China Ready To Pump Up Its Solar Market With $440 Billion

solar china ladies

China will offer government subsidies to enhance the development of the domestic photovoltaic market, in a move to help China tap more clean and new energy, the Finance Ministry said on Thursday.

China has said it is considering investing more than 3 trillion yuan ($440 billion) in the renewable energy sector by 2020, although detailed plans have yet to be fleshed out.

Check out China’s clean energy push in more detail —>>>

“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said that China would build more large-scale wind-power bases and offer awards to areas that work well in eliminating outdated industrial capacities in 13 sectors such as power and steel.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.