Politics
China Unveils Car Tax Cut Details in Bid to Boost Spending
- Purchase tax cut by half on cars under $45,000 sold from June
- No cars were sold at all in Shanghai last month amid lockdowns
Vehicles travel along a bridge across Liu River in Liuzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
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China will cut the purchase tax levied on some low-emission passenger vehicles by half, according to a statement on the finance ministry’s website, as Covid outbreaks and lockdowns crush consumer confidence and the government pulls out all stops to spur economic growth.