China will launch a series of incentives to support the development of electric and hybrid cars, including an annual subsidy of CNY1 billion-CNY2 billion, the Ministry of Finance said Tuesday.

" China will allocate CNY1 billion-CNY2 billion to specifically support the industrialization of certain qualified new energy cars and support the establishment of a research center and an industrial chain for new energy cars," the ministry said in a statement.

China will continue to promote energy-efficient buses in more cities and will ask some cities to exclude new energy cars from rules on the number of vehicles consumers are allowed to buy, it said.

Currently, Beijing and Shanghai impose purchase limits on cars to help ease traffic congestion and reduce pollution.

The ministry said it would also ask cities to launch preferential policies covering parking fees, charging fees and road tolls for new energy cars as soon as possible.

China has offered several incentives to boost the development of electric and hybrid cars, including subsidies of CNY120,000 ($19,039) on the purchase of the battery-powered e6 MPV produced by BYD Auto, the automobile manufacturing unit of Shenzhen-based BYD Co.
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