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Food & Beverage / 餐饮食品

Imported food and health-food registration, filing and labelling compliance in China (2026)

  • GACC Decree No. 280 (effective 1 June 2026) replaces Decree No. 248 (2021) and upgrades China’s overseas food-establishment registration into a dynamic, risk-graded, whole-chain system.
    海关总署第280号令（2026年6月1日施行）取代248号令（2021），将进口食品境外生产企业注册升级为动态、风险分级、全链条管控体系。
  • Seventeen food categories require official recommended registration (e.g. meat, aquatic products, dairy, health food, special-diets); the “unroasted coffee beans and cocoa beans” category was removed, leaving 17 categories.
    17类食品须官方推荐注册（如肉类、水产品、乳品、保健食品、特殊膳食）；”未烘焙咖啡豆与可可豆”被调出，现为17类。
  • Registration is valid for five years with a new mainly-automatic renewal; only meat and bird’s-nest products are on the non-auto-renewal list requiring re-review.
    注册有效期5年并引入以自动延续为主的机制；仅肉与肉制品、燕窝与燕窝制品列入不予自动延续清单，须重新审核。
  • A new “list registration” (清单注册) route lets enterprises in recognised, cooperation-agreement countries obtain batch registration via their home authority, shortening lead times.
    新增”清单注册”方式，对获认可且签协议国家的企业，可由所在国主管当局提交推荐清单批量注册，缩短周期。
  • At import declaration, the overseas establishment’s China registration number must be entered in field 519 (“imported-food overseas producer registration”); failure to file correctly is rejected by customs.
    进口申报时须在”产品资质”栏（代码519）填报境外企业在华注册编号；填报不规范海关不予受理。
  • Health food (保健食品) still requires SAMR/NMPA registration (non-catalogue or first-time import) or filing (vitamin/mineral catalogue); cross-border supplements face tightening “soft” controls on full-ingredient declaration and key monitored substances.
    保健食品仍须SAMR/NMPA注册（非目录或首次进口）或备案（维矿目录）；跨境保健品在全成分申报与重点监管成分方面面临收紧的”软约束”。

Imported food and health-food registration, filing and labelling compliance in China (2026) | 2026 进口食品

Overview

For a foreign food or supplement brand, the binding constraint to entering China is rarely capital — it is the registration-and-labelling lead time. The system changed materially on 1 June 2026, when the General Administration of Customs (GACC) Decree No. 280 replaced Decree No. 248 (2021). This article explains the 2026 registration architecture, the declaration mechanics, label rules, and the special regime for health food (保健食品) and cross-border supplements.

Market context

China’s imported-food market is large and growing — total import value rose from RMB 1.25 trillion (2021) to RMB 1.32 trillion (2025), with over 96,000 overseas establishments from 178 countries/regions registered as of the 280-command briefing. GACC’s overseas-establishment registration is the source-control backbone: without a valid China registration number, goods are not declarable. On top of GACC, imported health food must clear SAMR/NMPA registration or filing, and all prepacked food must carry a compliant Chinese label.

Key 2026 developments

Decree No. 280 takes effect (1 June 2026). GACC Decree No. 280 (*Measures for the Administration of Registration of Overseas Food Producers Imported into China*) was promulgated on 14 October 2025 and repeals Decree No. 248 from 1 June 2026. The shift is from “fixed catalogue + strict prior review” toward “dynamic risk grading + categorised management + whole-chain supervision.”

Categories and the official-recommended list. The official-recommended registration catalogue now covers 17 categories: meat and meat products; casings; bird’s-nest and products; bee products; eggs and egg products; edible oils; stuffed pasta; edible cereals; cereal milling and malt; dehydrated vegetables; seasoning powders; nuts and seeds; dried fruits; special dietary foods; health food; dairy; and aquatic products. The prior “unroasted coffee beans and cocoa beans” category was removed, reducing the count from 18 to 17. Categories outside the official list may be self-filed or filed via an agent under the Decree.

Renewal and the non-auto list. Registration remains valid for five years, but a mainly-automatic renewal mechanism was introduced: most enterprises renew automatically without active application, markedly improving trade facilitation. Only meat and meat products, and bird’s-nest and products, are on the non-auto-renewal list and require re-review. Where a country’s competent authority’s supervision fails, GACC may directly suspend that country’s relevant imports.

“List registration” (清单注册). For countries/regions whose food-safety system is recognised by China and that have signed a cooperation agreement, enterprises may be batch-registered via a recommended list submitted by the home authority — a green channel that shortens the compliance cycle for qualified suppliers.

Declaration mechanics. For goods imported for human consumption or as food-processing raw material, the customs declaration must enter the overseas producer’s China registration number in the “product qualification” field under “imported-food overseas producer registration” (licence category code 519), and “食用” in the “use” field. Non-compliant filing is rejected. For officially-recommended producers, products made within the valid registration period are declarable (including products made before expiry that remain within shelf life); suspended, cancelled or revoked producers’ goods shipped before the action are unaffected.

