax. The preferential policy of exempting consumers from purchase tax on new energy vehicles, which has been included in the catalogue of new energy vehicle models exempted from vehicle purchase tax, will be extended to 2022. For energy-saving vehicles that meet the conditions, the vehicle and ship tax shall be halved; for new energy vehicles that meet the conditions, the vehicle and ship tax shall be exempted. Before December 31, 2020, public transport vehicles and vessels in urban and rural areas of the province will be exempted from vehicle and ship tax. Sales of used cars by second-hand car dealers shall be subject to reduced VAT in accordance with state regulations. (responsible Unit: provincial Taxation Bureau)
III. Provision of ease of movement, procurement and relocation of vehicles
6. Remove all restrictions on pickup trucks entering the city. Within the scope of the province to abolish the restrictions on pickup trucks entering the city. (responsible units: people's governments of various districts and municipalities and provincial public security bureaus)
7. Include pickup trucks in the supply catalogue of government procurement agreements. In accordance with the rules and regulations, pick-up trucks will be included in the supply catalogue of government procurement agreements at all levels by means of public bidding. We will urge government departments at all levels to organize government procurement of automobiles as soon as possible. (responsible units: provincial Finance Department, Provincial Administration Bureau, Municipal and County (District) people's governments)
8. Suspend the traffic restriction at the end of the car. Within the scope of the province, the implementation of the provisions on traffic restrictions on the tail number of motor vehicles will be suspended to facilitate the passage of motor vehicles. (responsible units: people's governments of various districts and municipalities and provincial public security bureaus)
9. We will continue to implement the policy of abolishing the restriction on the relocation of used cars. Where it meets the national emission and safety standards for motor vehicles in use, used vehicles within the period of validity of regular inspection of environmental protection and the period of validity of annual inspection can go through the formalities of moving in our province, except for the relevant vehicles that are encouraged and required to be eliminated by the state. (responsible units: regional and municipal people's governments, provincial ecological environment departments, provincial public security departments)
IV. Vigorously organize and carry out automobile consumption promotion activities
10. Encourage all localities to hold automobile exhibitions and sales activities. Arrange special funds for automobile exhibition and sales in the special funds for business development at the provincial level, and support the organization of automobile exhibition and sales in various districts and cities. The people's governments of various cities and counties (districts) should actively encourage and support local automobile industry associations and dealers in carrying out all kinds of automobile exhibition, sales and promotion activities in the light of reality, so as to further stimulate the enthusiasm of urban and rural residents in buying cars and tap the potential of automobile consumption. (responsible unit: provincial Department of Commerce, people's governments of cities and counties (districts)
Interpretation of "some measures to promote Automobile consumption"
April 20, 2020
In order to conscientiously implement the spirit of the instructions of the provincial party committee and provincial government, on the basis of in-depth research and extensive solicitation of opinions, the Provincial Department of Commerce, in conjunction with the relevant departments of the province, submitted the "several measures to promote Automobile consumption in Jiangxi Province" to the provincial government, which was examined and approved by the 44th Provincial Government standing Committee on April 9, and on April 18, the provincial government issued "several measures on promoting Automobile consumption".
There are 10 measures in four aspects. The main features are as follows:
First, it is closely linked to the national policy. The State Council attaches great importance to the pulling effect of automobile consumption on the national economy, and a number of national ministries and commissions have put forward the need to stabilize and expand automobile consumption on different occasions, and support and encourage various localities to introduce policies and measures to promote automobile consumption. On March 31, at the executive meeting of the State Council, new measures to promote automobile consumption were decided. "several measures" immediately absorbed the relevant preferential policies of the country into the document.
Second, it is closely linked to the reality of our province. According to the opinions of the relevant departments, the document does not introduce direct subsidies to consumers for the purchase of vehicles, but through financial support and tax concessions to support automobile distribution enterprises to overcome difficulties and become bigger and stronger; to promote automobile consumption by supporting the holding of automobile exhibitions and sales to create a good consumption atmosphere. At the same time, promote the abolition of tail number restrictions, from the perspective of travel convenience to promote car consumption. The inclusion of pick-up trucks in the catalogue of government procurement and the removal of restrictions on pick-up trucks entering the city are mainly for the purpose of promoting the sale of provincial vehicles.
