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13.4b yuan from sales
Print Edition
SHANGHAI city government’s car plate auction revenue pot last year contained 13.4 billion yuan (US$2.15 billion), officials announced yesterday.
More than half has been spent subsidizing Shanghai’s subway system and providing free public transport for seniors, the city government said.
The government generated 8.8 billion yuan in 2013 from the monthly auction. Added to this was 4.6 billion yuan left over from 2012, officials said.
Some 3 billion yuan of this was used for the expansion and maintenance on the Metro. Another 1.9 billion yuan was spent subsidizing buying buses, while 920 million yuan went to subsidize public transport transfer discounts.
And 590 million yuan was used to provide free public transport for seniors, with 580 million yuan spent on the public transport infrastructure and 350 million yuan for other subsidies.
A total of 6 billion yuan left over in 2013 will be spent on the public transport in the coming years.
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