China Wednesday announced new loan policies for car purchases, allowing buyers of new-energy vehicles (NEVs) to borrow a larger portion of the purchase price.

 

本周三，中国公布一项汽车贷款新政策，新能源汽车买家将会有更高的贷款比例。

 

Starting in 2018, NEV buyers can borrow up to 85 percent of the cost from banks, according to the People's Bank of China and the China Banking¹ Regulatory Commission.

 

The maximum loan for cars using traditional fuel is set at 80 percent.

 

Purchase of fossil-fuel cars and NEVs for commercial use will enjoy smaller loan ratios of 70 percent and 75 percent, respectively, the notice said.

 

China, the world's largest auto² market, sees NEVs as a way to ease pressure on the environment. Measures are in place to encourage their use, including tax exemptions³, discounts and an order for government organizations to buy more of them.

 

Last year sales of pure electric vehicles surged 65.1 percent year on year to 409,000, accounting⁴ for 80 percent of new energy vehicle sales.

 

The State Council has said that China will build more than 12,000 new charging stations before 2020 to meet the needs of over 5 million NEVs.

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