Subsidies boost auto spending
Source: Xinhua |
July 10, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S auto replacement policy has boosted domestic auto spending by 20.5 billion yuan (US$3 billion) in the first half of this year, the Ministry of Commerce said yesterday.
Relevant departments had handed out 2.4 billion yuan in subsidies that had resulted in 174,000 vehicles being replaced in the first six months, the ministry said.
In a bid to accelerate the elimination of high emissions and polluting vehicles and stimulate consumption, the government rolled out the "old car for new" subsidy in June last year.
Consumers who traded in their used trucks and some types of mid-sized passenger cars for new ones could receive subsidies ranging from 3,000 to 6,000 yuan.
The subsidy is to last until the end of this year.
The China Association of Automobile Manufacturers yesterday reported China's auto sales rose 47.7 percent year on year to more than 9 million units in the first half of this year.
Relevant departments had handed out 2.4 billion yuan in subsidies that had resulted in 174,000 vehicles being replaced in the first six months, the ministry said.
In a bid to accelerate the elimination of high emissions and polluting vehicles and stimulate consumption, the government rolled out the "old car for new" subsidy in June last year.
Consumers who traded in their used trucks and some types of mid-sized passenger cars for new ones could receive subsidies ranging from 3,000 to 6,000 yuan.
The subsidy is to last until the end of this year.
The China Association of Automobile Manufacturers yesterday reported China's auto sales rose 47.7 percent year on year to more than 9 million units in the first half of this year.
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