(Yicai Global) March 31 -- Beijing's local government is offering up to CNY22,000 (USD3,102) to car owners who scrap their fossil-fueled vehicle or re-register it elsewhere as the Chinese capital looks to kick emissions to the curb.
The city will pay between CNY4,000 and CNY22,000 to owners who scrap their gasoline cars that only meet China III emission standards from tomorrow until the end of 2020, it said online yesterday. It will pay between CNY2,000 and CNY11,000 to people who register their cars in another city, CNY14,000 to those who scrap trucks and CNY7,000 to those who relocate their trucks.
There are still about 233,000 China III gasoline vehicles in the capital, making up about 4.4 percent of all gasoline vehicles in the city, according to data published by the city government. This small proportion of cars makes up about 10 percent of all gasoline vehicle emissions and Beijing hopes by upgrading them to China VI emission standards, each vehicle will emit 90 percent less nitrogen oxide and other volatile organic compounds.
Beijing will trim the subsidies by 20 percent next year and is asking owners to scrap their cars as soon as possible. Owners can apply for the subsidy as a discount on a new car at the time of purchase or receive it directly using an official app.
Editor: James Boynton