Labelling. Prepacked food sold in China must carry a Chinese label compliant with GB 7718 (general labelling) and GB 28050 (nutrition labelling), showing name, ingredients, net content, manufacturer, production date, shelf life, storage, and the food-production/operation licence number. Imported food must print the GACC overseas-registration number on the Chinese label. A licence-compliant printed label — not a foreign-language-only pack — is mandatory before the first shipment.

Health food (保健食品). Products using raw materials outside the health-food raw-material catalogue, and first-time imported health foods, require SAMR/NMPA registration supported by safety, function and quality-control evidence. Products that only supplement vitamins and minerals using the catalogue may be filed rather than registered. Approved products receive a registration/filing number that must appear on the label with the statement that the product cannot replace medicine.

Cross-border supplements — tightening “soft” controls. Decree No. 280, Article 30, states cross-border e-commerce retail imports are handled “under relevant provisions” and are not pulled into the general-trade strict registration system. However, complementary controls are tightening: full-ingredient (including excipient) declaration with consistency checks against registration/filing and test reports; a “key monitored substance list” (e.g. NMN, CoQ10, melatonin, glutathione, ashwagandha, berberine) requiring country-of-origin compliance evidence; and a requirement that overseas producers of cross-border supplements complete China registration for bonded-warehouse filing. Goods transiting Hong Kong face “inspect-on-transit” checks requiring complete origin and logistics documents.

Practical steps

  1. Confirm your category’s registration route — 17 official-recommended categories need home-authority recommendation; others may self-file.
  2. Register via CIFER (https://cifer.singlewindow.cn) early; appoint a China Responsible Agent if required (generally expected since September 2024).
  3. Build the compliant Chinese label to GB 7718 / GB 28050 and include the GACC number before the first shipment.
  4. For health food, choose registration vs filing and obtain the SAMR number before any claim or sale.
  5. Prepare declaration data — China registration number in field 519 and “食用” in use; keep registration valid through the shipment window.
  6. For cross-border supplements, plan for full-ingredient declaration and key-substance evidence, and complete producer registration for bonded warehousing.

Related reading

  • Foreign F&B brand entry paths and food-safety compliance (see article 154).
  • Supply-chain localisation and central-kitchen compliance for chain restaurants (see article 156).

Sources

2026 进口食品

概述

对外国食品或保健食品品牌而言，进入中国的真正约束通常不在资本，而在注册与标签的前置周期。这一体系在2026年6月1日发生实质变化——海关总署第280号令取代第248号令（2021）。本文解析2026年的注册架构、申报机制、标签规则，以及保健食品与跨境保健品的特别制度。

市场背景

中国进口食品市场体量庞大且持续增长——进口额由2021年1.25万亿元升至2025年1.32万亿元；据280号令发布会，截至当时全球已有178个国家（地区）9.6万余家食品企业在华注册。海关境外生产企业注册是源头管控支柱：无有效在华注册编号，货物不可申报。在GACC之上，进口保健食品还须通过SAMR/NMPA注册或备案，所有预包装食品须有合规中文标签。

2026年核心进展

280号令施行（2026年6月1日）。 海关总署第280号令（《进口食品境外生产企业注册管理规定》）于2025年10月14日公布，自2026年6月1日起废止248号令。监管从”固定目录+事前严审”转向”动态风险分级+分类管理+全链条监管”。

类别与官方推荐注册目录。 须官方推荐注册的目录现涵盖17类：肉与肉制品、肠衣、燕窝与燕窝制品、蜂产品、蛋与蛋制品、食用油脂、包馅面食、食用谷物、谷物制粉和麦芽、脱水蔬菜、调料粉、坚果与籽类、干果、特殊膳食食品、保健食品、乳品、水产品。原”未烘焙咖啡豆与可可豆”类被调出，由18类降为17类。目录外类别可由企业自行或委托代理按令申报。

延续与不予自动延续清单。 注册有效期仍为5年，但引入以自动延续为主的机制：多数企业无需主动申请即可自动延续，显著提升便利化。仅肉与肉制品、燕窝与燕窝制品列入不予自动延续清单，须重新审核。若所在国主管当局监管失效，海关可直接暂停该国相关食品进口。

“清单注册”方式。 对食品安全管理体系获中方认可且签署合作协议的国家（地区），其企业可通过所在国主管当局提交推荐清单批量注册——为合格供应商开辟缩短合规周期的绿色通道。

申报机制。 以货物方式进口、供人类食用或作食品加工原料的，报关单须在”产品资质”项下”进口食品境外生产企业注册”证书栏（许可证类别代码519）规范填报境外生产企业在华注册编号，并在”用途”栏填报”食用”。填报不规范海关不予受理。官方推荐类企业在注册有效期内生产的产品可申报（含有效期内生产且在保质期内的）；被暂停、注销、撤销的企业，在事前启运的货物不受影响。

