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China Sets Up Special Fund for Renewable Energy
China sets up special fund for renewable energy
http://www.redorbit.com/news/science/537690/china_sets_up_special_fund_for_renewable_energy/index.html?source=r_science
BEIJING, June 13 (Xinhua) -- China's Ministry of Finance (MOF) and State
Development and Reform Commission (SDRC) are in talks to establish a special
fund for the development of renewable energy, the China Securities Journal
reported on Tuesday.
Citing anonymous sources with China's Wind Power Association, the
Beijing-based newspaper said the fund would speed up development of
renewable energy resources, although the size of the fund was unavailable.
It said local governments hoping to benefit from the fund must apply to the
MOF. Once their applications were approved by the ministry and the SDRC, the
fund and provincial-level governments would have to contribute money as
required.
Vice Minister of Finance Zhu Zhigang was quoted as saying that China would
"greatly support" research into and development of biological, solar and
wind energy.
The government had already implemented a series of preferential tax policies
for companies involved in the renewable energy industry, including halving
the standard rate of value-added tax, said the newspaper.
In Inner Mongolia and Xinjiang Uygur autonomous regions, some local
governments even offered value-added tax exemptions to renewable energy
firms.
Sichuan and Yunnan provincial governments and Chongqing Municipality, which
have pioneered the development of biological energy, are considering
long-term development plans to make full use of the fund, said the
newspaper.
(c) 2006 Xinhua News Agency - CEIS. Provided by ProQuest Information and
Learning. All rights Reserved.
Source: Xinhua News Agency - CEIS
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