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Buyers tap subsidy to splurge on autos
By Jin Jing |
February 13, 2010, Saturday
|
Print Edition
Print Edition
Vehicle sales have topped 3.3 billion yuan (US$484 million) in China since January as buyers took advantage of a higher subsidy under stimulus measures and traded in their old cars, the Ministry of Commerce said in a statement yesterday.
As the government has decided to retain the measures for the auto industry this year, it also raised the subsidy from last year's 6,000 yuan to as much as 18,000 yuan this year for car owners who trade in their old vehicles for new and fuel-efficient models.
Meanwhile, the government also allows car owners to enjoy both the subsidy and a reduced tax rate if they buy small cars equipped with 1.6-liter engines or lower as it hopes to spur auto demand.
The ministry said the measures have boosted auto sales.
Since January, the daily average number of applications has doubled from that before the new subsidy policy was launched, the ministry said.
"Statistics showed more than 230,000 vehicles have been bought under the subsidy program since January, which helped drive new car sales by 52 percent," the ministry said.
Medium and large coaches, cars and heavy-duty trucks are the major beneficiaries with significant rises in sales.
The reduced tax for small cars and subsidies for purchases in rural areas helped the nation overtake the United States as the world's biggest auto market for the first time last year.
China is aiming to sell 15 million vehicles after the soaring growth in 2009.
A total of 1.66 million vehicles were sold in the country last month, a jump of 124 percent from a year earlier.
As the government has decided to retain the measures for the auto industry this year, it also raised the subsidy from last year's 6,000 yuan to as much as 18,000 yuan this year for car owners who trade in their old vehicles for new and fuel-efficient models.
Meanwhile, the government also allows car owners to enjoy both the subsidy and a reduced tax rate if they buy small cars equipped with 1.6-liter engines or lower as it hopes to spur auto demand.
The ministry said the measures have boosted auto sales.
Since January, the daily average number of applications has doubled from that before the new subsidy policy was launched, the ministry said.
"Statistics showed more than 230,000 vehicles have been bought under the subsidy program since January, which helped drive new car sales by 52 percent," the ministry said.
Medium and large coaches, cars and heavy-duty trucks are the major beneficiaries with significant rises in sales.
The reduced tax for small cars and subsidies for purchases in rural areas helped the nation overtake the United States as the world's biggest auto market for the first time last year.
China is aiming to sell 15 million vehicles after the soaring growth in 2009.
A total of 1.66 million vehicles were sold in the country last month, a jump of 124 percent from a year earlier.
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