Core Viewpoint - The 2025 Beijing International Wind Energy Conference highlighted ambitious wind power installation targets for the "14th Five-Year Plan" period, aiming for an annual increase of at least 120 million kilowatts, significantly exceeding previous expectations [2][4]. Group 1: Installation Targets - The "Wind Energy Beijing Declaration 2.0" sets a target of adding no less than 120 GW of new installed capacity annually during the "14th Five-Year Plan," with offshore wind power contributing at least 15 GW per year [2][4]. - By 2030, the cumulative installed capacity of wind power in China is expected to reach 1.3 billion kilowatts, a substantial increase from earlier projections [2][4]. - The declaration also outlines long-term goals, including a cumulative installed capacity of at least 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060 [4]. Group 2: Current Installed Capacity - As of the end of 2024, China's cumulative wind power installed capacity reached 521 million kilowatts, with onshore wind accounting for 480 million kilowatts and offshore wind at 41.27 million kilowatts [5]. - In the first nine months of 2025, the country added 61.09 million kilowatts of new wind power capacity, with expectations for the total to reach 115 million kilowatts by the end of the year [5]. Group 3: Industry Consensus and Policy Signals - The conference serves as a consensus platform for the wind power industry, bringing together key stakeholders, which helps shape strong policy expectations and action signals [8][9]. - The significant increase in quantified targets reflects a consensus within the industry and regulatory bodies regarding future constraints and past bottlenecks [8][9]. - Recent policy changes, including expedited approvals for offshore wind projects, indicate that previous obstacles are being addressed, facilitating faster project implementation [9]. Group 4: Tax Incentives - A new tax policy effective from November 1, 2025, will provide a 50% VAT refund for electricity produced from offshore wind, continuing support for this sector while phasing out similar benefits for onshore wind [11][13]. - This tax incentive is expected to provide substantial financial relief for offshore wind developers, enhancing their investment confidence [12][13]. Group 5: Project Development and Tendering - The development cycle for offshore wind projects typically spans 2-3 years, with actual construction taking about one year once projects are approved [15]. - As of September 30, 2025, the total tendered capacity for wind power in China reached 116.41 GW, with offshore wind accounting for 6.886 GW, indicating a resilient growth despite a decrease in overall tendering volume [17]. - The successful tendering of projects is a positive indicator for future installed capacity, suggesting that the industry is moving from planning to actual implementation [18].

Core Points - The Ministry of Finance, General Administration of Customs, and State Taxation Administration of China have jointly announced adjustments to the value-added tax (VAT) policy for wind power generation [1][2] - The adjustment reflects the achievement of policy goals, leading to the timely withdrawal of tax incentives for industries that no longer require them [1] - From November 1, 2025, to December 31, 2027, a 50% VAT rebate policy will be implemented for electricity products generated from offshore wind power [1] - The policy adjustment aims to enhance precision by retaining VAT incentives for offshore wind power while removing them for onshore wind power, aligning with the need for high-quality development of the marine economy [1] Industry Impact - The adjustments are focused on specific industries, regions, and entities, promoting a unified tax system and fair tax burden, which fosters a competitive market environment [2] - The changes are expected to improve the VAT system and support the upcoming implementation of the VAT law in 2026 [2]

Core Viewpoint - The announcement outlines adjustments to the value-added tax (VAT) policy for wind power generation and nuclear power, effective from November 1, 2025, to December 31, 2027, aiming to promote renewable energy and support the nuclear power sector [1][9]. Summary by Sections Wind Power VAT Policy - From November 1, 2025, to December 31, 2027, a VAT policy of immediate collection and 50% refund will be implemented for taxpayers selling electricity products generated from offshore wind power [1][9]. Nuclear Power VAT Policy - Nuclear power plants that officially commenced commercial operations before October 31, 2025, will continue to follow the existing VAT regulations as per the 2008 notice [1][9]. - For nuclear power plants approved but not yet operational by October 31, 2025, a VAT policy of prior collection and subsequent 50% refund will apply for ten years starting from the month after they begin commercial operations [1][9]. - Nuclear power plants approved after November 1, 2025, will not be eligible for the prior collection and subsequent refund VAT policy [1][9]. Policy Consistency - Any existing regulations inconsistent with this announcement will be superseded by this announcement, and previous notices regarding wind power VAT policy will be abolished effective November 1, 2025 [2][9].

