China Economic Review
Charting China’s changing economic terrain · Since 1990
Old-for-new scheme expansion
November 30, 2009
Vice Commerce Minister Jiang Zengwei has said China will expand schemes that give consumers a discount if they trade in old cars and household appliances for new ones.He told a forum in Beijing that the programs will contribute to a fresh drive by the government to boost rural and urban consumption next year to push up overall economic growth.
Washington Post reported that the trade-in offers, along with tax rebates for rural buyers of domestic appliances and tax breaks on fuel-efficient cars, have helped sustain retail sales, which rose 16.2% in the year to October 6.