China to Subsidize Electric Car Battery Development, CBN Says

China’s State-owned Assets Supervision and Administration Commission will subsidize government-controlled companies for electric car battery development, the China Business News reported,citing an unidentified person close to the commission.

Companies that may benefit from the subsidy include China National Offshore Oil Corp., China Aerospace Science and Technology Corp. and Aviation Industry Corp. of China, the newspaper reported, without saying where it got the information.

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