标签。 在中国销售的预包装食品须有符合GB 7718（通用标签）与GB 28050（营养标签）的中文标签，标注名称、配料、净含量、生产者、生产日期、保质期、贮存条件及食品生产/经营许可编号。进口食品须在中标签印GACC境外注册编号。首单发运前须备妥合规印刷标签，仅外文包装不足。

保健食品。 使用保健食品原料目录外原料的产品，以及首次进口的保健食品，须取得SAMR/NMPA注册，附安全性、功能性及质量可控性证据。仅补充维矿且用目录的产品可备案。获批产品取得注册/备案号，须标注于标签并声明”本品不能代替药物”。

跨境保健品——”软约束”收紧。 280号令第三十条规定，跨境电商零售进口食品”按有关规定办理”，未纳入一般贸易严格注册体系。但配套管控在收紧：全成分（含辅料）申报并与注册备案、检测报告一致性核查；建立”重点监管成分清单”（如NMN、辅酶Q10、褪黑���、谷胱甘肽、南非醉茄、小檗碱等）要求提供原产国合规依据；跨境保健品境外生产企业须完成在华注册以通过保税仓备案。经香港进境产品进入”过港必查”，须提供完整原产地与物流单据。

实务步骤

  1. 确认类别注册路径——17类官方推荐类别需所在国主管当局推荐；其余可自注册。
  2. 尽早通过CIFER注册（https://cifer.singlewindow.cn）；必要时指定中国境内责任代理人（自2024年9月起通常要求）。
  3. 制作合规中文标签至GB 7718/GB 28050，并包含GACC编号，于首单前完成。
  4. 保健食品区分注册与备案，取得SAMR编号后方可声称或销售。
  5. 备妥申报数据——519栏填在华注册编号、”用途”填”食用”；保持注册在发货窗口内有效。
  6. 跨境保健品须规划全成分申报与重点成分证据，并完成生产企业注册以通过保税仓备案。

延伸阅读

  • 外资餐饮品牌入华路径与食安合规（参见154篇）。
  • 外资连锁餐饮供应链本地化与中央厨房合规（参见156篇）。

来源

Food & Beverage / 餐饮食品

Foreign F&B brands entering China: franchising vs. wholly-owned paths and food-safety compliance

  • A foreign F&B brand entering China must hold a locally incorporated entity (WFOE or JV) that obtains the business licence with a catering scope and the Food Business Licence (食品经营许可); the licence is held by the China company, not the overseas brand.
    外国餐饮品牌入华须由本地设立实体（WFOE或合资）取得含餐饮经营范围的营业执照及《食品经营许可》；许可证由中国公司持有，而非境外品牌。
  • Two mainstream ownership paths exist: a wholly foreign-owned (WFOE) company, or franchising (特许经营) under the Commercial Franchise Administration Regulation, which requires the franchisor to have two directly-operated stores operating for over one year (“two stores, one year”).
    主要有两条路径：外商独资企业（WFOE），或依据《商业特许经营管理条例》的特许经营，要求特许人拥有2个直营店且经营满1年（”两店一年”）。
  • In 2026, several global brands are shifting China to franchising/licensing: Starbucks China moved to a franchise model via a Bayu-controlled JV; Wendy’s plans 1,000 stores in 10 years via local operators.
    2026年，多家国际品牌将中国业务转向特许/授权：星巴克中国经博裕控股合资转为特许模式；温蒂汉堡计划10年通过本土运营商开1000家店。
  • The Food Entrustment Production Supervision Measures (《食品委托生产监督管理办法》), effective 1 December 2026, make the entrusting party (brand) responsible for the food safety of entrust-produced food — directly reshaping how franchisors and chain brands source and supervise.
    2026年12月1日施行的《食品委托生产监督管理办法》规定委托方（品牌）对委托生产食品安全负责，直接重塑特许人与连锁品牌的采购与监督方式。
  • Franchise or trade-mark-licence models that meet the three elements of entrustment production are caught by the Measures; the brand must hold a food licence/record, supervise the manufacturer, and appoint food-safety directors and officers.
    符合委托生产三要素的特许经营或商标授权模式受该办法约束；品牌须持食品许可/备案、监督生产方，并配备食品安全总监与食品安全员。
  • Online (delivery) operations must label “网络经营”, use tamper-evident seals (食安封签), and adopt “open kitchen” (明厨亮灶) in many localities; non-compliance blocks launch.
    网络经营须标注”网络经营”、使用食安封签，并在多地实行明厨亮灶；不合规将阻碍开业。

Foreign F&B brands entering China: franchising vs. wholly-owned paths and food-safety compliance | 外资餐饮品牌入华开店（特许经营/独资）路径与食安合规

Overview

China’s food-and-beverage market is large but tightly regulated at the point of operating a restaurant. A foreign brand’s entry decision — wholly-owned (WFOE) versus franchising (特许经营) — is no longer only a commercial choice; it now drives the food-safety accountability structure, especially after the Food Entrustment Production Supervision Measures take effect on 1 December 2026. This article maps the two entry paths, the licensing stack, and the 2026 compliance posture for foreign brands.

