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New policies to promote new energy vehicle development to be released soon (Shanghai March 12) – New policies to encourage new energy vehicle development will be released over the course of this year, the Beijing Times reported today, citing a statement made by Ministry of Industry and Information Technology Minister Miao Wei. The new policies will try to help alleviate the high costs new energy vehicle enterprises bear, helping them to make new innovations.

"Developing new energy vehicles involves intensive long-term planning," Mr. Wei said. "The Ministry of Industry and Information Technology is currently working on stimulatory policies exclusively aimed at the manufacture of energy efficient and new energy vehicles," he stated, adding that the department was striving to release the policies within the next few months.

Mr. Wei explained that energy efficient vehicles are measured primarily by their fuel economy, with vehicles with better fuel economy ratings being eligible for bigger subsidies. As for subsidies aimed at supporting development in new energy vehicle enterprises, there still needs to be work done to ensure that standards for government grants are strict yet effective.

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