Supporting the consumption of NEVs is part of China's drive for a sustained recovery in consumption.
(Image credit: CnEVPost)
China will continue to support the consumption of new energy vehicles (NEVs), according to a government work report delivered today by Premier Li Keqiang.
The report marks the start of this year's two sessions - the annual meetings of China's top legislature and political advisory body - that will run through March 11.
The report, the most important guiding document for China's economy, offers no further content related to NEVs, but it is part of a push for a sustained recovery in consumption.
China will promote increased income for its residents through multiple channels, improve its income distribution system and boost its consumption power.
The country will promote the deeper integration of online and offline consumption, boost the recovery of life service consumption and develop new consumption models and modes, according to the report.
The report lists key development goals for China's economy this year, including a GDP growth rate of about 5.5 percent, more than 11 million new jobs and CPI being kept at about 3 percent.
China will push for an energy revolution and secure energy supplies, according to the report.
The country will also promote the research, development and application of green and low-carbon technologies, build green manufacturing and service systems, and promote energy conservation and carbon reduction in the steel, non-ferrous, petrochemical, chemical and building materials industries.
China's current major support policies for the NEV industry include purchase subsidies, although this year's subsidy intensity was reduced by 30 percent from last year as planned.
Starting in 2023, China will not continue to provide purchase subsidies for NEVs.
In addition, China is exempting the purchase of NEVs from the purchase tax. The policy will expire at the end of this year, but Chinese officials have previously signaled that it is expected to continue next year.