License plate cost still high despite city's new policy

The cost of a license plate in Shanghai, China's most expensive, did not fall as expected in July's auction despite a new policy the municipality introduced to rein in price speculation.

That policy extends the period motorists must keep license plates before reselling them, taking it from one to three years.

The new rule, which took effect on Saturday, the day of July's auction, is expected to deter scalpers from reselling.