BEIJING, March 9 (Xinhua) --- More regions in China are expected to follow suit and roll out favorable policies to support automobiles consumption after provinces of Hunan and Guangdong did so, the Xinhua-run China Securities Journal reported on Monday.
In regions like Guangdong, Zhejiang, and Shanghai, where the automotive industry accounts for a large proportion in local economies and the local financial conditions are pretty good, governments are likely to successively unveil stimulas policies, such as increasing quota of license plates, offering subsidies to purchase of new energy vehicles (NEVs), and replacement of automobiles for those meeting China's State VI emission standard, according to automobile analysts of CITIC Securities.
The economic planner in central China's Hunan Province said on March 4 that the province will take actions to promote the upgrade of automobile consumption, and encourage all localities to grant supports car-free families when they purchase their first NEV, and beef up construction of new public parking lots in cities.
Earlier, cities in south China's Guangdong Province such as Foshan and Guangzhou rolled out subsidy policies for the automobile consumption.
It is worth noting that the NEV has become the focus of the policies rolled out by the above local authorities.
Over the past years, the NEV sales in China have reported robust growth thanks to the subsidy policies. However, due to the withdrawal of subsidies and other factors, the country's NEV sales in 2019 went down 4 percent to 1.206 million units, the first drop in annual NEV sales since the country's vigorous efforts to promote the NEV development in 2009. (Edited by Hu Pingchao, hupingchao@xinhua.org)
A single purchase
