News Snapshot:
China is to relieve car buyers of vehicle purchase taxes to the tune of 60 billion yuan ($9 billion), which analysts said will be a great boost to the COVID-hit domestic car market.The relief package will account for roughly 17 percent of vehicle purchase taxes levied in 2021, according to Ping An Securities.Cui Dongshu, secretary-general of the China Passenger Car Association, said the measure is likely to target gasoline-powered passenger vehicles, as electric cars and plug-in hybrids are now exempt from purchase taxes, which stand at 10 percent of a vehicle's listed price.China rolled out similar measures in 2009 and...
