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China to build chargers to power 5 mln electric cars by 2020
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China announced on Friday that it will build enough charging stations nationwide to satisfy power demand from 5 million electric vehicles by 2020.
To accelerate construction, the government will encourage the use of private capital, allow charger makers to issue corporate bonds, and seek investment from pension funds, according to a guideline released Friday by the State Council, China's cabinet.
The move is the latest effort by the government to refuel the new energy vehicle sector, which has seen explosive growth in the past two years due to subsidies and tax cuts.
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