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China's cash-for-vehicles scheme allow motorists to receive subsidy worth 18,000 Yuan

June 8, 2011 - Beijing

China has announced a new cash-for-vehicles program that would allow automobile owners to receive up to 18,000 Yuan for scrapping unused vehicles.

According to a statement from the Ministry of Commerce and the Ministry of Finance, automobile owners will receive a state subsidy worth between 11,000 and 18,000 Yuan if their vehicles are registered for scrapping in 2011, Xinhua reports.

The program covers rural passenger vehicles between six and 15 years old, city buses between eight and 15 years old and heavy trucks between ten and 15 years old, the statement said.

China ended an old-for-new automobile exchange program at the end of last year, which allowed motorists to exchange their old vehicles for subsidies on new vehicle purchases.

The exchange program was created to boost sales of new automobiles and cut emissions.


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