On 23 April, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and the National Development and Reform Commission jointly issued a circular (Cai Jian No. 86 [2020]), extending subsidies on new-energy vehicle (NEV) purchases to the end of 2022, rather than ending them at the end of this year. Subsidies will be cut by 10%, 20% and 30% from preceding year in 2020, 2021 and 2022 respectively. More
