4月1日起取消光伏等产品增值税出口退税

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration to cancel the VAT export tax rebate for photovoltaic products marks a significant policy shift in China's solar industry, reflecting the sector's maturity and competitiveness [1][2]. Group 1: Policy Changes - Starting from April 1, 2026, the VAT export tax rebate for photovoltaic products will be completely eliminated, with a transitional reduction for battery products from 9% to 6% until December 31, 2026, before being fully removed on January 1, 2027 [1][2]. - The export tax rebate policy for battery products has been adjusted, indicating a recognition of the unique characteristics of this segment within the industry [2]. Group 2: Industry Impact - The cancellation of the export tax rebate is seen as a measure to combat "involution" within the industry, as companies have shifted from aggressive low-price bidding to a more balanced supply-demand relationship, leading to price recovery [2]. - In the first ten months of 2025, China's total export value of photovoltaic products was $24.42 billion, reflecting a year-on-year decline of 13.2%, which is a significant improvement compared to a 34.5% decline in the same period of 2024 [2]. Group 3: Strategic Adjustments - The battery segment is expected to face greater operational strategy adjustments during the transition period, with companies likely to cut costs in response to the reduced rebate rate [3]. - The elimination of the rebate is anticipated to accelerate the phase-out of outdated production capacities lacking technological advantages, leading to more pronounced price elasticity and profit fluctuations in the battery segment compared to the module segment [3]. - The long-term outlook suggests a shift in China's renewable energy industry from merely exporting products to establishing localized production globally, prompting companies to expand their capacities in regions like Europe, the Middle East, and North America to mitigate trade barriers and rising domestic export costs [3].