InfoAnda - China massively expands consumer subsidies: state media

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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 massively expands consumer subsidies: state media AFP - Wednesday, May 20 BEIJING (AFP) - - China announced Tuesday a massive expansion of subsidies for people who buy new cars and home appliances this year, state media said, in the government's latest bid to lift the crisis-battered economy. ADVERTISEMENT The State Council, or cabinet, decided to increase the money available to subsidise car replacements to five billion yuan (733 million dollars) from one billion yuan when the programme was announced last month, the Xinhua news agency said. China started to subsidise car replacements in 2003 and increased the fund to 600 million yuan last year, previous Chinese media reports said. The government would also earmark two billion yuan this year to subsidise consumers who sell their home appliances for new ones, Xinhua said. A trial programme would be launched first in four provinces and five cities including Beijing and Shanghai to subsidise the replacement of TV sets, refrigerators and three other types of home appliances, it said. "In order to further boost domestic demand... it is necessary to implement policies to encourage auto and home appliance replacements," the report said, quoting a statement issued at the end of the meeting which Premier Wen Jiabao presided over. "It will not only help expand domestic consumption but also improve energy and resources efficiency and cut pollution," it said. The new incentive is the latest in a series of government measures to encourage Chinese consumers to spend in the face of slumping exports as foreign demand weakened due to the financial crisis. Previously China introduced policies to subsidise farmers' purchases of home appliances and small cars. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy India firms hope new government will boost growthAFP - Wednesday, May 20 Japanese economy logs record contraction in Q1AFP - Wednesday, May 20 FOREX-Dollar down as recovery hopes dent safe-haven flowReuters - Wednesday, May 20 Texas Instruments CEO "careful" on economyReuters - Wednesday, May 20 Related Articles: Business Coke steps up China juice campaignAFP - Wednesday, May 20 Japan's Mitsubishi UFJ posts $2.7 bln lossAFP - Wednesday, May 20 India's Singh vows inclusive growth, reformsReuters - Wednesday, May 20 Indonesian president meets Qatar emirAFP - Tuesday, May 19 Qatar inflation rate at zero or negative -paperReuters - Tuesday, May 19 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Popular cereal is a drug, US food watchdog says Astronauts poised for farewell to revamped Hubble Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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