Chinese govt is trying to get their own citizens to save less and spend more, to offset the drop in demand for their exports.
They have provided for subsidies for car purchase, three times that of US... US provided for $ 3 bn for cash-for-clunkers and $1.7 bn for tax support on car purchase.
China is planning a whopping $14+ bn on tax breaks and subsidies for car purchase !
But the consumer is smarter... they may end up waiting for more support/discounts...
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