China launches incentive program to support electric vehicle industry. About this reports Bloomberg.
Beijing is rolling out a large-scale stimulus program aimed at supporting the development of China's electric vehicle industry. This step is aimed at the modernization of industrial and household equipment in the country.
The incentive plan, which is known as one of the main ones this year, provides a number of measures to increase the use of electric vehicles in households and in industry. Following President Xi Jinping's proposal to help upgrade old equipment, the government is scrambling to flesh out the details of the initiative.
Therefore, this plan provides for the replacement of outdated equipment with energy-efficient analogues, supports consumer spending and business investments.
Although specific amounts were not specified, the program provides a number of measures for financial support, including subsidies for buyers of electric cars and other energy-efficient vehicles.
The program is aimed at stimulating domestic consumption and investment, which has a positive impact on economic growth. It can also help balance the economy by reducing reliance on investment and fostering the development of the domestic market.
The program also provides for higher standards in the field of recycling of old equipment, which will promote an environmentally friendly industry and help reduce pollutant emissions.
The program is expected to boost China's economic growth and reduce trade tensions with other countries. It can also contribute to the development of technological industries and environmentally friendly industry.