China to expand old-for-new car, appliance schemes

BEIJING (Reuters) - China will expand schemes that give consumers a discount if they trade in old cars and household appliances for new ones, according to Vice Commerce Minister Jiang Zengwei.

The programs will contribute to a fresh drive by the government to boost rural and urban consumption next year to push up overall economic growth, Xinhua news agency quoted Jiang at the weekend as telling a forum in Beijing.

The trade-in offers, along with tax rebates for rural buyers of domestic appliances and tax breaks on fuel-efficient cars, have helped sustain retail sales, which rose 16.2 percent in the year to October.

(Reporting by Alan Wheatley)