China issues detailed subsidy plan for replacements

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China has announced the detailed subsidy plan for auto and home appliance replacements. The National Development and Reform Commission said on Wednesday that consumers who trade-in their used small and medium-sized truck will receive a rebate from three to six thousand yuan.

Those who trade-in used certain types of medium-sized passenger cars for new ones may also receive up to six-thousand yuan. Rebates will also be given to those who sell automobiles that are still within life expectancy, but no longer meet the government's emission standards.

The Commission said purchasers of home appliance replacements can enjoy a direct price reduction while buying new appliances. Buyers will also receive a subsidy worth 10 percent of the retail price on five kinds of new appliances, such as TV sets, refrigerators, and washing machines.