China plans to offer incentives for car owners to scrap their old models in favour of new ones, in a bid to lift the auto industry as it enters a period of crisis, according to state media.
The measure is part of a new package being prepared in Beijing aimed at avoiding a US-style collapse of the local auto sector, the Xinhua news agency reported.
“Details of the plan will be announced very soon,” said an unnamed official with the commerce ministry. He did not give any details.
The official was speaking shortly after dismal figures were released showing that Chinese auto sales fell 14.6 percent in November from a year earlier.