Gasgoo.com (Shanghai July 15) - The Ministry of Finance has already invested about 1.19 billion yuan ($183.2m) to provide subsidies for owners replacing their old cars, The Wall Street Journal reported today.
The Ministries of Commerce and Finance put out a joint announcement that the government would provide subsidies of up to 18,000 yuan ($2,783) per owner to encourage them to replace their old vehicles, including farming trucks and tractor trailers. The subsidies have already effective, and will continue until the end of the year.
In other news, the China Association of Automobile Manufacturers has revised predicted growth in new automobile sales this year down to 5 percent.
