China launches application pilot program to boost hydrogen energy development

China announced on Monday the launch of a pilot program of the comprehensive application of hydrogen energy, aiming to boost the high-quality development of hydrogen sector and advance the country's green transition.

According to a circular jointly issued by three departments, including the Ministry of Industry and Information Technology, pilots should be applied by city clusters as the main participants. The central government will provide reward funds to these city clusters, with each pilot period lasting four years. The maximum reward for a single city cluster during the pilot period will not exceed 1.6 billion yuan (about 232 million U.S. dollars), according to the document.

The circular sets a goal of cutting end-user hydrogen prices to below 25 yuan per kg by 2030 -- and around 15 yuan in advantageous regions -- while fostering hydrogen power as a new driver of economic growth.

It also aims to have 100,000 fuel cell vehicles nationwide by 2030, double the 2025 level, according to the document.

China's hydrogen industry has progressed from "zero to one" but still faces challenges such as limited application scenarios, high costs, and difficulties in storage and transportation, the ministry noted. The pilot program will prioritize fuel cell vehicles, hydrogen-powered industrial applications, and innovative uses of hydrogen.

By the end of 2025, nearly 40,000 hydrogen fuel cell vehicles had been sold nationwide, placing China among the world's leading countries in the sector, the ministry said.

The U.S. dollar increased in late trading on Thursday.

The dollar index, which measures the greenback against six major peers, gained 0.29 percent to 98.813 at 3 p.m. (1900 GMT).

In late New York trading, the euro decreased to 1.1677 dollars from 1.1707 dollars in the previous session, and the British pound lost to 1.3405 dollars from 1.3516 U.S. dollars in the previous session.

The U.S. dollar bought 158.19 Japanese yen, higher than 157.9 Japanese yen in the previous session. The U.S. dollar increased to 0.7834 Swiss francs from 0.7823 Swiss francs, and it rose to 1.3724 Canadian dollars from 1.3716 Canadian dollars. The U.S. dollar climbed to 9.3495 Swedish kronor from 9.3279 Swedish kronor.