The nine-day Spring Festival holiday this year is known as the 'longest Spring Festival holiday ever.' During this period, the flow of people, logistics, and vehicles intertwined, prompting major travel platforms to follow suit by launching various subsidy and discount campaigns, such as taxi coupons and car rental discounts. The incentives offered by ride-hailing and car rental services were unprecedented, with diverse promotional strategies. For example, Didi Chuxing distributed taxi coupons in over 100 cities across the country during the Spring Festival travel rush and holiday period. Automobile companies also seized this trend and, leveraging various favorable policies, introduced a range of measures to boost consumption.

On February 24, 2026, CCTV News reported that according to Ministry of Commerce data, as of February 22, 2026, the trade-in program for consumer goods had benefited 30.532 million people, driving sales of RMB 204.54 billion. There was strong demand for smart and green products. Earlier Ministry of Commerce data showed that as of February 16, 2026, the trade-in program for consumer goods had benefited 27.556 million people, driving sales of RMB 193.09 billion. Among these, vehicle trade-ins totaled 607,000 units, driving new car sales of RMB 99.56 billion.

The 'Happy Shopping for the Spring Festival' Campaign Kicks Off First

On February 12, 2026, the General Office of the Ministry of Commerce issued a notice on improving the trade-in program for consumer goods during the 2026 Spring Festival holiday, stating that 'consumers who purchase new vehicles during the nine-day Spring Festival holiday can apply for vehicle trade-in subsidies in accordance with policy requirements.' Earlier, on February 2, nine departments, including the Ministry of Commerce, issued a notice on the '2026 Happy Shopping for the Spring Festival Special Event Plan.' The approach involves implementing special actions to boost consumption, creating the 'Shopping in China' brand, and adhering to government guidance, market leadership, and all the people participation (universal participation).

According to the '2026 Happy Shopping for the Spring Festival Special Event Plan,' the event runs from February 15 to 23, coinciding with the nine-day Spring Festival holiday. The event features a rich array of activities, including 'Delicious Food • Immediate Fresh Tastes for the New Year,' 'Comfortable Living • Dragon-Horse Harmony for Reunion,' 'Smooth Travel • Horseback Spring Breeze for a Bright Journey,' 'Great Tours • Galloping to Explore Beautiful Landscapes,' 'Fantastic Shopping • Non-Stop Delivery of Gifts,' and 'Fun • Dragon-Horse Playfulness for the Spring Festival.' Special attention was given to designing a unified logo for the event, applicable to various red envelopes, points, vouchers, and welfare coupons offered by relevant units and business entities.

The plan also proposes a series of support measures. For example, regions are encouraged to integrate resources and organize activities such as shopping lotteries, consumption subsidies, and coupon rebates based on local conditions. Efforts are being made to boost trade-ins by encouraging regions to increase the number of subsidies for consumer goods trade-ins during the Spring Festival, enhance support for offline retail, and mobilize businesses to continue holding exhibitions and sales for vehicles, home appliances, digital, and smart products during the holiday. Financial support is being increased by encouraging financial institutions to collaborate with key merchants to plan Spring Festival-exclusive events, offering discounts such as consumption red envelopes and immediate reductions, and expanding event coverage. Cross-sector integration is supported by encouraging regions to mobilize businesses in various fields, such as catering and accommodation, cultural and tourism attractions, theatrical performances, art exhibitions, sports events, and transportation, to jointly launch 'Happy Shopping for the Spring Festival Ticket Benefits.'

These measures are highly practical, prompting provinces, municipalities, and autonomous regions to fully engage in the 'Happy Shopping for the Spring Festival' campaign.

Taking Hubei Province as an example. According to Hubei media reports, during the Spring Festival holiday, the number of applications for vehicle trade-in subsidies in Hubei Province showed a steady increase. As of February 19, 2026, 25,400 vehicles had been traded in, driving nearly RMB 4.3 billion in car consumption. The Hubei Provincial Department of Commerce organized cities and prefectures to carry out the 'Happy Shopping for the Spring Festival: Uninterrupted Car Consumption' theme event, guiding car sales companies to hold various forms of exhibitions in large commercial complexes and auto cities. Through a combination of 'trade-in subsidies + corporate promotions,' along with multiple benefits such as fiscal interest subsidies for personal consumer loans and limited-time discounts, consumers received more incentives when purchasing vehicles, with strong promotional efforts and broad brand coverage. The maximum subsidy for vehicle trade-ins in 2026 is RMB 20,000. Consumers who purchase new vehicles during the Spring Festival holiday can apply for vehicle trade-in subsidies in accordance with policy requirements.

