MNI China Press Digest June 26: NEV Tax, Li Qiang, Tourism

Highlights from Chinese press reports on Monday:

• China will extend tax cuts for new energy vehicles (NEV) until the end of 2027, according to a statement from the Ministry of Finance. Authorities will allow car buyers to deduct up to 30,000 yuan per car until the end of 2025, and up to 15,000 yuan until December 31, 2027. Xu Hongcai, vice finance minister, said taxpayers will claim a total of CNY520 billion from 2024-2027 under the scheme. Compared to previous programmes, the government will loosen the technical requirements needed for cars to qualify for the exemption.
• China will work with the international community to establish partnerships in green energy and carbon-emission reduction, according to Premier Li Qiang. Speaking at the New Global Financing Summit in Paris, Li said China views technological innovation as the core driving force in creating global clean energy partnerships, and would oppose trade protectionism in its various forms. China will work towards improving cooperation between multilateral development banks and commercial creditors, to better guarantee the financing needs of developing countries. (Source: Yicai)
• Tourists made 106 million domestic trips during the dragon boat festival, a y/y increase of 32.3%, and up 12.8% from the same period in 2019, according to the Ministry of Culture and Tourism. Tourists attending night time attractions were up 8% y/y, with the Ministry noting a large increase in outdoor tourism such as camping and rafting, alongside usual activities such as visiting Hainan and cultural sites. (Source: Yicai)