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China releases details of auto, home appliance replacements program
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20:13, June 03, 2009

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China's National Development and Reform Commission (NDRC), the country's top economic planning body, announced Wednesday the detailed plan for the country's subsidy for auto and home appliance replacements.

Consumers who trade-in their used mid- and small-sized truck and some types of mid-sized passenger cars for new ones will receive rebates from 3000 yuan (about 437.96 U.S. dollars) to 6000 yuan, according to an announcement on the NDRC Web site.

Rebates will also be given to consumers who sell automobiles that no longer meet the government's emission standards, but are still within life expectancy.

Consumers will get the rebate by providing confirmation notes from the recycling plants and receipts of the new automobiles they purchase to the local government, said the NDRC announcement.

For home appliance replacements, consumers who contact local recycling plants will receive pick-up service and qualify for a direct price reduction when buying the new appliances with vouchers from the plants, it said.

Buyers will receive a subsidy worth 10 percent of the retail prices on five kinds of new appliances: TV sets, refrigerators, washing machines, air-conditioners and computers, according to an earlier government statement.

The government announced last month that it had increased subsidies for auto replacements from 1 billion yuan to 5 billion yuan this year, and allocated 2 billion yuan to encourage home appliance upgrades in a move to spur domestic consumption and curb pollution.

Source: Xinhua



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