Move to scrap old cars to help sales
28-12-2008
China plans to offer incentives for car owners to scrap their old models in favour of new ones, in a bid to lift the auto industry as it enters a period of crisis. State media reports the measure is part of a new package being prepared in Beijing aimed at avoiding a US-style collapse of the local auto sector. Chinese auto sales fell 14.6 percent in November from a year earlier. Other measures that China may adopt to bolster auto sales include cuts in the 10-percent vehicle purchase tax and easier access to car loans.
