China to build charging stations to power electric cars

Beijing, Oct 9 (IANS) China will build enough charging stations by 2020 to satisfy power demand for five million electric vehicles.

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, Xinhua news agency reported citing a guideline released on Friday by the State Council, China’s cabinet.

The move is the latest effort to refuel the new energy vehicle sector, which has seen explosive growth in the past two years due to subsidies and tax cuts.