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The State Council of China will discuss concrete steps to support auto and steel industries. Assistance plans are likely to feature tax cuts and incentives to promote industrial consolidation and eliminate outdated factories.
State media reported that proposals for the auto industry include reducing or even abolishing taxes on auto purchases from the current 10 percent level. It also includes incentives for the development of cleaner auto. Chinese Premier Wen Jiabao said the stimulus package, the industrial support measures and sped-up investment in science and technology were the three strands of the government's economic rescue package.
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