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Posted on Nov 12, 06:54PM | IANS
China plans to launch more solar projects in the country to boost growth following trade obstacles in the US and Europe, a media report said Monday.
The finance ministry, technology ministry, housing ministry and urban-rural development ministry plan to approve projects that have more than one gigawatt installed capacity.
Once they get approval in June, people using solar energy will get a subsidy of about 7 yuan (USD 1.3) per watt. In rural areas people will get a subsidy of 25 yuan per watt.
Industry profits have suffered in recent years because of a supply glut, the China Daily reported.
The US and possible EU duties on Chinese solar products also put pressure on Chinese companies. Experts believe the domestic market will be crucial to their future.