Auto stimulus retained for 2010
(chinatrucks.com, Dec.10, 2009)China will extend stimulus measures in the automobile industry for one more year, with small adjustments, to further support the world's biggest and fastest-growing auto market.
The government announced the decision yesterday after an executive meeting of the State Council chaired by Premier Wen Jiabao.
The stimulus package, which was due to expire at the end of this month, includes a 50 percent cut in the 10 percent purchase tax for cars with an engine capacity of, or less than, 1.6 liters and subsidies for trade-in cars. It will now be extended to Dec 31, 2010.
However, the purchase tax for smaller cars will be lifted from the current 5 percent to 7.5 percent of the total vehicle price.
Furthermore, the government also decided to raise the subsidy for trade-in cars from between 3,000 and 6,000 yuan to between 5,000 yuan and 18,000 yuan per vehicle.
The stimulus package launched by the government in January helped China's automobile sales to exceed an expected 13 million units this year, making the country surpass the US as the world's biggest auto market.
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