China to maintain plan to cut subsidies for green cars: finance minister

Reuters News
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Posted: Jan 23, 2016 2:53 AM

BEIJING (Reuters) - China will maintain a plan to cut subsidies for new energy vehicles incrementally toward 2020, and allow the market to determine the direction of green car development by reducing the government's role, the finance minister said on Saturday.

China is seeking more private funds to develop new energy cars, and the country must break through local protectionism to promote innovation in the sector, Finance Minister Lou Jiwei said at an automobile industry conference.

(Reporting By Jake Spring, Writing By Megha Rajagopalan; Editing by Shri Navaratnam)