Market context

Foreign F&B entry rests on two layers:

  1. Entity and licence layer — a locally incorporated company (WFOE or JV) with a business licence whose scope covers catering/food sales, plus a Food Business Licence (食品经营许可) issued by the county-level market-regulation authority for catering and most food-sales activities.
  2. Product and supply layer — meal components, seasonings and packaged items must meet labelling, production-licence and (if imported) GACC registration rules.

The choice between WFOE and franchising affects who holds the licence, who bears food-safety responsibility, and how fast the store network can scale.

Key 2026 developments

Franchising gains momentum. The Commercial Franchise Administration Regulation (《商业特许经营管理条例》) governs franchising: a franchisor with registered trademarks, trade dress, patents or know-how licenses a franchisee to operate under a unified model for a fee. To register and roll out franchising, the franchisor must have two directly-operated stores with over one year of operation (“two stores, one year”). In 2026, the model is accelerating: Starbucks China completed a equity transfer to a Boyu-controlled JV (Boyu 60%, Starbucks 40%), with about 8,000 stores gradually moving to a franchise model; Wendy’s announced a plan for 1,000 stores in 10 years via local operators such as DPC (Domino’s China), CFB (DQ/Papa John’s China) and Furi (Subway China). McDonald’s shifted China to franchising through a CITIC-led JV in 2017.

The Food Entrustment Production Supervision Measures (effective 1 December 2026). This SAMR rule redefines accountability for the hugely common OEM/ODM model. “Entrustment production” means a contractor, at the entrusting party’s request, performs all or part of the food production process and delivers the food. Crucially, where a trade-mark licence or franchise arrangement meets the three elements of entrustment production, it is caught by the Measures — the entrusting party (the brand) is responsible for the food safety of the entrust-produced food and must not offload responsibility through a licence or franchise contract.

Obligations on the entrusting brand. The entrusting party must:

  • hold a Food Business Licence or a prepackaged-food-only filing, and possess the ability to supervise the contractor;
  • establish food-safety management systems (daily/weekly/monthly control, contractor qualification checks, contract reporting, raw-material control, label review, supervision, inspection, recall);
  • appoint a food-safety director and food-safety officers, trained and assessed;
  • keep stock, accounting and supervision records and report entrustment relationships to the regulator.

Obligations on the contractor. The contractor must hold a Food Production Licence covering the exact product category, maintain production capabilities and food-safety systems, and appoint its own director and officers.

Operating-level compliance. For dine-in and delivery, localities increasingly require: a valid Food Business Licence; “网络经营” labelling for online channels; tamper-evident delivery seals (食安封签); and “open kitchen” (明厨亮灶) video接入 for chain brands. A new store cannot launch without these in many cities.

Licensing acceleration for chains. Some provinces (e.g. Fujian) operate a “review-commitment” (评审承诺制) route: a chain with ≥10 directly-operated stores and “four unifications” (unified organisation, management, distribution and food-safety responsibility) can open new direct stores without on-site inspection, with post-licence verification within 30 working days.

Practical steps

  1. Choose the entity path early — WFOE gives full control but slower scaling; franchising scales fast but requires the “two stores, one year” track record and a China franchisor entity.
  2. Incorporate the licence-holding company first — the Food Business Licence and customs declarant status sit with the China entity, not the parent.
  3. If franchising, build the franchisor entity and the two-store record before publicly recruiting franchisees.
  4. Map your supply chain to the Entrustment Measures — if you OEM/ODM or use trade-mark licence, you are the responsible entrusting party; set up supervision systems and appoint safety staff now (before 1 December 2026).
  5. Prepare the operating stack — Food Business Licence scope, online “网络经营” labelling, 食安封签, and 明厨亮灶 where required.
  6. Use chain-licensing fast tracks where available (e.g. review-commitment routes) to compress store opening.

Related reading

  • Imported food and health-food registration, filing and labelling (see article 155).
  • Supply-chain localisation and central-kitchen compliance for chain restaurants (see article 156).

