New measures to speed replacement of cars, home appliances

Video

Play VideoChina to speed up replacement of cars & home appliances

Premier Wen Jiabao has presided over a State Council meeting to discuss new measures to spur domestic consumption by encouraging consumers to replace old cars and home appliances.

The government has set aside 5 billion yuan for subsidies to car owners who trade their models in earlier rather than later. That's 5 times more than last year. While in 9 provinces and municipalities including Beijing and Shanghai, those who swap old appliances in for new ones, can get a 10 percent discount on their replacements. Television sets and personal computers are two of the 5 appliances on the list. 2 billion yuan has been set aside to fund this measure.