Some 1.09 mln cars enjoyed China's car purchase tax cut during the first month of the policy's implementation, according to the country's top taxation agency. This was reported by The Xinhua News Agency.
The tax cut policy, which applies to some low-emission passenger vehicles, had saved about ¥7.1 bln (about $1.06 bln) for car buyers, data from the State Taxation Administration showed.
China decided in late May to halve the car purchase tax for passenger vehicles priced at no more than 300,000 yuan and with 2-liter or smaller engines, which will last from June 1 to the end of the year.
The move is part of China's policy mix to keep the economy stable as auto sales matter much to the country's consumption growth.
Latest industrial data showed that car sales in China are perking up. Retail sales of passenger vehicles topped 1.42 mln units during the June 1-June 26 period, up 27% year on year.
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