China has renewed a trade-in subsidy of up to 20,000 yuan ($2,730) to help underpin sales of fuel-efficient vehicles, including electric cars and hybrids. Buyers who trade in an old car for a new EV or plug-in hybrid will receive a 20,000-yuan subsidy, while people who purchase a gasoline car with an engine smaller than 2 liters will get a 15,000-yuan rebate.

The pool of old vehicles that qualify for the program has also been widened, according to a policy document published January 8. The cash-for-clunkers program gave a big boost to sales — especially of EVs and hybrids — after its introduction last year, with more than 3.7 million vehicles purchased under the program.

Manufacturers and investors had been eagerly waiting to see whether the subsidy, which expired December 31, would be renewed for this year. Automakers such as Nio Inc. and Li Auto Inc. offered incentives in early January to match the rebate so customers would continue to spend while waiting for the policy announcement.

“All regions and departments actively promoted the consumption trading old-for-new policy and saw great results,” Ministry of Commerce official Li Gang said in a briefing to announce the policy on January 8.

There were more than 2.9 million old vehicles scrapped and over 3.7 million new cars purchased, bringing in auto sales worth 920 billion yuan ($125 billion) last year, Li said.

The trade-in program doesn’t just apply to cars, but also includes home appliances — with microwave ovens, rice cookers and water purifiers also now eligible for subsidies of up to 20% of the purchase price. Officials said last week the program would also be broadened to cover tech devices like mobile phones and smartwatches in an effort to spur consumer spending to bolster the flagging economy.

Chinese auto stocks were mixed in Hong Kong trading. Market leader BYD Co. fell 2.3% on January 8, while Li Auto dropped as much as 1.4%. XPeng Inc., however, rose 1.6%.