The China EV100 Forum (2025) was recently held in Beijing, where Wang Qing, Deputy Director of the Institute of Market Economics at the RDIIS, offered insights into the impact of China's scrappage scheme. According to Wang Qing, the scrappage program has encompassed approximately 25 million passenger vehicles, successfully catalyzing the sale of over 2 million new vehicles. The synergy between the preferential purchase tax policy for new energy vehicles and the scrappage scheme has yielded notable results, though local implementation has lagged somewhat. Notably, the central and western regions hold significant potential for the scrappage program, yet consumer awareness of this policy remains low. Additionally, the substitution effect of new energy vehicles for traditional fuel vehicles is intensifying, with sales projected to hit 17 million this year, bringing their market share to nearly 58%.