Sources

外资餐饮品牌入华开店（特许经营/独资）路径与食安合规

概述

中国餐饮食品市场规模庞大，但在门店运营环节监管严密。外国品牌入华选择外商独资（WFOE）还是特许经营（特许经营），已不单纯是商业决策；尤其在《食品委托生产监督管理办法》于2026年12月1日施行后，它直接决定了食品安全责任结构。本文梳理两条进入路径、许可组合，以及外资品牌2026年的合规姿态。

市场背景

外资餐饮入华依赖两层：

  1. 实体与许可层——本地设立公司（WFOE或合资），营业执照经营范围涵盖餐饮/食品销售，并取得县级市场监管部门核发的《食品经营许可》（餐饮及多数食品销售活动）。
  2. 产品与供应链层——餐食组件、调味料与预包装品须符合标签、生产许可及（进口品）海关注册规则。

WFOE与特许经营的选择，影响由谁持有许可证、由谁承担食品安全责任，以及门店网络扩张速度。

2026年核心进展

特许经营升温。 《商业特许经营管理条例》规制特许经营：拥有注册商标、企业标志、专利或专有技术的特许人，以合同形式许可被特许人按统一模式经营并收取费用。开展特许经营备案须拥有2个直营店且经营满1年（”两店一年”）。2026年该模式加速：星巴克中国完成股权交割，转由博裕控股合资（博裕60%、星巴克40%），约8000家门店逐步转为特许模式；温蒂汉堡（Wendy’s）宣布10年通过达势股份（达美乐中国）、CFB集团（DQ/棒约翰中国）、富瑞食（赛百味中国）等本土运营商开设1000家店。麦当劳2017年经中信系合资将中国转为特许经营。

《食品委托生产监督管理办法》（2026年12月1日施行）。 该市场监管总局规章重塑了极为普遍的OEM/ODM模式。”委托生产”指受托方按委托方要求，从事食品全部或部分环节生产并交付。关键的是，商标授权或特许经营若符合委托生产三要素，即受该办法约束——委托方（品牌）对委托生产食品安全负责，不得借许可或特许经营合同减轻、免除自身责任。

对委托品牌的义务。 委托方须：

  • 取得食品经营许可或仅销售预包装食品备案，并具备监督受托方的能力；
  • 建立食品安全管理制度（日管控、周排查、月调度、受托方资质查验、合同报告、原辅料控制、标签审核、监督、抽检、召回）；
  • 配备食品安全总监与食品安全员，经培训并考核；
  • 留存进销存与监督记录，并向监管报告委托生产关系。

对受托方的义务。 受托方须取得涵盖受托产品类别的食品生产许可，具备相应生产能力与食品安全保障体系，并配备自身总监与员。

运营层合规。 对堂食与外卖，多地要求：有效《食品经营许可》；网络渠道标注”网络经营”；使用食安封签；连锁品牌实行明厨亮灶视频接入。缺项将阻碍新店开业。

连锁许可提速。 部分省份（如福建）实行”评审承诺制”：拥有≥10家直营门店且”四统一”（统一组织架构、经营管理、配送食品、承担食品安全责任）的连锁企业，新开直营店免现场核查直接发证，领证后30个工作日内事后核查。

实务步骤

  1. 尽早选择实体路径——WFOE控制力强但扩张慢；特许经营扩张快，但须有”两店一年”记录与中国特许人实体。
  2. 先设立持证公司——《食品经营许可》与报关主体由中国实体持有，而非母公司。
  3. 若做特许经营，先建特许人实体与两店记录，再公开招募加盟商。
  4. 将供应链映射至《委托生产办法》——若OEM/ODM或商标授权，你即为责任委托方；须在2026年12月1日前建立监督体系并配齐安全人员。
  5. 备齐运营组合——《食品经营许可》范围、网络”网络经营”标注、食安封签，以及所需的明厨亮灶。
  6. 善用连锁许可快车道（如评审承诺制）压缩开店周期。

延伸阅读

  • 进口食品与保健食品注册、备案及标签合规（参见155篇）。
  • 外资连锁餐饮供应链本地化与中央厨房合规（参见156篇）。

来源

Green Energy / 绿色能源

Renewable energy & green investment incentives

  • There is no foreign-ownership cap on renewable power generation, and solar/wind equipment manufacturing is fully open to foreign investment.
    可再生能源发电无外资股比上限，光伏与风电设备制造对外资完全开放。
  • The binding constraint is provincial planning and grid absorption, not ownership — the practical vehicle is a locally incorporated project company.
    真正约束在于省级规划与电网消纳而非所有权——实务载体是本地设立的项目公司。
  • Since 2021, major wind and solar projects run under grid parity with no feed-in subsidy; revenue rests on power-purchase terms, green-power trading, and green certificates (绿证).
    自2021年起主要风光项目在平价上网下运行、无度电补贴；收入取决于购电条款、绿电交易与绿证。
  • China operates a national ETS (administered by MEE) covering power-sector emissions and expanding to more sectors, plus a restarted voluntary CCER offset market.
    中国运行由生态环境部管理的全国碳市场（ETS），覆盖电力行业并扩至更多行业，另设已重启的自愿减排CCER市场。
  • Green finance levers include green loans, green bonds, and carbon-reduction instruments secured against subsidy/settlement receivables.
    绿色金融杠杆包括绿色信贷、绿色债券，以及以补贴/结算应收为担保的碳减排支持工具。
  • NEA/NDRC encourage foreign-related capital and Belt-and-Road partnerships, opening third-market renewable routes with Chinese counterparts.
    国家能源局与发改委鼓励涉外资本及”一带一路”合作，为外资在第三方市场与中方开展可再生能源项目打开路径。

