New PV stimulus package to offset EU barriers (4)

FINANCING NEEDED

The government said Monday that it will subsidize on-grid solar electricity for 20 years, as well as provide tax breaks to PV companies that are participating in mergers, acquisitions or reorganization.

Banks will be encouraged to finance PV companies with independent intellectual property rights, advanced technology and high potential, according to the statement.

Industry insiders have expressed hope that supportive taxation, subsidy and financing measures will be implemented as soon as possible.

"A lack of subsidies, as well as poor financing and sales for on-grid solar electricity, are restricting the development of the domestic PV market," said Tong Xingxue, president and chief executive officer of LDK Solar, a leading Chinese PV company.

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