-- Spurring auto consumption

Chinese authorities unveiled a slew of measures to stabilize and expand car consumption, amid efforts to ensure the stable and normal operation of the economy, said an official circular on April 29.

Financial institutions will be encouraged to conduct financial business including auto consumption credits, said the circular, stressing good use of consumer auto financing.

More efforts will be made to increase support for personal auto consumption credits and further release the auto consumption potential by appropriately lowering the down payment ratio and loan interest rate as well as extending the repayment period, the circular noted.