China Offers $72.3 Billion Tax Breaks for Green Cars
China has announced a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, in a bid to boost auto sales and promote the industry. The new package extends the current NEV purchase tax exemption which expires at the end of 2023. NEVs include all-battery EVs, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles. New energy vehicles purchased in 2024 and 2025 will be exempted from purchase tax amounting to as much as 30,000 yuan per vehicle. The exemption will be halved and capped at 15,000 yuan for purchases made in 2026 and 2027. The cumulative NEV tax breaks exceeded 200 billion yuan as of last year, and the new package of 520 billion yuan would be the biggest ever amount of tax breaks for the industry.
China’s Wheat Harvest
China, the top wheat producer, has nearly completed this year’s harvest, according to state media reports. China was expected to produce 137 million metric tons of winter wheat this year, and state media have reported a “bumper crop.” However, heavy rain and wind hit large swathes of the crop in central Henan province in early May just before the harvest began, triggering widespread early germination in the grain and other quality issues. Beijing has urged local reserves to buy up some of the damaged grain, but purchases have been slow so far, reported state-backed media China Grain.
China Grants Licenses to Domestic Online Video Games
China’s gaming regulator granted publishing licenses to 89 domestic online video games, including titles belonging to NetEase and YOUZU Interactive, according to a list published by the National Press and Public Administration.
Heading: China Offers $72.3 Billion Tax Breaks for Green Cars
China has announced a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, in a bid to boost auto sales and promote the industry. The new package extends the current NEV purchase tax exemption which expires at the end of 2023. NEVs include all-battery EVs, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles.
Heading: New Energy Vehicles Purchased in 2024 and 2025 Will Be Exempted from Purchase Tax
New energy vehicles purchased in 2024 and 2025 will be exempted from purchase tax amounting to as much as 30,000 yuan per vehicle. The exemption will be halved and capped at 15,000 yuan for purchases made in 2026 and 2027, the Ministry of Finance said in a statement.
Heading: Cumulative NEV Tax Breaks Exceeded 200 Billion Yuan as of Last Year
The cumulative NEV tax breaks exceeded 200 billion yuan as of last year, and the new package of 520 billion yuan would be the biggest ever amount of tax breaks for the industry. “This will aid China’s EV growth,” said Susan Zou, vice president at researcher Rystad Energy, anticipating EVs sales would grow 30 percent in 2024, accelerating from 15 percent estimated this year.
Heading: China’s Wheat Harvest
China, the top wheat producer, has nearly completed this year’s harvest, according to state media reports. China was expected to produce 137 million metric tons of winter wheat this year, and state media have reported a “bumper crop.” However, heavy rain and wind hit large swathes of the crop in central Henan province in early May just before the harvest began, triggering widespread early germination in the grain and other quality issues.
Heading: China Grants Licenses to Domestic Online Video Games
China’s gaming regulator granted publishing licenses to 89 domestic online video games, including titles belonging to NetEase and YOUZU Interactive, according to a list published by the National Press and Public Administration.