China's Ministry of Finance and State Taxation Administration have announced a reduction in the export tax rebate for photovoltaic products. 1, the rebate for unassembled solar cells (HS Code 85414200) and assembled PV modules (HS Code 85414300) will drop from 13% to 9%.
China's Ministry of Finance and State Taxation Administration have announced a reduction in the export tax rebate for photovoltaic products. Starting Dec. 1, the rebate for unassembled solar cells (HS Code 85414200) and assembled PV modules (HS Code 85414300) will drop from 13% to 9%.
At the 13% rate, China's solar PV businesses will have received tax rebates totalling USD 3.43 billion. This would be reduced by just over USD 1 billion at the new 9% rate.
Starting December 1, 2024, China will reduce the export tax rebate rate for solar cells and panels from 13% to 9%. This change will lead to a 4% increase in the price of solar panels imported from China. As a result, many companies are expected to actively establish solar panel manufacturing plants outside of China.
Gantan Technology, a blog on emissions-reduction technology, noted that in the first three quarters of 2024, China exported a total of USD 26.36 billion worth of solar PV products. At the 13% rate, China's solar PV businesses will have received tax rebates totalling USD 3.43 billion.
From 1 December 2024, the export tax rebate rate will drop from 13% to 9% on some PV and batteries products. Image: Rinson Chory, via Unsplash. China's Ministry of Finance and the State Administration of Taxation have issued an “Announcement on Adjusting the Export Tax Rebate Policy”.
Southern Weekend quoted a solar PV industry insider as saying that the export tax rebate policy for the industry should be completely abolished because “China's solar PV industry has developed to a mature stage and is the major player in the business”.
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Over the past decade, China's solar panel manufacturers have faced several cyclical market downturns and price wars. These challenges have not hindered their progress but instead served as opportunities to refine their strengths, enhance technological capabilities, and optimize industry structures.
The following are the top solar panel manufacturers in China as of 2024. Jinko Solar Co., Ltd., now officially known as Jinko Solar Holdings Co., Ltd., was established in 2006 and is headquartered in Shangrao, Jiangxi Province, covering an area of over 500 acres.
In conclusion, China's solar panel manufacturing industry stands at the forefront of global renewable energy efforts, offering a vast array of high-quality products from leading manufacturers like Primroot.com, Jinko Solar, Trina Solar, and LONGi Green Energy.
Jiangsu Province is renowned as one of China's largest solar panel manufacturing hubs. Located on the east coast, it has the advantage of being near ports, which facilitates the ease of exporting solar panels. The province hosts a multitude of solar panel manufacturers in China, including Trina Solar, one of the world's largest.
A notable development in trade policy is the introduction of a 24-month moratorium on anti-circumvention duties for Chinese-branded solar panels and cells imported from countries like Vietnam, Malaysia, Thailand, and Cambodia. These countries had previously been seen as avenues for circumvention of tariffs on Chinese solar products.
The Chinese solar industry is not only vast but also growing rapidly, with projections indicating that the installed solar photovoltaic (PV) capacity in China could reach nearly 2,000 gigawatts by 2029, reflecting a compound annual growth rate (CAGR) of over 26%.
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