Beijing seeks to drive up China’s much-needed consumption by upping NEV number plate quota
- Beijing is set to issue 20,000 new energy passenger cars with number plates to be used by families from Sunday
China’s capital city has increased the quota for new energy vehicle number plates to encourage consumption, a move that arrived the day after top leaders placed a focus on boosting domestic demand and “unwaveringly” accomplishing this year’s economic targets.
The Beijing municipal government is set to issue 20,000 new energy passenger cars with number plates to be used by families from Sunday, the Beijing Daily newspaper said on Friday.
Many Chinese metropolises – including Beijing, Shanghai, Shenzhen, Guangzhou and Tianjin – had imposed car purchase restrictions to ease traffic congestion and reduce pollution.
They had implemented a lottery-style system to distribute purchase quotas or number plates.
The key still depends on the residents’ income and job security, which involves their confidence in the prospects
“The need to stimulate consumption is outweighing considerations of traffic congestion, and the Beijing government is easing original car-buying restrictions, akin to the recent relaxation of real estate regulations,” said Peng Peng, executive chairman of the Guangdong Society of Reform think tank in Guangzhou.
“So far, governments have launched support in promoting the consumption of cars, housing, furniture and home appliances, but the key still depends on the residents’ income and job security, which involves their confidence in the prospects.”
