More apply to trade in old cars
By Jin Jing |
May 27, 2010, Thursday
|
Print Edition
Print Edition
MORE applications have been received since March after China increased financial incentives to encourage car owners to trade in old and high polluting vehicles, according to the Ministry of Commerce yesterday.
About 106,000 vehicles have been subsidized nationwide by May 24 this year, bringing the total subsidies for upgrading outdated vehicles to 1.4 billion yuan (US$205 million). Around 12,6 billion yuan were spent on buying vehicles, the ministry added.
In January 2009 the central government announced subsidies of 1 billion yuan for vehicle upgrades, which were later raised to 5 billion yuan this year. The subsidies, which will expire on Monday, were part of the central government efforts to promote green cars to address environment protection and energy efficiency.
An owner of a vehicle which failed to meet first generation emission standard could be compensated 18,000 yuan this year, up from the 6,000 yuan maximum previously.
The ministry said the scheme proved effective in spurring vehicle consumption and accelerating the elimination of polluting and high emission vehicles.
Since the government raised the subsidies, about 90,000 vehicles were subsidized this year across the nation - 5.9 times more than last year.
Cars accounted for the biggest proportion of the upgrades followed by large and medium coaches and light commercial vehicles.
Jiangsu, Zhejiang and Shandong provinces top the regions nationwide for subsidized vehicles, accounting for 72 percent of the total.
Shanghai will extend the subsidies for vehicle upgrade to end of this year, its commerce commission had said.
About 106,000 vehicles have been subsidized nationwide by May 24 this year, bringing the total subsidies for upgrading outdated vehicles to 1.4 billion yuan (US$205 million). Around 12,6 billion yuan were spent on buying vehicles, the ministry added.
In January 2009 the central government announced subsidies of 1 billion yuan for vehicle upgrades, which were later raised to 5 billion yuan this year. The subsidies, which will expire on Monday, were part of the central government efforts to promote green cars to address environment protection and energy efficiency.
An owner of a vehicle which failed to meet first generation emission standard could be compensated 18,000 yuan this year, up from the 6,000 yuan maximum previously.
The ministry said the scheme proved effective in spurring vehicle consumption and accelerating the elimination of polluting and high emission vehicles.
Since the government raised the subsidies, about 90,000 vehicles were subsidized this year across the nation - 5.9 times more than last year.
Cars accounted for the biggest proportion of the upgrades followed by large and medium coaches and light commercial vehicles.
Jiangsu, Zhejiang and Shandong provinces top the regions nationwide for subsidized vehicles, accounting for 72 percent of the total.
Shanghai will extend the subsidies for vehicle upgrade to end of this year, its commerce commission had said.
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