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On March 26, China’s Ministry of Finance, Ministry of Industry and Information Technology (MIIT), Ministry of Science & Technology, and National Development and Reform Commission (NDRC) jointly made an announcement on further improving the financial policies for subsidizing and promoting new energy vehicles. After a transitional period from March 26 to June 25, the new policy will be put into effect.
According to the announcement, those new energy vehicles meeting the technical requirements of 2018 but unable to meet those of 2019 are eligible for 10% of the subsidies set in 2018 (Caijian(2018) No.18). Those new energy vehicles meeting the technical requirements of 2019 can get 60% of the subsidies set in 2018 (Caijian(2018) No.18).
Also the highest amount of subsidies to a new energy bus is lowered to 90,000 RMB. The subsidies fall into three different categories (0.8, 0.9 and 1).
The subsidizing standards for fuel cell buses in 2019 are yet to be released, which are expected to be different from the current new energy city bus subsidizing standards.
According to the announcement, new energy vehicles eligible for subsidies have to meet the unprecedentedly high technical requirements. After the transitional period, subsidies for new energy vehicles will be greatly slashed.