Premier Li Keqiang first proposed the concept of a “new economy” on Feb 3, and he cited new energy vehicles to further elaborate on this new idea at the State Council executive meeting on Feb 24.

He said that traditional drivers of the economy have limited room to grow, but the new economy and the new drivers are flourishing, which is a challenge, but also an opportunity for the development of the Chinese economy.

“As long as we have confidence in the new economy, we should also have confidence in the future of the economy,” said the Premier.

He stressed that new energy vehicles is a representative sector in industrial areas of the “new economy”, and the booming development of new energy vehicles in recent years signals that the new economy is driving new development now.

In 2013, China had only 17,000 new energy vehicles, and that number has now increased to 379,000 units.

In 2015, among the top 10 global new energy passenger vehicle sellers, four were from China, and two of them were listed among the top three sellers.

“The big increase symbolizes the market’s huge demand, and all government departments should follow the trend to promote the new economy and create new drives for the economy,” the Premier said.

Developing new energy vehicles is a global trend, and now China has the rare opportunity to stand at the same level as other countries, he said.

The Premier also called on the government to relax restrictions on new energy vehicles and increase the number of new energy vehicles purchased by the government.

New energy vehicles are not subject to purchase quotas, and social capital is encouraged to invest in construction of charging facilities and battery recycling, he said.

In the building of Internet of Things, new energy vehicles should master key technologies, and move faster than other industries, said the Premier.