China to invest $15bln for green autos

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The Chinese government will invest more than 100 billion yuan to subsidize its eco-friendly car industry over the next decade.

According to a draft plan worked out by the Ministry of Industry and Information Technology, 60 billion yuan will be invested in the development of energy-saving technologies.

The government also plans to foster three to five major makers of energy-efficient cars, and two to three parts makers that can supply them.