energy industry: Authorities should be vigilant about this, according to Global Times China. With China gradually scaling back subsidies for electric vehicles and their manufacturers, the development of hydrogen-powered cars has become a new hot spot for investment in the new energy industry. While there are companies with real R&D and innovation capabilities among them, there are also companies that aim to gain government support through fiscal subsidies and financing under the guise of innovation. According to statistics from the Society of Automotive Engineers of China, investment and planned investment for the domestic hydrogen fuel cell industry exceeded 85 billion yuan 12.31 billion in 2018. Yet this industrial enthusiasm also led to the recent farce surrounding the so-called water-hydrogen engine, which struck a blow to the development of hydrogen-powered vehicles. Since the beginning of this year, East China's Shandong Province, Northeast China's Jilin Province, and cities like Chengdu, capital of Southwest China's Sichuan Province, have rolled out plans to develop hydrogen valleys or hydrogen cities, while North China's Shanxi Province, East China's Zhejiang Province and other regions have issued hydrogen energy industry plans to enhance support for relevant industrial chains.
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Tagged under energy industry, subsidies financing topics.