Third, we have closely linked up with policy convergence. In order to enhance the comprehensive effect of the policy, "a number of measures" have further reiterated the original implemented policies in the document, such as "reduction and reduction of vehicle purchase tax and vehicle and ship tax", "abolition of second-hand car restrictions" and other measures.
The details are as follows:
(1) increase support for auto consumer financial services
1. Increase the support of "Caiyuan Credit Link" to automobile distribution enterprises. Through the "Caiyuan Credit Link" platform, we will give loan support to the whitelisted automobile distribution enterprises in the province, do our best to help the automobile distribution enterprises ease the pressure of liquidity, and encourage the automobile distribution enterprises to increase their sales.
2. Financial institutions are encouraged to increase their credit support to auto dealers. We will guide banking institutions to further expand credit lending to car dealerships, increase credit loans and medium-and long-term loans, and give priority to supporting credit policies for small and micro enterprises. Refer to the loan market quotation rate (LPR) pricing, appropriately reduce the loan interest rate. Banking institutions are encouraged to give car dealers a certain period of time to temporarily postpone the repayment of principal and interest.
3. We will vigorously develop the business of automobile consumer finance. Financial institutions are encouraged to implement the minimum down payment ratio of personal car consumption loans on the premise of legal compliance and controllable risks, refer to the (LPR) pricing of the quoted interest rate in the loan market, and appropriately reduce the interest rate of personal car consumption loans.
4. Give full play to the function of automobile consumption insurance. We will encourage the people's governments of various cities and counties (districts) to subsidize premiums for consumers of new cars to purchase compulsory insurance; encourage insurance institutions to innovate insurance services, simplify the process of underwriting car insurance and settling claims, and improve the level of online services.
(2) reduction and reduction of vehicle-related taxes
5. Reduction and reduction of vehicle purchase tax, vehicle and ship tax and value-added tax. The preferential policy of exempting consumers from purchase tax on new energy vehicles in the catalogue will be extended to 2022. The vehicle and ship tax shall be reduced and reduced for energy-saving vehicles and new energy vehicles that meet the requirements. Before December 31, 2020, public transport vehicles and vessels in urban and rural areas of the province will be exempted from vehicle and ship tax. Sales of used cars by second-hand car dealers shall be subject to reduced VAT in accordance with state regulations. Among them, the extension of the preferential policy of exemption from purchase tax for new energy vehicles and the reduction of VAT on the sale of used cars by used car distribution enterprises are the policies determined by the executive meeting of the State Council on March 31.
(III) provision of ease of movement, procurement and relocation of vehicles
6. Remove all restrictions on pickup trucks entering the city. Within the scope of the province to abolish the restrictions on pickup trucks entering the city.
7. Include pickup trucks in the supply catalogue of government procurement agreements. We will urge government departments at all levels to organize government procurement of automobiles as soon as possible.
8. Suspend the traffic restriction at the end of the car. Within the scope of the province, the implementation of the provisions on traffic restrictions on the tail number of motor vehicles will be suspended to facilitate the passage of motor vehicles.
9. We will continue to implement the policy of abolishing the restriction on the relocation of used cars. For those who meet the national emission and safety standards for motor vehicles in use, used vehicles within the period of validity of regular inspection of environmental protection and the period of validity of annual inspection can go through the formalities of moving in our province. This policy has been stipulated in the opinions of the General Office of the Provincial Government on promoting the Facilitation of used cars (No. 49, 2016), which belongs to the original policy.
(4) vigorously organize and carry out activities to promote automobile consumption
10. Encourage all localities to hold automobile exhibitions and sales activities. Arrange special funds for automobile exhibition and sales in the special funds for business development at the provincial level, and support the organization of automobile exhibition and sales in various districts and cities. The people's governments of all cities and counties (districts) should actively encourage and support local automobile industry associations and dealers to carry out all kinds of automobile exhibition, sales and promotion activities in the light of reality.
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