China may invest US$14.7 billion in alternative-fuel vehicles

The Chinese government is considering investing more than 100 billion yuan (US$14.7 billion) in promoting the development and adoption of alternative-fuel vehicles in the country between 2011 and 2020. Shanghai Securities News says that the Ministry of Industry and Information Technology’s (MIIT) 10-year plan will be put forward for approval by the State Council later this month. The report added that through this initiative, China aims to become the world’s biggest market for renewable-energy vehicles over the next decade and hopes to produce 500,000 such vehicles annually from next year. (August 4, 2010)