Combining with the 'Happy Shopping for the Spring Festival' theme, various regions in Hubei Province introduced policy packages for vehicle purchase subsidies. For example, the Chegu Brand Operation Center in the Wuhan Economic Development Zone launched the '2026 Chegu Consumption Voucher' event, offering subsidies of up to RMB 8,000 for purchasing participating brand models. The Jiangxia District of Wuhan issued RMB 10 million in car purchase subsidies, allowing consumers to enjoy immediate discounts of up to RMB 4,000 upon payment with vouchers. The Jianghan District of Wuhan launched an exclusive car consumption voucher event, offering general-purpose vouchers of up to RMB 4,000 with car purchases. Ezhou introduced the 'Happy Shopping for the Spring Festival' vehicle purchase subsidy policy, providing subsidies of 3% of the vehicle price, up to RMB 6,000. Meanwhile, cities and prefectures collaborated with local automakers and commercial districts to hold various car consumption promotion events. For example, Wuhan held the '2026 China Chegu Spring Festival Shopping Festival,' where many models from brands like Mengshi, LanTu, and E-PAI gathered on-site. Shiyan hosted the 'Spring Festival Car Purchase Festival.' Subsidies for vehicle trade-ins, combined with automakers' Spring Festival promotions, provided multiple benefits to consumers.

Regarding the 'Happy Shopping for the Spring Festival' special event, at a press conference held by the State Council Information Office on February 11, 2026, Vice Minister of Commerce Sheng Qiuping stated that the goals are to create a consumption feast with a strong New Year flavor through all-region linkage and all the people enjoyment (universal enjoyment); to focus on holiday consumption needs, covering the entire chain of food, accommodation, travel, tourism, shopping, and entertainment; and to highlight convenience, benefits, and affordability for the public, adhering to a dual-wheel drive of 'policies + events.' The Ministry of Commerce will guide regions to increase the number of trade-in subsidies during the Spring Festival, guide 50 pilot cities to launch lucky invoice events, and increase bonus distributions during the holiday. Various departments and regions will fully integrate high-quality consumption resources across fields and introduce a batch of measures to benefit the public. Regions have allocated RMB 2.05 billion in funds to directly benefit consumers through the distribution of consumption vouchers, subsidies, and red envelopes during the nine-day holiday.

Favorable Policies Activate the Existing Market

During the Spring Festival, favorable policies such as vehicle trade-in subsidies continued to empower the market.

On December 30, 2025, eight departments, including the Ministry of Commerce, issued the 'Implementation Rules for the 2026 Vehicle Trade-In Subsidy' notice. The new policy, effective from January 1, 2026, clarifies standards for two major subsidy models:

Under the vehicle scrappage and renewal model, in accordance with relevant requirements, a one-time subsidy is provided for purchasing new energy passenger vehicles or gasoline passenger vehicles with engine displacements of 2.0 liters or less. For scrapping eligible old vehicles and purchasing new energy passenger vehicles, a subsidy of 12% of the new vehicle's sales price (including tax) is provided, with a maximum subsidy of RMB 20,000. For scrapping eligible gasoline passenger vehicles and purchasing gasoline passenger vehicles with engine displacements of 2.0 liters or less, a subsidy of 10% of the new vehicle's sales price is provided, with a maximum subsidy of RMB 15,000.

Under the vehicle replacement and renewal model, in accordance with relevant requirements, a one-time subsidy is provided for purchasing new energy passenger vehicles or gasoline passenger vehicles with engine displacements of 2.0 liters or less. For replacing eligible old vehicles with new energy passenger vehicles, a subsidy of 8% of the new vehicle's sales price is provided, with a maximum subsidy of RMB 15,000. For replacing eligible old vehicles with gasoline passenger vehicles with engine displacements of 2.0 liters or less, a subsidy of 6% of the new vehicle's sales price is provided, with a maximum subsidy of RMB 13,000.

Provinces, municipalities, and autonomous regions actively responded to the national call and successively introduced localized vehicle trade-in subsidy policies. Beijing, Shanghai, Hubei, Sichuan, Tianjin, Chongqing, Zhejiang, Guizhou, Heilongjiang, Inner Mongolia, and other regions have successively released relevant subsidy policies. For example, on January 30, 2026, eight departments, including the Shanghai Municipal Commission of Commerce, issued the 'Implementation Rules for the 2026 Shanghai Vehicle Trade-In Subsidy Policy,' launching subsidy programs for vehicle scrappage and replacement. Individual consumers can receive subsidies of up to RMB 20,000, effective from January 1, 2026, with applications accepted until January 10, 2027. On February 4, eight departments, including the Hubei Provincial Department of Commerce, issued the 'Implementation Rules for the 2026 Hubei Vehicle Trade-In Subsidy,' clarifying special subsidies for individual consumers purchasing new energy and small-displacement gasoline passenger vehicles through scrappage and replacement, with a maximum subsidy of RMB 20,000. On February 5, Beijing released the 'Beijing 2026 Vehicle Trade-In Subsidy Implementation Plan,' launching two types of subsidies: 'scrappage and renewal' and 'replacement and renewal.' On February 12, the Sichuan Provincial Department of Commerce's official website released the 'Implementation Rules for the 2026 Sichuan Vehicle Trade-In Subsidy,' dividing the subsidy rules into two aspects: vehicle scrappage and renewal and replacement and renewal, with a maximum subsidy of RMB 20,000.

Empowered by policies such as trade-in subsidies, the automotive market effectively unleashed its consumption potential during the Spring Festival. Vice Minister of Commerce Sheng Qiuping has stated that China possesses a vast market with a solid foundation. The automotive consumption chain is long and holds immense development potential. The continuous implementation of policies provides strong support for automotive consumption.

