Improvement of fuel subsidy policy for urban public transport vehicles in support of the accelerated deployment of New Energy Vehicles (NEVs)
The notice stipulates the adjustment of fuel subsidy policy for refined oil for buses in urban areas from 2015 onwards in order to accelerate the [competitiveness and] deployment of new energy vehicles (NEVs) through structural changes of the bus industry. The policy package consists of the following policy measures:
- Adjusting current fuel subsidies for urban buses (subsidies will be reduced by 15% in 2015, 30% in 2016, 30% in 2016, 40% in 2017, 50% in 2018, and 60% in 2019)
- Linking fuel subsidy adjustment to deployment of NEV buses, i.e. the proportion of NEV buses in new and replaced buses should increase from 10% in 2015 to 30% in 2019
- The available funds from reduced fuel subsidies should be re-allocated urban bus subsidies.
Central government will grant NEV bus subsidies
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