October 29, 2018 / 10:35 AM / 23 days ago

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

Oct 29 (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 here on Monday.

Shares of American and European automakers including General Motors, BMW, Volkswagen and Daimler extended gains following the report. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)

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