SHANGHAI (Reuters) - China will spend at least 12 billion yuan ($1.76 billion) to subsidize smaller, fuel efficient cars by 2012, as part of broader plans to cut fuel emissions in the world's biggest auto market, the country's top economic planning agency said on Thursday.
Beijing unveiled plans this week to offer nationwide subsidies of 3,000 yuan for purchases of cars with 1.6 liter engines or smaller and which consume 20 percent less fuel than current standards.
The program is estimated to cover more than 4 million such vehicles by 2012, the National Development and Reform Commission said in a statement on its website.
