Ministry of Commerce's Consumer Promotion Department Deputy Director Song Yingjie stated today at the 2024 Automotive Finance Industry Summit that the national application volume for scrappage and replacement of cars has exceeded 2 million, with a total of over 4 million applications. The daily subsidy application volume remains high, driving a year-on-year increase of over 50% in national scrapped car recovery from January to October. Song Yingjie also mentioned that the next step will be to continue implementing existing subsidy policies and a series of supporting policies, scientifically evaluate this year's policy effectiveness, plan ahead for next year's autos for old cars trade-in policy, stabilize market expectations, and continuously improve auto-related policies to promote safe and convenient second-hand car transactions.