Foreign companies are likely to increase investment in China's booming electric vehicle industry after the government extended a tax waiver until 2020. Started in 2014 and originally due to expire at the end of 2017, the waiver applies to a 10 percent purchase tax on plug-in, petrol-electric hybrid and fuel-cell powered vehicles and is intended to "increase support for innovation and development in new energy vehicles," according to a Dec. 27 statement by the Ministry of Finance.
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