New-energy vehicle policy shifts gears

China adjusted its subsidy program for new-energy vehicles on Tuesday, with the scope and depth of the policy narrowing.

The move is in line with earlier remarks made by a senior official indicating that the country would shift the direction of the financial backing program for the sector.

The long-awaited blueprint, which was issued by four ministries led by the Ministry of Industry and Information Technology and the Ministry of Science and Technology, will resume the three-year purchase incentive that ended last year, in a bid to help electric vehicles gain further traction.