InfoAnda - China plans to avert US-style auto crisis: report

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China plans to avert US-style auto crisis: report AFP - Friday, December 26 SHANGHAI (AFP) - - China's top economic planning agency is drafting a stimulus package to save the automotive sector from a US-style crisis, state media reported Thursday. The National Development and Reform Commission is to send rescue plans to the cabinet by the end of the week, and if approved they are expected to be implemented in January, the Shanghai Securities News said, citing sources. Measures will include cuts in the 10 percent vehicle purchase tax to boost consumption, and direct government funding to help automakers upgrade their technologies, the report said. The Ministry of Science and Technology has also suggested steps such as facilitating mergers in the sector and encouraging banks to provide low-interest loans to automakers, the report said. China's auto sales fell 14.6 percent in November from the same month a year earlier, according to industry association figures, as consumer confidence showed further signs of weakening amid the economic slowdown. China cut gasoline and diesel prices by around 13 percent and 17 percent respectively last week, in what was seen as a signal aimed at boosting confidence among car buyers and manufacturers. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Vietnam inflation reaches 23 percent in 2008: govtAFP - 2 hours 26 minutes ago China plans to avert US-style auto crisis: reportAFP - Friday, December 26 China starts filling tanks at largest oil reserve: reportAFP - Friday, December 26 Toyota recalls more than 120,000 cars in ChinaAP - Friday, December 26 Related Articles: Business Norway SWF expands Japanese stock holdings-NikkeiReuters - 2 hours 21 minutes ago Vietnam inflation reaches 23 percent in 2008: govtAFP - 2 hours 26 minutes ago Slow clearance of Antigua flights causing delaysAP - 2 hours 58 minutes ago Asahi shares drop in Japan after Australian Cadbury dealAFP - 2 hours 59 minutes ago Japan's JFE Steel says shutting furnaceAFP - Friday, December 26 Enlarge Photo China plans to avert US-style auto crisis: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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