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China unveils support package for auto, steel industries

(Xinhua)
Updated: 2009-01-14 20:17

BEIJING - China's State Council unveiled a long-awaited support package for the auto and steel sectors Wednesday to boost the two "pillar industries".

Related readings:  China mulls steel, vehicle support programs  China's 2008 auto sales growth hits 10-year low

Under the plan, the government will lower the purchase tax on cars under 1.6 liters from 10 percent to 5 percent from January 20 to December 31 in a bid to stimulate sales.

It will also allocate 5 billion yuan (730 million U.S. dollars) to provide one-off allowances to farmers who opt to upgrade their three-wheeled vehicles and low-speed trucks to mini-trucks or purchase new mini-vans under 1.3 liters from March 1 to December 31. However, the plan gives no further details.

The plan encourages large auto companies, as well as major auto-part makers to expand through mergers and acquisitions so as to optimize resources and improve their competitiveness on the international market.

In the next three years, the central government will earmark 10 billion yuan as a special fund to support auto companies to upgrade technologies, and develop new engines that use alternative energies.