China hands out 510 mln yuan in subsidies in September for car trade-in program

21:23, October 09, 2010      

Email | Print | Subscribe | Comments | Forum 

China's old-for-new car program provided 510 million yuan (about 76.35 million U.S. dollars) in subsidies for vehicle purchases in September, the Ministry of Commerce (MOC) said Saturday.

Some 36,000 automobiles were sold under the trade-in program last month, up 50 percent from August, the MOC reported in a statement on its website.

In the first nine months of 2010, the country issued 3.5 billion yuan in subsidies for old-for-new vehicle purchases, worth 28.6 billion yuan.

A total of 250,000 autos were sold under the program during the nine-month period, according to the statement.

The surge in old-for-new car purchases was partly due to the government's move in January to increase the trade-in subsidy to 5,000-18,000 yuan, as opposed to the earlier subsidy of 3,000-6,000 yuan.

In early June, the government rolled out new incentives for purchases of fuel-efficient cars, including a subsidy of 60,000 yuan for all-electric vehicle buyers and a 3,000-yuan subsidy for certain fuel-efficient cars equipped with 1.6-liter or smaller engines.

The trade-in program was introduced by the MOC and the Ministry of Finance last year as part of the country's efforts to boost domestic consumption amid the global economic downturn and to eliminate gasoline-guzzling vehicles.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion