China on Thursday announced a nationwide campaign to promote automobile purchases in a major push to shore up demand in the world’s largest auto market, reports Reuters. The announcement from the Ministry of Commerce came shortly after data showed passenger vehicle sales in China rose 7.3% in May from April, higher on the month but far from the robust recovery policymakers are hoping for.
The commerce ministry said it would coordinate and push local authorities to roll out targeted policies and measures in favour of car consumption. Financial institutions will be encouraged to introduce measures to boost lending for auto purchases, it said.
The campaign will target multiple car sales categories including both new and secondhand vehicles, it added, and push to replace gasoline cars with new energy vehicles (NEVs) such as battery-driven cars and plug-in petrol-electric hybrids.