-- More support for NEV industry

On April 23, China announced it will extend tax exemptions on new-energy vehicle (NEV) purchases by an additional two years to better promote the sector's development and boost car sales.

The tax exemptions, which were set to expire at the end of this year, will continue from Jan 1, 2021 until Dec 31, 2022, for electric, plug-in hybrid and fuel cell-powered vehicles, according to a statement jointly issued by the Ministry of Finance, State Taxation Administration and Ministry of Industry and Information Technology.

Meanwhile, value-added taxes on the sale of old vehicles by second-hand vehicle dealers will be decreased to 0.5 percent of the sales volume from May 1 to the end of 2023.