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Old Cars, Electronics Replace


Chinese donga

Old Cars, Electronics Replace

Posted by Ring

MAY 21, 2009 07:17 
China will expand payment of subsidiesfor replacement of aged cars or electronic appliances. The movefollows success of the incentive program in rural areas.

 

The Chinese State Council in a meeting presided over by PremierWen Jiabao Tuesday decided to provide a 10-percent subsidy for thepurchase of new products to replace aged appliances.

 

Beijing has also significantly increased subsidies for new carpurchases in return for replacement of aged vehicles.

 

The appliances eligible for subsidies include TVs,refrigerators, washing machines, air conditioners and PCs. Theprogram will be introduced first on a trial basis in five provincesand major cities including Shanghai, Tianjin, Jiangsu, Zhejiang,Shandong, Guangdong, Fuzhou and Changsha, and then be expanded toother regions.

 

Owners of trucks and buses exceeding a given age or cars failingto meet certain environmental standards can also receive subsidiesif they scrap the old vehicles for new ones.

 

The budget for the subsidy program has also increased from onebillion yuan (144.58 million U.S. dollars) to six billion yuan(722.9 million dollars). The Chinese government expects the policyto not only promote the automotive industry and improve air qualitybut also increase energy efficiency.

 

Earlier, Beijing began to offer tax cuts for buyers of smallvehicles with engines 1.6 liters or less in January. In February, a13-percent subsidy was given to rural residents who purchasedelectronic appliances, as the support program expanded nationwide.

 

In March, Beijing introduced a car purchase support program andbegan to pay a 10-percent subsidy to rural residents who boughtcars with engines 1.3 liters or less, or small trucks to replacethree-wheeled vehicles or aged cars.

 

Thanks to these promotions, retail sales in China jumped 14.8percent last month year-on-year, while the automotive marketcontinues to boom.
 


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