LINE

Text:AAAPrint
Economy

Reduction of subsidies beneficial to new energy vehicle industry, experts say

1
2016-08-25 13:30People's Daily Online Editor: Wang Fan

Starting this year, China has begun to reduce its subsidies for new energy vehicles--a move that a number of industry insiders believe will positively impact the sales of such vehicles.

Many insiders argue that the reduction of subsidies does not mean the weakening of supportive policies for the industry. According to Song Qiuling, an official with the Ministry of Finance, the upcoming changes to subsidy policies will help to raise the technical threshold and establish a sound oversight system for the industry, which will in turn boost technical advancements and encourage innovation.

Chen Qingtai, president of the China EV100 Forum, said that as the subsidies gradually decrease, the government will put more effort into research and development, concentrating resources on breaking bottlenecks in key areas.

According to the Ministry of Finance, the government will cut 2017-2018 subsidies by 20 percent from those granted in 2016, and 2019-2020 subsidies will be 40 percent less than those provided this year.

"Cutting the amounts of subsidies will generate strong positive energy. Subsidy-oriented production will give way to market and innovation-oriented production. Companies with innovative capabilities and core technologies will succeed in the end," Chen said confidently.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.