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China says to promote wind power by halving its VAT |
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| CHINA: April 30, 2002 | ||
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BEIJING - Energy-hungry China plans to halve the value-added tax it levies on wind-generated electricity to make it cheaper to develop the alternative power source, state-run Xinhua said yesterday.
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The planned move by one of the world's fastest growing economies, which is looking for a less polluting alternative to coal-fired electricity, would cut the average price for wind power by 0.05 to 0.06 yuan per kilowatt, the news agency said. China, which based its successful bid for the 2008 Olympics in Beijing on reducing urban pollution, is seeking ways to cut down reliance on coal, which accounts for about 70 percent of the vast country's electricity generation. Hydropower makes up about 17 percent and thermal power account for much of the remainder. The proposal had been approved by the State Council, China's cabinet, Xinhua said. China had the world's largest wind energy resources but had not fully exploited them because coal and hydropower were cheaper to tap, it quoted the State Economic and Trade Commission as saying. Analysts also expect liquefied natural gas (LNG) to gain ground in the world's most most populous country once state giant China National Offshore Oil Corp Ltd (CNOOC) has carried out plans to build the country's first LNG terminal. CNOOC has shortlisted three bidders for the terminal set to be built in China's southern province of Guangdong. Some analysts foresee wind power taking a big global market share over the coming decade as new countries adopt its use. So far, the global wind power market has been driven by Germany, Spain and Denmark - accounting for more than 60 percent of all installed wind turbines in the world last year - while North America has 15 percent.
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REUTERS NEWS SERVICE
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