New policies to fuel car sales
Print Edition
China is to increase policy support to promote auto sales, the country’s top economic planner said yesterday.
The National Development and Reform Commission said cities with restrictions will be encouraged to relax them, increase vehicle purchase quotas, and offer subsidies for buyers of new-energy vehicles.
Ning Jizhe, the commission’s deputy head, told CCTV that consumption plays a fundamental role in the country’s economic growth.
Ning said: “In the second half, the country will boost consumption in intelligent retail and online education, as well as promote consumption upgrade of the automobile and home appliance sectors.”
In the first half of the year, China released a series of policies to rev up auto sales amid the COVID-19 pandemic.
Sales growth in April indicated a recovery in the market, with auto sales rising 4.4 percent year on year to 2.07 million vehicles, a reversal compared with the 43 percent drop in March and February’s 79 percent retreat.
On July 30, Shenzhen introduced subsidies totaling 400 million yuan (US$57.6 million) for buyers replacing vehicles.
The Shenzhen government said the subsidies would be given to a gasoline car or a new-energy vehicle with emission standards above National VI. Buyers will also get 3,000 yuan if their new vehicle costs less than 300,000 yuan.
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