China to Spend 29 Billion on Green Cars. BLING! BLING!
Perhaps one of the most exciting things about living in China is seeing the speed by which it is willing to leapfrog old technologies and invest in new.
and, if true, the article China prepares $29 billion for green car projects, is just another example of how fast leaders in China are willing to react while others do not.
No means a silver bullet in itself, the plan calls for:
Initially the money will be used to subsidize development, promotion and maintenance of new energy vehicles in public transportation, public services & facilities and postal services, and then it will be expanded into private car sector, said Wang Baoan, Director of General office of the Ministry of Finance.
The country has already decided to put 60,000 domestically made new-energy vehicles on trial run in 11 cities in the next few years, as reported by medias.
Wang said the ministry also plans to offer preferential tax policies for automakers who develop fuel efficient cars and consumers who buy low-carbon green cars will get more subsidy than those who choose less efficient cars.
Perhaps the US government and Big 3 automakers will take this as a sign. A sign that if regualtions are not improved, incentives not given, and support not provided, it will be someone else holding the keys to the future of the automotive industry.
More over at the Shanghai Daily
Hi Rich, I saw this too and the numbers looked so incredible I had to trace the original Chinese source. This is not the Jinghua (??) article itself, but it is a Chinese article People’s Daily quoting Jinghua, so just as credible, and I suspect there was a translation error. It appears to be 20 billion yuan (which is 2oo?), and not 200 billion yuan.
http://auto.people.com.cn/GB/1049/8428798.html
Julian.
I am always running into the numbers thing in China.
if ? = 100 million, and they are saying 200?, then that is
200 x 100,000,000 = 20,000,000,000
and as Ed McMahon used to say.. You are Correct!
so.. roughly 3 billion USD