China cash for clunkers drove 1.26 billion

　　According to China News Network, Ministry of Commerce yesterday announced that after the State Council earlier this year approved to enhance the allowances for cash for clunkers, the new buyers has been increased very obviously and the effects of the incentive policy has already showed up. Till May 24, 2010, 106,000 vehicles have been sold out through this channel in the whole country and the subsidy has reached 1.4 billion Yuan, driving the new car consumption to top 12.6 billion Yuan.

　　Ministry of Commerce said during early 2010 to May 24, 90 000 vehicles has been subsidized, which is 5.9 times before the policed carried out. The number has been significantly increased especially from March. In March and April, the mount reached 15,000 and 29,000 respectively, grew by 267% and 93% compared to last month. Since May, there have been 2,758 units subsidized averagely, 18 times before the policed adjusted. In terms of the models, sedans have been affected the most. In early 2010 to May 24, 34,000 sedans have been subsidized, 67-fold than before.

　　Sedans, big and medium-sized passenger cars and light trucks accounted for 36%, 30% and 19% respectively. Besides, Jiangsu, Zhejiang, Shandong, Henan, Anhui, Hebei, Sichuan, Jiangxi, Liaoning, Hunan are the top ten, totaling more than 72% of the whole country.

　　The implementation of the cash for clunkers policy not only promotes the consumption of automobiles, but also more importantly, accelerated the phase-out of high-emission and high pollution vehicles as well as old cars. At the same time, the policy played an active role in guiding the owners to scrap vehicles timely to prevent them from flowing into the society and reducing road traffic safety hazards as well as protecting life and property safety of the citizens.

　　(Translator: Yalong/Jessie)

　　See original Chinese report Please click:

　　http://auto.sohu.com/20100527/n272380423.shtml