BEIJING -- China will subsidize new-car purchases and trade-ins as part of a raft of measures announced Tuesday to revitalize consumption, seeking to mitigate the impact of an economic slump and the U.S. trade war.
The policy package announced by the National Development and Reform Commission, which steers the Chinese economy, centers on monetary incentives for trading in vehicles compliant with older emissions regulations and compact vehicles popular in rural areas. It also includes lower taxes on used-car transactions, as well as subsidies for upgrading appliances like TVs and refrigerators.
