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State Council Enhancing Consumer Spending Stimulus Policies

The Chinese State Council Executive Meeting held on December 9 came up with several policies designed to stimulating consumer spending: (1) Continuing of the policy of "Home Appliances to the Countryside"; (2) Extending the "Automobiles to the Countryside" project through the end of next year; (3) Continuing the "Home Appliances Replacement project"; (4) Increasing the subsidies to farm machinery purchases; (5) Expanding the scope of the "Energy Savers’ Project"; (6) Extending the reduction of the sales tax on cars below 1.6 liters; (7) Extending the waiver of business taxes on "individual housing transfers" from 2 years to 5 years; and (8) Deferring various insurance payments by companies with financial difficulties.

Source: Xinhua, December 9, 2009