Core Points - The announcement outlines adjustments to the value-added tax (VAT) policy for wind power generation and nuclear power plants in China, effective from November 1, 2025, to December 31, 2027 [1][6] - A 50% VAT immediate refund policy will be implemented for taxpayers selling electricity generated from offshore wind power [1][6] - Existing nuclear power plants that commenced commercial operations before October 31, 2025, will continue to follow previous VAT regulations, while newly approved nuclear plants after this date will not benefit from the VAT refund policy [1][6] Summary by Sections Wind Power - From November 1, 2025, to December 31, 2027, a 50% VAT immediate refund policy will apply to electricity products generated from offshore wind power [1][6] Nuclear Power - Nuclear power plants that are officially operational before October 31, 2025, will adhere to existing VAT regulations as per the 2008 notice [1][6] - For nuclear power plants approved before October 31, 2025, but not yet operational, a VAT refund policy will apply for 10 years post-commercial operation, with a 50% refund on paid VAT [1][6] - Nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [1][6] Regulatory Changes - The announcement supersedes previous regulations that are inconsistent with it, specifically the 2015 notice on wind power VAT policy, which will be abolished starting November 1, 2025 [1][6]

Core Viewpoint - The announcement from the Ministry of Finance, General Administration of Customs, and State Taxation Administration introduces a new VAT policy for offshore wind power products, effective from November 1, 2025, to December 31, 2027, allowing a 50% VAT refund for taxpayers selling self-produced electricity from offshore wind power [1][2]. Summary by Sections VAT Policy for Offshore Wind Power - From November 1, 2025, to December 31, 2027, a 50% VAT refund policy will be implemented for taxpayers selling self-produced electricity generated from offshore wind power [1]. Nuclear Power Tax Policy - Nuclear power units that officially commence commercial operation before October 31, 2025, will continue to follow existing VAT regulations as per previous notifications. For nuclear power units approved before this date but not yet operational, a VAT refund policy will apply for 10 years post-commercial operation, with a 50% refund on paid VAT [1]. - Nuclear power units approved after November 1, 2025, will not be eligible for the VAT refund policy [1]. Repeal of Previous Regulations - The announcement states that existing regulations inconsistent with this new policy will be superseded, and previous notifications regarding wind power VAT policies will be abolished starting November 1, 2025 [2].

Core Points - The Ministry of Finance and two other departments announced a new VAT policy for offshore wind power and nuclear power generation, effective from November 1, 2025, to December 31, 2027 [1] Group 1: Offshore Wind Power - From November 1, 2025, to December 31, 2027, a 50% VAT refund policy will be implemented for taxpayers selling electricity products generated from offshore wind power [1] Group 2: Nuclear Power - Nuclear power plants that officially commence commercial operations before October 31, 2025, will continue to follow existing VAT regulations as per the 2008 notice [1] - For nuclear power plants approved before October 31, 2025, but not yet operational, a VAT refund policy will apply for 10 years post-commercial operation, with a 50% refund on paid VAT [1] - Nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [1]

Core Points - The Ministry of Finance and two other departments announced a new VAT policy for offshore wind power and nuclear power generation, effective from November 1, 2025, to December 31, 2027, which includes a 50% VAT refund for offshore wind power sales [1] - Existing nuclear power plants that commenced commercial operation before October 31, 2025, will continue to follow previous VAT regulations, while newly approved nuclear plants after this date will not benefit from the VAT refund policy [1] Group 1 - From November 1, 2025, to December 31, 2027, a 50% VAT refund policy will be implemented for taxpayers selling electricity generated from offshore wind power [1] - Nuclear power plants that are commercially operational before October 31, 2025, will adhere to the existing VAT regulations, while those approved but not yet operational will have a VAT refund policy for the first ten years post-commissioning [1] - The announcement supersedes previous regulations regarding VAT for wind power and nuclear power, specifically nullifying the 2015 VAT policy for wind power [1]

Core Points - The Ministry of Finance and two other departments announced a new VAT policy for offshore wind power generation, effective from November 1, 2025, to December 31, 2027, allowing a 50% immediate VAT refund for taxpayers selling self-produced electricity from offshore wind [1] - Nuclear power plants that officially commence commercial operations before October 31, 2025, will continue to follow existing VAT regulations as per the 2008 notice [1] - For nuclear power plants approved before October 31, 2025, but not yet in commercial operation, a VAT refund policy will apply, allowing a 50% refund of the tax paid for the first ten years after commercial operation begins [1] - Nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [1]

Core Points - The announcement from the Ministry of Finance and other departments introduces a new VAT policy for offshore wind power products, effective from November 1, 2025, to December 31, 2027, allowing a 50% immediate VAT refund for taxpayers selling self-produced electricity from offshore wind [1][3] - Existing nuclear power plants that have officially commenced commercial operations before October 31, 2025, will continue to follow the previous VAT regulations as per the 2008 notice [1][3] - Nuclear power plants approved but not yet operational by October 31, 2025, will benefit from a VAT refund policy for 10 years post-commercial operation, with a 50% refund on paid VAT [1][3] - New nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [1][3] - Previous regulations conflicting with this announcement will be superseded, and earlier notices regarding wind power VAT policies will be abolished from November 1, 2025 [3][4]