Renewable energy & green investment incentives | 可再生能源与绿色投资激励

Overview

China hosts the world’s largest and fastest-growing renewable-energy system — by the end of 2025 total renewable installed capacity exceeded 2.3 billion kW, and wind and solar alone reached about 1.84 billion kW, surpassing thermal power as the single largest power source. For foreign investors, the sector is broadly open: manufacturing of solar and wind equipment is unrestricted, and power-generation projects are open to domestic and foreign capital alike.

This article outlines foreign-investor access to wind/solar, green-incentive and financing levers, and participation in the carbon market. It is informational; confirm current subsidy, tariff, and ETS detail with qualified PRC advisers.

Foreign-investor access to wind and solar

There is no foreign-ownership cap on renewable power generation; foreign-funded enterprises may invest in wind, solar, biomass, and hydropower projects on the same footing as domestic firms, typically through a locally incorporated project company. The National Energy Administration (NEA) and the NDRC set the planning and pricing framework, while provincial authorities handle project filing/approval and grid-connection. Equipment manufacturing (PV modules, wind turbines) is fully open and globally competitive; the constraint is usually grid absorbption and provincial planning, not ownership.

Foreign access is also shaped by the foreign-investment negative list (负面清单). Renewable power generation is not on the restricted or prohibited lists, so a wholly foreign-owned enterprise is permitted for generation; the restrictions that remain are sectoral — for example, certain grid assets, distribution-network ownership, and power-grid operation are treated differently and are not the natural vehicle for a generation-focused entrant. This is precisely why the practical structure is a project company that builds and operates generation assets but does not own the transmission backbone. Confirming the negative-list status early avoids designing a holding structure that later runs into a sector cap.

Green incentives & the “grid-parity” era

Since 2021 China’s major wind and solar projects have operated under grid parity (平价上网) without feed-in subsidies, so the investment case rests on power-purchase terms, green-power trading, and green certificates (绿证) rather than direct subsidies. The NEA’s 2022 “High-quality development of new energy” plan and subsequent guidance promote integrated development (solar + storage, deser/Gobi/wasteland bases, “sand-desert-gobi-wasteland” large bases), distributed PV, and rural energy pilots. Local governments may add land, tax, and financing support within the law.

Within the grid-parity framework the economics increasingly depend on scale and co-location. Large “sand-desert-gobi-wasteland” base projects benefit from low land cost and dedicated transmission, while distributed PV competes on avoiding retail tariffs. Provincial pilots for green-electricity direct trading and the growing green-certificate market let developers monetise the environmental attribute separately from the kilowatt-hour, which is especially relevant where the host off-taker has its own renewable-consumption obligation. Foreign investors should also watch the gradual shift — in some provinces — from a fixed benchmark on-grid tariff toward more market-based electricity pricing, which transfers some volume and price risk from the off-taker or utility to the project and rewards better generation forecasting and storage co-location.

Financing, private capital, and “going out”

The NEA and NDRC actively encourage private and foreign-related capital into new energy, including participation in large bases, solar thermal, biomass, and heating projects, and support for green finance, carbon-reduction instruments, and eligible local-government bonds. For developers, financing levers include green loans, green bonds, and renewable-power-price-claim loans secured against subsidy/settlement receivables. Chinese new-energy firms are also steered to “go global” under the Belt and Road, which opens partnership routes for foreign players in third markets.

Carbon market & green-power consumption

China operates a national Emissions Trading Scheme (ETS) administered under the ecology/environment authority (MEE), covering power-sector emissions with expansion planned to more sectors; a separate voluntary GHG-voluntary-offset (CCER) market supports project-based offsets. Green certificates (绿证) certify renewable generation and are increasingly used to meet green-power consumption obligations for key energy-using industries; the NEA and related bodies are building the world’s largest green-certificate market and pursuing international mutual recognition. Foreign investors should weigh ETS compliance, green-certificate revenue, and power-purchase structuring together.

For foreign participants the ETS and CCER are primarily a revenue-and-risk overlay rather than a core generation licence. As the scheme expands beyond power to industries such as steel, cement, and aluminium, more counterparties will need certificates, deepening market liquidity. The voluntary CCER market, restarted after a multi-year pause, allows project-based offsets — forestry, methane utilisation, and eligible renewable projects may issue CCERs that compliance entities buy. Practical market entry often runs through a Chinese partner or a domestically registered trading entity, since account opening and trading follow domestic rules. Treat green certificates and CCER as complementary but distinct: the certificate proves renewable origin for consumption obligations, while the CCER is a tradable emission offset that retires against a compliance entity’s allowance gap.

