China’s capital city is offering subsidies for purchases of new-energy vehicles to replace old cars, the latest attempt by local authorities to boost consumption in a slowing economy. The financial aid provided by the city of Beijing ranges from 8,000 yuan ($1,196) to 10,000 yuan for qualified buyers who scrap or resell cars owned for more than a year, among other conditions, the local commerce bureau said in a statement Sunday. The capital city’s move follows similar measures announced by Shanghai late last month that also involved raising a cap on car ownership and cutting a purchase tax for some passenger vehicles. Passenger vehicle sales in China slid 17% in May from a year earlier, and not a single new car was sold in Shanghai in April as the virus gripped the city. China’s central government is […]