The Chinese government will invest over CNY100bn (US$14.8bn) to subsidise its fledgling environmentally friendly car industry over the next 10 years, the Shanghai Securities News reported on Wednesday.
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According to a draft plan worked out by the Ministry of Industry and Information Technology, CNY60bn will be invested in the development of energy-saving technologies, the newspaper said, citing unnamed sources, according to a Reuters report.
The remainder is earmarked to fund the construction of infrastructure to support energy-saving vehicles in select cities, among other projects, it said.
The government also wants to encourage three to five major makers of energy-efficient cars and two to three parts makers that can supply them, it added.
