China to halve purchase tax for some passenger vehicles, analysts expect 2 million incremental car demand

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China will halve the purchase tax levied on some low-emission passenger vehicles, as the government makes efforts to boost consumer confidence and spur economic growth.

The government will cut the tax for cars priced at no more than 300,000 yuan ($45,000) and with 2.0-liter engines or smaller, it said. The tax cut will be applicable for purchases from June 1, 2022 through the end of the year.

 

 

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