Practical example

Consider “NordSolar,” a Danish renewable developer that wants to build a 50 MW distributed rooftop-PV-plus-storage system on the warehouses of a Chinese logistics group in Zhejiang province, selling power directly to the host off-taker under a third-party-investment (TPI, 合同能源管理 / energy-management contract) model.

The first step was incorporation: NordSolar set up a wholly foreign-owned project company in the local free-trade zone, which — because generation has no foreign-ownership cap — could hold the generation assets and sign the grid-connection and power-purchase arrangements directly. The provincial energy bureau’s annual construction plan and a grid-absorption study confirmed the 50 MW fit within the local distribution-grid capacity, which is the real gate on the deal, not the nationality of the investor.

Second, revenue was modelled without any feed-in subsidy. Instead the project stacked three streams: (a) the TPI tariff charged to the host — typically a discount to the retail electricity price, agreed contractually; (b) green-power trading and green-certificate (绿证) revenue from the renewable generation; and (c) potential capacity or ancillary-service value from the co-located storage. The levelised cost was most sensitive to the host’s load curve, so NordSolar modelled on-site self-consumption first and grid export second, sizing the battery to capture the self-consumption arbitrage rather than for wholesale arbitrage.

Third, financing used a green loan secured against the project company and its settlement receivables, with a structure eligible for the carbon-reduction support instruments referenced by the NEA and NDRC. Because storage was co-located, the project also qualified for integrated-development treatment under the new-energy high-quality plan, improving its bankability.

Finally, NordSolar tracked the national ETS and the CCER restart. Although the project’s own emissions were negligible, the host’s compliance obligations and the certificate market affected the value of the green-power contract; NordSolar priced a modest green premium into the TPI tariff to reflect the host’s own ESG and renewable-consumption targets, turning a soft commitment into a contracted revenue line.

The takeaway: the binding constraint was provincial planning and grid absorption, not foreign ownership. A local project company, subsidy-free revenue stacking, and green finance turned an open-but-thin-margin sector into a bankable deal.

What to do next

  • Confirm the provincial plan and grid-absorption study before committing capital — provincial planning, not ownership, is the binding constraint.
  • Assume no feed-in subsidy; model revenue on grid-parity power price, green-power trading, and green certificates.
  • Incorporate a local project company; foreign ownership of generation is permitted but the entity drives permits and grid connection.
  • Explore green finance: green loans/bonds and subsidy-receivable financing for eligible projects.
  • Track the ETS sector expansion and CCER restart to value carbon and certificate streams.
  • Consider Belt-and-Road partnerships for third-market renewable projects with Chinese counterparts.

Sources

  • National Energy Administration (NEA) — policy interpretation on high-quality new-energy development: https://www.nea.gov.cn/2022-05/30/c_1310608538.htm
  • NEA — supporting private/non-state capital in new-energy construction: https://www.nea.gov.cn/20250506/6c9892f4b33b4056afb57a7bf7622290/c.html
  • NDRC — official portal (pricing, planning, green incentives): https://www.ndrc.gov.cn
  • Ministry of Ecology and Environment (MEE) — official portal (national ETS administration): https://www.mee.gov.cn
  • NEA — official portal: https://www.nea.gov.cn

Related reading

  • see also: Automotive & EV market entry (46-automotive-ev-market-entry)
  • see also: Financial services & fintech licensing (44-financial-services-fintech-licensing)
  • see also: Import-export licensing & customs clearance (50-import-export-customs-clearance)

可再生能源与绿色投资激励

概述

中国拥有全球规模最大、增长最快的可再生能源体系——截至 2025 年底，可再生能源总装机突破 23 亿千瓦，其中风电光伏合计约 18.4 亿千瓦，历史性超过火电成为第一大电源。对外国投资者而言，该 sector 大体开放：光伏与风电设备制造不受限制，发电项目对内资与外资一视同仁。

本文勾勒外资对风光电的准入、绿色激励与融资杠杆，以及参与碳市场的路径。本文仅为信息参考，具体补贴、电价与碳市场细节请以合格中国顾问确认。

外资对风电与光伏的准入

可再生能源发电无外资股比上限；外资企业可与内资企业同等投资风电、光伏、生物质与水电项目，通常经由本地设立的项目公司。国家能源局（NEA）与发改委设定规划与电价框架，省级部门负责项目核准/备案与并网。设备制造（光伏组件、风机）完全开放且具全球竞争力；约束通常在于电网消纳与省级规划，而非所有权。

