Miao: 100b yuan boost to alternatives

BEIJING - The central government will spend 100 billion yuan over the next decade to support development of new energy and energy-saving vehicles in China, according to Miao Xu, 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.