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In 2022, Jiaxing reduced taxes on new energy vehicle purchases by more than 600 million yuan ($86.49 million), an increase of more than 160 percent year-on-year, according to the Jiaxing tax bureau.

The new energy vehicle tax exemption policy is driving the recovery of the automobile industrial chain. New energy vehicles produced by the company are currently in short supply on the market, and increasing demand has brought many orders for the automobile manufacturing industry, said Bai Long, general manager of Pinghu Branch of Great Wall Motor Co Ltd.

In addition, the policy has led to a recovery in automobile sales, and has brought more people to auto shows.

The best-selling new energy vehicle is priced at around 200,000 yuan, and this can be reduced by more than 20,000 yuan due to the new energy vehicle tax exemption policy, attracting a large number of car buyers, said a financial manager of Zhuoyu Auto 4S Shop in Nanhu district, Jiaxing.

People attend an auto show in Jiaxing, East China's Zhejiang province. [Photo/WeChat account: jxfabu]