Wang Bin, deputy director of the marketing division of China’s Ministry of Commerce (MOC), stated on February 20 that China will issue policies and measures to further stabilize auto consumption and to mitigate the negative impact of the coronavirus on car consumption. For instance, old cars could be used in offsetting part of the payment for new cars, and regions could consider relaxing restrictions on car purchases, especially for purchases of gasoline-powered cars.
Mr. Wang said that, at present, automobile sales and consumers’ purchases in China are recovering slowly, and this situation will continue in the short term. He said that the coronavirus’ negative impact on the automobile industry will be temporary, indicating there will be a compensatory recovery in consumption in the future when the impact of the coronavirus has eased.