Arab Today, arab today china to halve car purchase tax amid flagging sales
Last Updated : GMT 17:20:01
Arab Today, arab today
Arab Today, arab today

China to halve car purchase tax amid flagging sales

Arab Today, arab today

Arab Today, arab today China to halve car purchase tax amid flagging sales

Car sales in China
Beijing - AFP

China said Wednesday it will halve purchase taxes on vehicles with small engines, in an attempt to boost sales in the world's largest car market where demand has weakened.

Car sales in China have been falling for five straight months since April as expansion of the world's second-largest economy has slowed.

The cut effective from Thursday applies to passenger cars with engines of 1.6 litres or less and seating fewer than ten people, the finance ministry said in a statement.

The policy -- which sets the sales tax at five percent -- will last until the end of next year, it added.

Number plate restrictions in some major cities to ease traffic gridlock and volatility on China's stock exchanges have weighed on demand.

Industry group the China Association of Automobile Manufacturers reportedly said it expected sales to decrease this year.

The tax incentive comes after China's state council said Tuesday it would offer support for "new energy" cars, by lifting license restrictions in an attempt to "cultivate new economic growth drivers".

China imposed a similar tax cut in 2009 during the aftermath of the global financial crisis, which helped China to overtake the United States as the world's biggest car market. The policy was scrapped in 2011.

The tax announcement is expected to help German carmaker Volkswagen -- which is embroiled in an emission-cheating scandal worldwide -- as China represents more than a third of their global sales.

Fears about decelerating growth in the Chinese economy, a key driver of global growth, have rocked stock exchanges around the world in recent weeks.

The economy expanded 7.3 percent last year, the weakest pace in almost 25 years. Growth slowed further this year, according to official figures.

The finance ministry this month said it will adopt "stronger" fiscal policies to support the economy and Premier Li Keqiang later tried to soothe jittery investors by promising that the country "will not head for a hard landing".

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china to halve car purchase tax amid flagging sales Arab Today, arab today china to halve car purchase tax amid flagging sales

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 07:21 2017 Sunday ,19 February

Kenya, Egypt resolve to boost bilateral trade

GMT 05:42 2017 Sunday ,19 February

British consumers battered by Brexit inflation

GMT 05:19 2017 Sunday ,19 February

Russia is ready to act on strong ruble

GMT 05:13 2017 Sunday ,19 February

Iran discovers shale reserves

GMT 16:23 2017 Saturday ,18 February

Indonesia releases seized shipments of citrus
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday