Report on the Implementation of China's Fiscal Policy in the First Half of 2021

The Report on the Implementation of China's Fiscal Policy in the First Half of 2021 issued by the Ministry of Finance contains the following objectives and orientations :

1. In 2021, the subsidy standard for new energy vehicles will be reduced by 20% from the 2020 level.

2. Optimize the renewable energy power generation subsidy policy, issue a renewable energy tariff additional subsidy with a budget of 89 billion CNY to support solar PV, wind power and other renewable energy power generation.

3. From 2021, new centralized photovoltaic power plants, industrial and commercial distributed photovoltaic projects and onshore wind power projects will enter a new phase of large-scale promotion and application.

4. Reduction of subsidies for biomass power generation projects that do not meet emission standards.

5. Support unconventional natural gas extraction.

6. Issued clean energy development special funds budget of 6.01 billion CNY for 2021, to take incremental assessment of the ladder of incentives to encourage local and corporate gas production.

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