Additionally, from the perspective of ensuring charging services for new energy vehicles on expressways during the Spring Festival holiday, the National Energy Administration organized relevant parties to use information platforms for enhanced monitoring, effectively meeting the charging needs of new energy vehicles during large-scale travel. On February 24, 2026, the National Energy Administration released relevant data, stating that through statistical analysis of 53,300 expressway charging piles included in the national charging infrastructure monitoring service platform, from the 28th day of the twelfth lunar month (February 15) to the seventh day of the first lunar month (February 23), electric vehicles were charged 6.021 million times on expressways, with a total charging volume of 149.7675 million kilowatt-hours, averaging 16.6408 million kilowatt-hours per day, a year-on-year increase of 52.01% compared to the average during last year's Spring Festival. New energy vehicle travel during the Spring Festival holiday reached a new high.

Automakers Launch Uninterrupted Spring Festival Promotions

Supported by factors such as consumption promotion policies, many automotive companies took advantage of favorable policies to launch consumption promotion measures during this year's Spring Festival holiday. Taking the Chang'an family as an example, with the theme 'Good Safety in the Year of the Horse, Choose Chang'an for a Good Car,' its five brands—Avatr, Deepal, Chang'an Qiyuan, Chang'an Automobile, and Chang'an Kaicheng—introduced multiple limited-time discounts and benefits, creating a New Year car-buying feast for consumers.

Avatr's initiatives include a limited-time replacement offer: a super replacement gift worth RMB 10,000; limited-time financial policies: 0 down payment, 5-year loans with 0 interest for the first 2 years; and limited-time exclusive heavy financial gifts: 7-year ultra-low interest, starting at just RMB 63,000 down payment and monthly payments as low as RMB 1,993. The event runs from February 11 to February 28, 2026.

Deepal's initiatives include a down payment starting at 15%, with monthly payments as low as RMB 1,240 for a RMB 100,000 loan. Purchase tax subsidies of up to RMB 10,000. Replacement luck gifts of up to RMB 10,000; New Year national subsidies of up to RMB 20,000; and financial good fortune with 7-year ultra-low interest or up to 5 years of 0 interest.

Chang'an Qiyuan launched the initiative 'National Subsidy, Factory Subsidy, Double Benefits: Celebrate the New Year with Qiyuan.' Chang'an Qiyuan's entire lineup enjoys limited-time benefits: New Year financial subsidies with up to 7 years of ultra-low interest; New Year purchase tax subsidies of up to RMB 7,000; New Year replacement subsidies of up to RMB 10,000; and New Year cash red envelopes of RMB 1,000. Additionally, purchasing a Qiyuan vehicle comes with a Three Squirrels New Year gift package.

Chang'an Automobile launched the initiative 'Uninterrupted Spring Festival, New Year, New Car Purchase,' including: trade-in, national subsidy, and factory subsidy New Year gifts of up to RMB 20,000. National subsidy gift: up to 12% trade-in subsidy; factory subsidy gift: full-brand replacement subsidy of up to RMB 11,000; order gift: one year of compulsory traffic insurance for the entire lineup; and New Year gift: RMB 888 car purchase voucher for orders placed in the live stream. The event runs from February 13 to February 28, 2026.

Chang'an Kaicheng's initiatives include national and local subsidies of up to RMB 20,000, along with four New Year welcome benefits: welcome tax exemption gift: full purchase tax exemption for trucks; welcome replacement gift: replacement subsidy of up to RMB 10,000; welcome personal loan gift: financial interest subsidy of up to RMB 5,000; and welcome live stream gift: official live stream draws RMB 1,888 large red envelopes and half-price cars.

FAW Jiefang launched the 'Jiefang Escort, Warm Spring Journey' special Spring Festival service event, focusing on the core needs of truck drivers during the Spring Festival transportation period. The event introduces a series of professional and thoughtful service measures, ranging from new vehicle delivery guarantees, in-station maintenance services, and emergency rescue support to heartfelt humanistic care, fully strengthening the service guarantee defense line for truck drivers traveling during the Spring Festival.

In fact, many automotive companies have introduced consumption promotion service measures similar to those of the Chang'an family and FAW Jiefang.

Additionally, automotive companies have also focused on financial policies to launch consumption promotion measures. During this year's Spring Festival holiday, many car brands reduced the threshold for car purchases through financial plans to promote consumption. For example, the Chang'an family mentioned above introduced relevant measures. Leapmotor offered RMB 11,000 in cash discounts in some regions, with the entire lineup supporting 5 years of 0 interest and monthly payments as low as RMB 483. XPENG Motors offered the entire lineup with 7 years of ultra-low interest financial purchase policies. In fact, relevant departments are also increasing financial policy support, optimizing financial services in key consumption areas, continuously improving the quality and efficiency of consumption financial services, and stimulating greater consumption potential in the automotive market.

The Spring Festival holiday is limited, but the power (momentum) of automotive companies to seize market opportunities is infinite.

Image: From the Internet

Article: Auto Review

Layout: Auto Review