BEIJING – China will step up support for automobile consumption and expects vehicle and auto-related consumption to increase by about 200 billion yuan in 2022, state media reported, citing a regular cabinet meeting on Wednesday.
China is also considering extending a purchase tax exemption for new energy vehicles, the meeting, chaired by premier Li Keqiang, said.
(Reporting by Beijing newsroom and Brenda Goh; Editing by Andrew Heavens)