Shenzhen to invest 5b RMB to develop new energy vehicle market
The city of Shenzhen, Guangdong has become the first city in the country to release legislation targeting new energy vehicles in 2015. Among the legislation are policies to invest 5 billion RMB ($813.53m) to expand the new energy vehicle market in the city.
Li Youhuan, director of the Guangdong Academy of Social Sciences’ Research Center, stated that the new policies will help decrease reliance on foreign oil, promote innovation and boost confidence in the country.
Shenzhen has previously received a lot of attention for controversial policies in the past, such as allocating 20,000 of its 100,000 registration plates specifically for new energy vehicles on an annual basis.
Shenzhen also has plans to further construct its charging infrastructure, in order to promote development. The city currently has 81 charging stations and nearly 3,000 slow charging posts. However, that number is only a fraction of the city’s target. According to the Shenzhen Municipal Development and Reform Commission, 1,800 new charging posts will be constructed in the city by the end of 2015.
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