China will resume levying a 10 percent purchase tax on vehicles with engine sizes of 1.6 liters or less beginning in 2011 as the country rebounds from the financial crisis and the economy has regained its rapid growth, the Ministry of Finance (MOF) said Tuesday.
"Beijing will control the number of registered vehicles next year to 240,000. The number will be decided by each year's traffic capacity from now on," Li Xiaosong, deputy director of Beijing Municipal Commission of Transport said, The Beijing News reported Tuesday.
China will "actively" encourage automobile imports over the next five years through a series of favorable policies as the nation expands imports to better balance its economy, said an official with the Ministry of Commerce.
It was a year of record sales and the biggest-ever Chinese acquisition of a foreign automaker.
On December 26, Shanghai Volkswagen Automotive Co Ltd passed a new milestone - its output and sales both surpassed 1 million vehicles.
China will actively promote auto imports over the next five years to help the country restructure and upgrade its auto industry, a Chinese official from the Ministry of Commerce (MOC) said Sunday.
Shanghai Automotive Industry Corp (SAIC agreed on Friday to more than triple its annual production at its subsidiary in the eastern city of Nanjing to one million units within five years.
The number of applicants increased dramatically due to fear of future restrictions on vehicle licenses application. Officials announced new traffic measures to tackle traffic problems in Beijing on Thursday, including a strict limitation on new vehicle registration. Hundreds of people were still waiting at 12:20 am Thursday.
The capital's new vehicle and traffic regulations will likely steer automakers toward smaller cities, experts have said.
Traffic measures were announced for Beijing on Thursday, including sharply limiting new vehicle registration, in a major effort to tackle gridlock on the capital's roads.
Chinese carmakers have been working to introduce their own designs to the country's auto market.
The Beijing municipal government says it will limit issuance of new car plates to 240,000 annually in an effort to ease the capital city's traffic jams.
Anticipated limit fuels car-buying frenzy
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