The Cash for Clunkers car rebate program which can put as much as $4,500 into the consumers pocket has proven more popular than expected. Less than a week after the $1 billion trade-in program commenced it may have burned through available funds. As a result, Congressional sources report yesterday that the program could be put on hold.

Although China's automobile output and sales slowed in 2008, Dongfeng Yueda Kia Automobile Company still saw the year sales reach 142,008 units, up 40% year on year, eightfold above the industry growth rates, Shenzhen Evening News reported.

Auto sales in the China are projected to grow about 5% in 2009, xinhuanet.com reported today, citing an official with an industry association.

To reverse the auto market downturn, an auto industry in China on Dec. 25 suggested an auto credit policy of converting part of the country's idle housing funds to finance car purchases. Meanwhile, some other experts have also proposed the "tax refund" as an effective solution to stimulating car buying, said Gasgoo.com today.