China's solar energy manufacturers to benefit from tax breaks

In a move meant to shore up an industry beset with oversupply concerns and unsteady demand, the Chinese government announced plans last week to help support its solar power manufacturing sector with a system of tax breaks.

China's Ministry of Finance wrote on its website that solar power product makers will receive immediate refunds of 50 percent of value-added taxes, according to reports.

In August 2013, China's National Development and Reform Commission introduced subsidies for solar power plants.

China's top 10 makers of solar panels are about $16.34 billion in debt, according to reports. Chinese state news outlet Xinhua has called the photovoltaic industry "bloated."

Analysts say government support for the industry remains strong because solar power is a major employer in China.

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