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China regulator is said to propose 50 percent cut to car purchase tax - Bloomberg

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(Reuters) – China’s top economic planning body is proposing to cut the tax levied on car purchases by half, as the impact of an escalating trade war with the United States threatens to slow the Chinese economy and affect demand for vehicles in the world’s biggest auto market, Bloomberg reported on Monday.

Shares of American and European automakers including General Motors <GM.N>, BMW <BMWG.DE>, Volkswagen <VOWG_p.DE> and Daimler <DAIGn.DE> extended gains following the report.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)

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