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China annnounces cash-for-vehicles program

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Chinese ministries announced Wednesday the details of the country’s new cash-for-vehicles program, which will allow automobile owners to receive up to 18,000 yuan ($2,769) for scrapping their unused vehicles this year.

Motorists will receive a state subsidy worth between 11,000 and 18,000 yuan if their vehicles are registered to be scrapped in 2011, according to a statement from the Ministry of Commerce and Ministry of Finance.

The program covers rural passenger vehicles between 6 and 15 years old, city buses between 8 and 15 years old and heavy trucks between 10 and 15 years old, the ministries 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 covered a larger range of vehicles than the cash-for-car program, including light trucks and passenger cars. The exchange program was created to boost sales of new automobiles and cut emissions.

Via: ChinaDaily.

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