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China plans to avert US-style auto crisis: report
Shanghai (AFP) Dec 25, 2008 China's top economic planning agency is drafting a stimulus package to save the automotive sector from a US-style crisis, state media reported Thursday. The National Development and Reform Commission is to send rescue plans to the cabinet by the end of the week, and if approved they are expected to be implemented in January, the Shanghai Securities News said, citing sources. Measures will include cuts in the 10 percent vehicle purchase tax to boost consumption, and direct government funding to help automakers upgrade their technologies, the report said. The Ministry of Science and Technology has also suggested steps such as facilitating mergers in the sector and encouraging banks to provide low-interest loans to automakers, the report said. China's auto sales fell 14.6 percent in November from the same month a year earlier, according to industry association figures, as consumer confidence showed further signs of weakening amid the economic slowdown. China cut gasoline and diesel prices by around 13 percent and 17 percent respectively last week, in what was seen as a signal aimed at boosting confidence among car buyers and manufacturers. Related Links Car Technology at SpaceMart.com
Thompson Files: Wisdom on the bailout
Arlington, Va. Dec 23, 2008 Like Ebenezer Scrooge awakening on Christmas morning to the error of his ways, U.S. President George W. Bush has belatedly discovered the danger of relying too much on market forces. |
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