(Bloomberg) -- China will give a one-time subsidy of as much as 10,000 yuan ($1,380) to consumers who trade in their old vehicles and buy a newer model.

Drivers who trade in electric vehicles or hybrids registered before 2018, or gasoline cars that don’t comply with China’s 2007 emissions standards, and purchase a new qualifying vehicle will get 10,000 yuan, the Ministry of Commerce said in a statement Friday. Customers who trade in newer vehicles will receive 7,000 yuan, it said.

Read More: China’s Booming EV Industry at Center of Xi’s Big Stimulus Plan

The program, which runs until the end of 2024, is part of Beijing’s latest effort to boost consumption to accelerate economic growth that’s been hurt by a property crisis and weak consumer sentiment. Cars are just one pillar of the sweeping program, which aims to upgrade equipment across heavy industry to household white goods.

Provincial and municipal governments will lead the facilitation of disbursing the subsidy, according to the statement, which warned authorities not to set up ‘white lists’ that give preference to factors like location and technical specifications. 

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