China’s state council unveils an aid package for the domestic auto industry that includes cutting the purchase tax on vehicles with small-displacement engines from 10% to 5%. The government-controlled Xinhuanews agency also reports the council will allocate RMB5 billion ($730 million) to provide allowances to farmers to upgrade their 3-wheel vehicles and low-speed trucks to minitrucks or purchase new minivans with engine displacements under 1.3L between March 1 and Dec. 31. The council ...
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