China planning new policies to support green vehicles

Reuters News
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Posted: Jan 13, 2015 7:22 PM

SHANGHAI (Reuters) - China is planning a new policy package to support the growth of "green" energy vehicles, including more charging stations and support infrastructure, the official Xinhua news agency said on Tuesday.

Xinhua quoted Zeng Xiaoan, a director at the Ministry of Finance, as saying that China would look to create a favorable environment for the sector through fiscal policy, and would also help to improve innovation in the sector.

China has been rolling out policies to encourage sales of green vehicles, hoping that the industry can help the country fight pollution and reduce the country's reliance on imported oil.

Its support has been a boon to firms such as Warren Buffett-backed BYD Co Ltd, the country's biggest maker of electric vehicles.

(Reporting by Brenda Goh; Editing by Richard Pullin)