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China takes measures to boost auto consumption

Xinhua | Updated: 2020-04-30 15:49

Employees work on an assembly line at a factory of vehicle manufacturer BYD Auto in Xi'an, Northwest China's Shaanxi province, on Feb 25, 2020.[Photo/Xinhua]

BEIJING - Chinese authorities unveiled a slew of measures to stabilize and expand car consumption, amid efforts to ensure the stable and normal operation of the economy, said an official circular Wednesday.

The circular was jointly issued by 11 departments including the National Development and Reform Commission and China Banking Regulatory Commission.

Financial institutions will be encouraged to conduct financial businesses including auto consumption credit, said the circular, stressing good use of auto consumption finance.

More efforts will be made to increase support for personal auto consumption credit and further release the auto consumption potential by appropriately lowering the down payment ratio and loan interest rate as well as extending the repayment period, the circular noted.

Steps will also be taken to smooth the circulation and trading of used cars, so as to drive the consumption of new automobiles.

Other measures included adjustments made to the implementation of "China VI" vehicle emission standards, and favorable tax policies for purchases of new energy vehicles.

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