Chinese automobile manufacturers have reported significant increases in car sales since the purchase tax levy was slashed almost one month ago.
According to the China Association of Automobile Manufacturers (CAAM), January's sales figures have risen sharply; an improvement it is attributing to the government's introduction of the new purchase tax system.
The government decided to revamp the way in which car purchase tax was levied in a bid to stimulate growth in the country's automobile industry.
As of January 20, all cars with an engine capacity of 1.6 litres or less are subject to a 5% rate of purchase tax as opposed to the 10% levy which had previously been in place.
The move is only temporary however, and the rates will return to their usual levels on December 31.
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