China to Subsidize Alternative Energy Cars
China is subsidizing alternative- energy cars in five cities to increase their attractiveness for buyers to reduce reliance on fossil fuels and improve air quality. The government will provide as much as 50,000 yuan ($7,320) for purchases of plug-in hybrid models, which run partly on gasoline, and as much as 60,000 yuan for cars powered only by batteries, a statement on the Ministry of Finance's website said today. China, which became the world's biggest car market last year, aims to increase the annual production capacity of alternative-energy vehicles to half a million units by 2011 as part of efforts to cut oil imports and rein in pollution.
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