Overnight press: China to Cut Purchase Tax on Some Cars

From the Wall Street Journal overnight: China to Cut Purchase Tax on Some Cars
Tax cut for vehicles with engines no larger than 1.6 liters aimed at boosting demand

The story doesn't appear to be gated if you'd like to check it out in full.

But, if not, briefly:

• China said it will cut the 10% purchase tax in half on small cars with engines no larger than 1.6 liters
• More than 60% of China's car market is for vehicles with engines smaller than 1.6 liters, industry data show

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This is giving support to auto related stocks in China today

Which in turn is not doing the broader composite any harm at all: