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China to scrap tax cuts for small passenger cars

by Staff Writers
Beijing (AFP) Dec 28, 2010
China said Tuesday it would increase the purchase tax for small passenger cars next year, as authorities continue to wind back stimulus measures introduced to combat the global financial crisis.

Expectations that the government would soon scrap the tax cut has fuelled demand for cars in the world's biggest auto market, with total sales accelerating in November from the previous month.

The finance ministry said the purchase tax for passenger cars with engines of 1.6 litres or less would be set at 10 percent from January 1.

Beijing, seeking to bolster the auto sector during the global downturn, had halved the purchase tax from 10 to five percent in January 2009. It raised the tax to 7.5 percent this year.

China's auto sales, which are already at record levels for the year, gathered pace in November as the total for the first 11 months sped past 16 million units, data from an industry group showed earlier this month.

A total of 1.7 million units were sold in November, up 26.9 percent from a year earlier, the China Association of Automobile Manufacturers said.

The growth rate was faster than the 25.47 percent year-on-year increase recorded in October.

China's auto sales for 2009 hit 13.64 million units as the nation took over the title of the world's top auto market from the United States.



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Volvo weighs new plant in China in two years
Stockholm (AFP) Dec 27, 2010
The Swedish auto maker Volvo, now owned by Chinese group Geely, wants to open a new assembly plant in China in two years, the Volvo chief executive said Monday. "We are soon going to make a decision on the first plant," Stefan Jacoby told the financial newspaper Dagens Industri. "Production will begin in two years. We are waiting for approval from the authorities." Geely, which acqui ... read more







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