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Real-time News
Hong Kong stocks extended their losses in the afternoon, with the Hang Seng Tech Index falling more than 3% and the Hang Seng Index down 1.7%.Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $73.94 per barrel and $76.91 per barrel, respectively.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The Ministry of Commerce, together with relevant departments, will ensure the implementation of the measures outlined in this document, working in conjunction with the pilot reforms of automotive circulation and consumption, and promptly addressing difficulties and demands raised by local governments and enterprises. All regions should improve their working mechanisms, earnestly ensure the implementation of relevant measures, strengthen guidance and resource guarantees for relevant pilot cities, make good use of existing fiscal channels, support the cultivation and development of automotive aftermarket service consumption scenarios, and encourage pilot cities of new consumption formats, models, and scenarios to include eligible consumption scenarios in their support scope, ensuring the smooth progress and effectiveness of all work. Relevant pilot cities for automotive circulation and consumption reform should, in accordance with the requirements of this notice, focus on key areas, implement pilot tasks according to local conditions, and quickly develop a number of replicable and scalable best practices to continuously cultivate and expand automotive aftermarket consumption.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among these measures, it was proposed to support the integration and upgrading of the car rental industry. The notice calls for cultivating and strengthening operating entities, promoting the deep integration of rental companies with the automotive industry, and streamlining the industry chain through models such as centralized procurement, buybacks, used car dealerships, and used car exports. It also supports eligible car rental and battery operators in enjoying loan interest subsidies and other policies. Furthermore, it encourages car rental companies to develop in a branded, chain-store, and large-scale manner, improves the service network for small and micro-sized passenger vehicle rentals, supports diversified service model innovation such as "one-way rental" and "rent-to-own," and promotes innovation in car rental insurance products, improving insurance services and reducing car ownership costs for consumers.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among the measures is the construction of a multi-tiered automotive racing system. This system will be led by renowned racing events, promoted by professional racing events, and popularized through experiential racing events. The notice will leverage the advantages of the new energy vehicle industry to cultivate a number of nationally renowned new energy vehicle racing brands with core competitiveness, and strengthen intellectual property protection. It will support pilot cities for automotive circulation and consumption reform to introduce internationally renowned racing events according to local conditions, improve and streamline the import and export processes and models for racing cars, and strengthen the localization and innovation of introduced events. The notice also calls for the creation of several national-level automotive sports consumption venues, strengthening comprehensive support capabilities in areas such as venue facilities, technical services, and event operation.
