China mulls new measures to revive car market
Beijing – China will introduce new incentives and loosen car-purchase limits to stimulate the automobile market amid its broader efforts to revive the virus-hit economy, according to a government circular.
The circular was jointly released by the Ministry of Commerce, the National Development and Reform Commission and the National Health Commission.
The circular urged commerce authorities across China to roll out measures such as giving out subsidies to new car purchasers and those who trade in their old cars for new ones.
It also urged the authorities to remove restrictions on the entry of pickup trucks into cities, facilitate the trading of used cars and organise car sales promotions in a bid to stabilise and expand car consumption.
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“Cities that have car-purchase restrictions should improve their restrictive measures.
“China is stepping up targeted stimulus measures to support the economy, which has been slowing partly due to the novel coronavirus disease (COVID-19),’’ it stated.
China’s auto production and sales plunged during the first two months, down 45.8 per cent and 42 per cent, respectively year on year, according to data from the China Association of Automobile Manufacturers. (Xinhua/NAN)
