Government Prioritises New Energy Vehicles

02/05/2017

Image: China Money Network

​chinaurbanisationnews

China has set a new goal for the development of new energy vehicles as part of its efforts to expand the green energy sector and reduce air pollution.

Image: en.wikipedia.org

​New energy cars are defined as vehicles powered by alternative sources of energy. They include hybrid, pure electric vehicles, fuel cell electric vehicles and other alternative energy-powered cars.
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China aims to achieve annual production and sales of two million new energy vehicles by 2020. In addition, it will strive to cultivate some of the world's top-ten new energy vehicle companies by 2020, according to a long-term development plan for the automotive industry released on April 25 by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Science and Technology.

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Image: en.wikipedia.org

Under this plan, new energy vehicles will account for more than 20% of China's automobile production and sales by 2025. To achieve the objective, the Chinese government plans to increase financial and tax support for new energy vehicles companies. Also, it will relax regulations on foreign investment and liberalize the exiting cap on foreign ownership stakes in joint venture enterprises.

China will provide incentives to enterprises' research and development spending, and strengthen tax benefits for consumers purchasing new energy vehicles. It will also consider significant incentives for those engaged in the development of key parts and components, smart and connected cars and other fields that will be crucial for tomorrow's auto industry.
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China's policy bank, the Export-Import Bank of China, will provide capital and other assistance to help Chinese new energy vehicle companies to go global.

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​Read the original article at China Money Network

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