Electric car industry shares boom on government plan

Shares of companies related to the new energy car industry surged on Monday, hot on the heels of the news that China is working on a timetable to ban the production and sale of fossil fuel cars.

Xin Guobin, vice-minister of industry and information technology, told the International Forum on Chinese Automotive Industry Development in Tianjin that the ministry will draw up a timetable to ban the production and sale of fossil fuel cars.

"It will profoundly drive the development environment and momentum of China's auto industry," he said, and pointed out that the industry should pay attention to the issues of excessive production and innovation of core technology.