China’s purchase tax for small-engine cars will be halved, the s Ministry of Finance said on Tuesday, in a move to boost auto sales and support an economy damaged by locked downs imposed in major cities to stamp out outbreaks of COVID-19. The government will cut the tax for cars priced at no more than 300,000 yuan ($45,000) and with 2.0-liter or smaller engines to 5% of the sticker price, down from 10% earlier, it said in a statement. The tax cut will be applicable for purchases from June 1, 2022 through the end of the year. The move was among a series of measures China’s cabinet unveiled on Tuesday to revive its economy as its stringent zero-COVID policies have disrupted production and dampened demand […]