China's government will extend subsidies for trade-in vehicles to the end of this year, the Shanghai Securities News reported, citing unidentified people.

 
The government will also provide as much as 60,000 yuan ($8,789) to individuals purchasing an electric vehicle and as much as 50,000 yuan for hybrids, the newspaper said in a separate article.

The policy on traded-in vehicles was due to expire on May 31 after being introduced on June 1 last year.

China's government is also scheduled to release a new plan for subsidizing individual purchases of alternative-energy fueled vehicles by end of the month.