China offers subsidies for retiring outdated motor vehicles

China will offer up to 15,000 yuan (1,875 US dollars) for each motor vehicle which is retired before the date required by law, China's Ministry of Finance said on Friday.

The retired motor vehicle eligible for subsidies include large cargo and passenger vehicles registered during 1997 and 1999 and scrapped or dismembered this year.

The per-unit subsidies will be 4,000 yuan for those vehicles which are over 12 tons in weight or those with over 30 seats and nine meters in length.

The ministry said the subsidies for retiring and replacing an outdated bus with a new bus that meet EURO II exhaust gas emission standards will be 15,000 yuan.

The move is designed to promote the development of the country's auto sector, reduce air pollution and traffic accidents, and save energy.

Source: Xinhua