China to Speed up Development of Wind Power Industry

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Last updated at: (Beijing Time) Thursday, May 09, 2002

China to Speed up Development of Wind Power Industry

China is going to carry out a preferential policy by cutting by half the value added tax levied on wind power generation industry. In accordance with the new taxation policy, wind power price will drop by 0.05-0.06 yuan on average, electricity price of newly-built wind power plants will be reduced to 0.50 yuan per KWH.

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China is going to carry out a preferential policy by cutting by half the value-added tax (VAT) levied on wind power generation industry.

In accordance with the new taxation policy, wind-generated electricity price will drop by 0.05-0.06 yuan on average, and electricity price of newly-built wind power plants will be reduced to 0.50 yuan per KWH.

Approved by the State Council, the policy is set jointly by the Ministry of Finance and State Administration of Taxation.

The move will bring about positive effects on China's wind power industry, according to experts.

Theoretically, reserves of China's wind energy resource stand at 3.226 billion KW, with an installed capacity of about 253 million KW, ranking first in the world.

But due to high cost and hefty investment, wind power-generated electricity is hard to compete with electricity generated with other resources, for example coal and water.

The State Economic and Trade Commission (SETC), an authority in charge of diversified industrial lines of China, decides to cut the VAT of wind-generated power, hoping to lend some competitive edge to it.

By PD Online Staff Li Yan

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