China to subsidize old-for-new consumption

China will increase subsidies for consumers who sell their cars and home appliances in order to purchase new ones, in an effort to spur domestic consumption and curb pollution, according to an cabinet meeting held Tuesday.

The government will raise subsidies for auto replacements from 1 billion yuan to 5 billion yuan this year, and allocate 2 billion yuan to encourage home appliance upgrades, an executive meeting of the State Council presided over by Premier Wen Jiabao said.

China will increase subsidies for consumers who sell their cars and home appliances in order to purchase new ones, in an effort to spur domestic consumption and curb pollution, according to an cabinet meeting held Tuesday.

The government will raise subsidies for auto replacements from 1 billion yuan to 5 billion yuan this year, and allocate 2 billion yuan to encourage home appliance upgrades, an executive meeting of the State Council presided over by Premier Wen Jiabao said.

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