City extends subsidy program to promote greener vehicles
By Jin Jing |
May 21, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI is extending subsidies to vehicles owners who want to replace their high-polluting vehicles as the city continues to promote better fuel efficiency, the Shanghai Municipal Commission of Commerce said yesterday.
The city announced the subsidies to encourage consumers to buy vehicles that burn less fuel and emit fewer pollutants from June 1, 2009, to April 30, 2010. The subsidies will be extended until the end of this year.
Environmentally minded Shanghai motorists will receive from 3,000 yuan (US$439) to a maximum of 7,500 yuan for trading in outdated and high-polluting vehicles.
Those vehicles to be abandoned include minivans, light commercial vehicles and heavy-duty trucks that failed to meet the nation's first generation emission standard.
The commission said the policy has raised awareness among consumers of protecting the environment and increasing energy efficiency.
By April 30, more than 14,000 applications had been received in the city. With the government handout totaling about 90 million yuan, the scheme led to vehicle sales valued at 2.3 billion yuan.
Under the revised plan, consumers can file subsidy applications until January 31, 2011, the commission added.
Meanwhile, the central government has earmarked 5 billion yuan in such subsidies for this year to encourage vehicle updates as part of a nationwide campaign to spur vehicle demand and maintain healthy economic growth.
Many industry insiders have also called on the government to extend the policy to stabilize market demand.
Nationwide, a total of 23,000 vehicle purchases have been subsidized in the first two months of this year, leading to vehicle sales of about 3.3 billion yuan.
The city announced the subsidies to encourage consumers to buy vehicles that burn less fuel and emit fewer pollutants from June 1, 2009, to April 30, 2010. The subsidies will be extended until the end of this year.
Environmentally minded Shanghai motorists will receive from 3,000 yuan (US$439) to a maximum of 7,500 yuan for trading in outdated and high-polluting vehicles.
Those vehicles to be abandoned include minivans, light commercial vehicles and heavy-duty trucks that failed to meet the nation's first generation emission standard.
The commission said the policy has raised awareness among consumers of protecting the environment and increasing energy efficiency.
By April 30, more than 14,000 applications had been received in the city. With the government handout totaling about 90 million yuan, the scheme led to vehicle sales valued at 2.3 billion yuan.
Under the revised plan, consumers can file subsidy applications until January 31, 2011, the commission added.
Meanwhile, the central government has earmarked 5 billion yuan in such subsidies for this year to encourage vehicle updates as part of a nationwide campaign to spur vehicle demand and maintain healthy economic growth.
Many industry insiders have also called on the government to extend the policy to stabilize market demand.
Nationwide, a total of 23,000 vehicle purchases have been subsidized in the first two months of this year, leading to vehicle sales of about 3.3 billion yuan.
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