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China slashes subsidies for electric vehicles to boost high-quality development

China will reduce subsidies for new energy cars in a move to support high-quality development of the industry and boost innovation.

According to a joint statement released by government agencies led by the Ministry of Finance and the top economic planner - the National Development and Reform Commission on Tuesday, the subsidy for pure battery electric cars with a driving range of 400 kilometres and above will be cut by 50 per cent to 25,000 yuan per vehicle from 50,000 yuan.

The subsidy for cars with a driving range of 250 kilometres and above but below 400 kilometres . . .

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