BEIJING - The central government will spend 100 billion yuan ($14.87 billion) over the next decade to support development of new energy and energy-saving vehicles in China, according to Miao Wei, head of the Ministry of Industry and Information Technology.
The plan - which would make China a global leader in funding new energy vehicles - has been finalized and is likely to be unveiled in the first half of 2011 after approval from the State Council, Miao said.
According to Shanghai Securities News, about 50 billion yuan will be used for research and development, with rest used to nurture the market, produce components and build new-energy infrastructure in pilot cities.
The plan was first proposed in the latter half of last year.
By 2020, China is expected to be the world's largest market for energy-saving vehicles - some 20 million electric, hybrid and other types of automobiles
Planners aim to have more than 1 million hybrid passenger vehicles on the road in the next five years, up from the 500,000 units in the draft plan.
From 2016 to 2020, China will focus on increasing fuel efficiency to equal top international standards.
The country also aims to have three to five major new energy automakers with self-owned intellectual property rights and strong competitiveness in the global market.