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The tax on small to medium sized vehicles – engines of 1.6 liter or less – will be lifted from the current 5% of the vehicle price, but even then it will be still lower than the 10% rate which applied before the stimulus policy was brought in.According to the China Association of Automobile Manufacturers, the stimulus package rolled out by the government in January boosted auto sales to 12.23 million in the first 11 months, up by 42.39% YoY.
SteelGuru reported that, Li Yizhon minister of industry and information technology, said that the stimulus packages were effective in bolstering auto sales and he expected total sales this year would exceed 13 million, up by 40%YoY.