The Chinese government has issued some details of a subsidy scheme that could stimulate consumer spending on cars.

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Car owners who replace their old vehicles with new ones will receive a state subsidy of between 3,000 yuan (USD450) and 6,000 yuan per unit until the end of May next year, the commerce ministry said in a statement.


The government has allocated five billion yuan for the programme, the statement said.


Commerce minister Chen Deming said the subsidy policy is aimed at getting vehicle owners to buy new ones this year when a total of 2.7 million cars are expected to be scrapped.


Shares in Chinese car companies surged after the announcements.

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