China 'cash for clunkers' yields 284,000 sales in Jan-Oct

Shanghai November 12 (Gasgoo.com) The Chinese government's "cash for clunkers" program has boosted consumer spending of 32.6 billion yuan ($4.92 billion) on new vehicles by granting subsidies of 4 billion yuan in the first ten months of this year, yielding sales 284,000 units, the China Industry News reported Friday, citing information on the central government's official web portal.
 
In October alone, the program produced 38,000 vehicle sales, 5.6% higher than September at 36,000 units. Average monthly clunkers sales last month were 7.5 times higher than the average monthly sales in 2009; average daily sales in the same month jumped 30.6% from September.

The top five provinces that launched the "old vehicle for new" program, ranked by sales volume during January-October period, are Jiangsu, Zhejiang, Shandong, Hebei and Sichuan, with combined sales accounting for 52% of the national total. Of which more than 30,000 old vehicles were replaced in Jiangsu, Zhejiang and Shangdong respectively.