China has optimized coordinated fiscal, financial policies to boost domestic demand: finance ministry

China's coordinated fiscal and financial policies aimed at increasing domestic demand have been optimized and improved, a finance ministry official said on Friday.

New measures include expanding the scope of interest subsidies, increasing the number of agencies, and raising the upper limit on quotas, Vice Minister of Finance Liao Min told a press conference held by the State Council Information Office.

"First, we will expand the scope of interest subsidies. Fully taking into account the actual needs of enterprises, on top of the previous fixed-asset loans, we will also include newly issued working capital loans in the interest subsidy policy for small- and medium-sized enterprises. To better align with public consumption habits, various new credit card installment consumption transactions, including car purchases and home renovation, will also be brought under the policy's coverage," said Liao.

"Second, we will increase the number of handling agencies. The number of agencies handling interest subsidies on loans to small and medium-sized enterprises and loans to service business operators will be further increased, from approximately 100 to roughly 400. Third, we will further raise the upper limit on quotas. The maximum loan amount eligible for interest subsidies for small and medium-sized enterprises will be increased from 50 million yuan to 75 million yuan, and the maximum loan amount eligible for interest subsidies for service business operators will be raised from 10 million yuan to 20 million yuan. In addition, the maximum interest subsidy for individual consumer loans eligible under the policy will be increased from the previous 3,000 yuan to 5,000 yuan, so as to better meet the investment needs of business operators and the consumption needs of consumers," Liao added.

The Ministry of Finance is working on and formulating new policies and measures, which are expected to be introduced in the second half of this year, according to Liao.

"In line with the needs of economic development, we are continuing to research and formulate new policies and measures for fiscal and financial coordination, which will be rolled out in the second half of this year. At the same time, we are strengthening overall coordination efforts and will work together with the central bank and financial regulatory authorities to promote the normalization and long-term sustainability of fiscal-financial synergy," he said.

China has optimized coordinated fiscal, financial policies to boost domestic demand: finance ministry

China's largest ultra-high-altitude wind power project has been successfully connected to the power grid in Nagqu City, southwest China's Xizang Autonomous Region, as wind power deployment accelerates on the plateau alongside photovoltaics.

The high-altitude plateau brings strong winds, but the thin air makes it difficult to convert them into electricity. Moreover, the harsh and remote conditions present an added challenge to power storage, which is essential due to the intermittent nature of wind generation.

Developed by the China Energy Investment Corporation's Xizang Company, the Jicuo Wind Farm has met both of these challenges head on. In terms of storage, the project has successfully integrated a record-setting 100 megawatts of storage capacity.

The 18 wind turbines, standing at altitudes between 4,850 and 5,127 meters, were specially tailored for the ultra-high-altitude thin-air environment, with their rotor diameter enlarged to 200 meters -- noticeably larger than flatland models of the same capacity, so that the expanded swept area can capture as much wind energy as possible under low air density and capture even light winds.

That lets the wind farm take full advantage of the wind-rich area, where the average annual wind speed reaches 7.51 meters per second, and the maximum speed sees 42 meters per second.

Their power generation and control systems have also been optimized for greater operational stability under gusty and turbulent conditions.

"After the project is put into operation, it is expected to deliver about 211 million kilowatt-hours of clean electricity, save about 72,000 tonnes of standard coal, and reduce carbon dioxide emissions by about 196,000 tonnes annually. It is of great significance for enhancing the power supply capacity and stability of the Nagqu regional grid," said Hu Jiansheng, manager of Jicuo wind power project under Xizang branch of China Energy Investment Corporation.

The integrated project is expected to improve the power supply capacity and stability of the regional grid, ensure that farmers and herdsmen in Nagqu stay warm through the winter, and promote rural revitalization and economic and social development.

China's largest ultra-high-altitude wind power project connected to grid in Xizang

China's largest ultra-high-altitude wind power project connected to grid in Xizang