China unveils more plans to spur car demand

China on Thursday announced a raft of new steps to spur consumer demand for cars, saying it would consider extending a tax break for electric vehicles and plans to remove some restrictions on second-hand car sales.

The Ministry of Commerce made the announcement as part of a joint statement with 16 other departments including the finance and industry ministries, Reuters reports.

The world’s largest car market has been hit hard in recent months by stringent lockdowns in Shanghai and other parts of the country to curb the spread of Omicron coronavirus variant.

As part of the new efforts, authorities last month halved the auto purchase tax to 5% for cars priced under 300,000 yuan ($45,000) with 2.0-litre or smaller engines.

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