Local subsidies for NEVs may end: report

Updated 2017-12-19 11:30:18 Global Times

The central government is considering telling local governments to stop offering subsidies for new-energy vehicles (NEVs) and electric cars in order to discourage protectionism and help rein in government expenditure, Bloomberg reported on Monday, citing sources.

The Ministry of Finance is working on a plan that would make local authorities phase out the incentives, the people said on condition of anonymity. The plan to cut down the payments may be implemented as early as 2018, a source said.

A separate report by domestic news site cs.com.cn said on Sunday that Beijing could be the first city to stop offering such subsidies. The report said central fiscal subsidies would favor high-mileage, low energy-consumption vehicles but the scrapping of local-level subsidies next year is likely to happen.

Such a move could potentially hit companies such as BYD Co and BAIC Motor Corp, according to Bloomberg.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 15 2018 16:42:53

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 15 2018 16:42:53

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 15 2018 16:42:53

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords