China to offer subsidies to boost photovoltaic market
China has said it is considering investing more than 3 trillion yuan (US$440 billion) in the renewable energy sector by 2020, although detailed plans have yet to be fleshed out.
"Fiscal subsidies will be offered to speed up the launch of the domestic photovoltaic market," the ministry said in a statement posted on its website www.mof.gov.cn.
It did not elaborate.
The statement also cited Zhang Shaochun, a vice-finance minister, as telling an internal working meeting that China would adapt a mix of policies, especially fiscal and tax ones, to promote new energy development and help reduce pollution.
"We should concentrate our efforts to support new energy and energy-saving industry in order to take hold of the commanding ground of the new emerging industries," he was quoted as saying.
China will offer subsidies to cars using new energy in 13 cities, including Beijing and Shanghai, according to the statement.
It also said that China would build more large-scale wind-power bases and offer awards to areas that work well in eliminating outdated industrial capacities in 13 sectors such as power and steel.
Related News
Victims of California's mega-fire will sue electricity company
LOS ANGELES - Victims of California's most destructive wildfire have filed a lawsuit accusing Pacific Gas & Electric Co. of causing the massive blaze.
The suit filed on Tuesday in state court in California accuses the utility of failing to maintain its infrastructure and properly inspect and manage its power transmission lines.
The utility's president said earlier the company doesn't know what caused the fire, but is cooperating with the investigation by state agencies.
PG&E told state regulators last week that it experienced a problem with a transmission line in the area of the fire just before the blaze erupted.
A landowner near where…
