SHANGHAI, Jan 29 (SMM) - On January 28, the Shanghai Municipal People's Government issued the Action Plan for Improving Confidence, Expanding Domestic Demand, Securing stable Growth, and Promoting Development, with the aim to boost the consumption of commodities like automobile and home appliances.

According to the document, the new energy vehicle replacement subsidies still remain in place. To be specific, individual consumers who scrap or transfer their passenger cars registered in Shanghai in line with relevant standards and purchase pure electric vehicles before June 30, 2023 will enjoy a subsidy of 10,000 yuan per vehicle.

At the same time, individual consumers who purchase green smart home appliances will be given a one-off subsidy of 10% of the payment amount (a maximum of 1,000 yuan).

Moreover, it is also pointed out that various tax preferential policies will be fully implemented. For example, new energy vehicles that are purchased between January 1, 2023 and December 31, 2023 and listed in the purchase tax-free catalogues will be exempt from purchase tax, including pure electric vehicles, plug-in hybrid (including extended range) vehicles, and fuel cell vehicles.