China plans to save automotive sector
25-12-2008
The mainland's top economic planning agency is drafting a stimulus package to save the automotive sector from a US-style crisis. The Shanghai Securities News said the measures will include cuts in the 10 percent vehicle purchase tax to boost consumption, and direct government funding to help automakers upgrade their technologies. If approved, the plans are expected to be implemented next month. China's auto sales fell 14.6 percent last month, from the same month a year earlier, because of the economic slowdown.
