China has renewed its trade-in subsidy program, offering up to 20,000 yuan (around US$2,730) for the purchase of fuel-efficient vehicles, including electric and hybrid cars, as outlined in a document released on Wednesday.

Under the program, customers trading in old vehicles for a new electric or plug-in hybrid car will receive 20,000 yuan (around US$2,730).

Those opting for gasoline vehicles with engines under 2 liters will get 15,000 yuan (around US$2,055).

Initially launched in 2024, the program boosted new vehicle sales by 3.7 million units and over 2.9 million old vehicles.