外资准入亦受外商投资准入负面清单（负面清单）塑造。可再生能源发电未被列入限制或禁止清单，故发电可设外商独资企业；剩余的限制具有行业性——例如部分电网资产、配电网所有权与电网运营被区别对待，并非以发电为核心的进入者之自然载体。正因为如此，实务结构通常是设立一个建设并运营发电资产、但不持有输电主干的项目公司。尽早确认负面清单状态，可避免设计出后续遭遇行业股比上限的持股结构。

绿色激励与”平价上网”时代

自 2021 年起，中国主要风光项目在平价上网（无度电补贴）下运行，投资测算因此取决于购电条款、绿电交易与绿证（绿证），而非直接补贴。国家能源局 2022 年”新能源高质量发展”方案及后续引导，推进集成发展（光伏+储能、沙戈荒基地、沙漠戈壁荒漠大型基地）、分布式光伏与乡村能源试点。地方政府可在法律框架内叠加土地、税收与融资支持。

在平价上网框架下，经济性日益取决于规模与协同布局。大型”沙戈荒”基地项目受益于低土地成本与专用输送通道，而分布式光伏则靠规避零售电价取胜。各省绿电直接交易试点与不断扩大的绿证市场，让开发商得以将环境属性与千瓦时本身分开变现，这在用电方自身负有可再生能源消纳责任时尤为关键。外资还应关注部分省份由固定标杆上网电价逐步转向更市场化电价的趋势——这把部分电量与价格风险从用电方或电网转移到项目侧，更考验发电预测与储能协同能力。

融资、民营资本与”走出去”

国家能源局与发改委积极鼓励民营及涉外资本进入新能源，包括参与大型基地、光热、生物质与供热项目，并支持绿色金融、碳减排工具及符合条件的地方政府债券。对开发商而言，融资杠杆包括绿色信贷、绿色债券，以及以补贴/结算应收为担保的再生能源电价确权贷款。中国新能源企业亦被引导在”一带一路”下”走出去”，为外资在第三方市场的合作打开路径。

碳市场与绿电消费

中国运行由国家生态环境主管部门（MEE）管理的全国碳排放权交易体系（ETS），目前覆盖电力行业排放并计划扩至更多行业；另设温室气体自愿减排（CCER）市场支撑项目级抵消。绿证（绿证）认证可再生发电量，并日益用于满足重点用能行业的绿电消费责任；国家能源局等正建设全球最大绿证市场并推动国际互认。外资投资者应将 ETS 合规、绿证收益与购电结构一并权衡。

对外资参与者而言，ETS 与 CCER 主要是收益与风险叠加层，而非核心发电许可。随着体系由电力扩至钢铁、水泥、铝等行业，更多交易对手将需要配额，市场流动性随之加深。暂停数年后重启的自愿减排 CCER 市场允许项目级抵消——林业、甲烷利用与符合条件的可再生项目可签发 CCER，由履约企业购买。实务进入常经由中方合作伙伴或境内注册交易主体进行，因开户与交易遵循国内规则。应将绿证与 CCER 视作互补但不同：绿证证明用于消纳责任的可再生来源，而 CCER 是可抵减履约企业配额缺口的可交易排放抵消。

实操示例

以丹麦可再生能源开发商”NordSolar”为例，其拟在浙江某物流集团仓库屋顶建设 50 MW”分布式光伏+储能”系统，按第三方投资（TPI，合同能源管理）模式将电力直供用能方。

第一步是设立实体：NordSolar 在当地区自贸片区设立外商独资项目公司——因发电无外资股比上限，该公司可直接持有发电资产并签署并网与购售电安排。省能源局的年度建设计划与电网消纳研究确认 50 MW 落在当地配电网容量之内，这才是交易的真正门槛，而非投资者国籍。

第二步，收入在毫无度电补贴下建模，转由三条流叠加：（a）向用能方收取的合同能源管理电价——通常较零售电价打折、合同约定；（b）来自可再生发电的绿电交易与绿证（绿证）收益；（c）协同储能可能带来的容量或辅助服务价值。平准化成本对用能方负荷曲线最敏感，故 NordSolar 先按就地自用、再按上网建模，并将电池容量定位于捕捉自用套利，而非批发套利。

第三步，融资采用以项目公司及其结算应收为担保的绿色信贷，结构符合发改委与国家能源局提及的碳减排支持工具。因储能协同，项目亦适用新能源高质量发展方案下的集成发展待遇，提升可融资性。

最后，NordSolar 跟踪全国 ETS 与 CCER 重启。尽管项目自身排放可忽略，但用能方的履约义务与绿证市场影响绿电合同价值；NordSolar 在合同能源管理电价中计入适度绿色溢价，反映用能方自身的 ESG 与可再生能源消纳目标，把软性承诺变成合同收入项。

结论是：约束在于省级规划与电网消纳，而非外资所有权。本地项目公司、无补贴下的收入叠加与绿色金融，把一个开放但薄利的行业变成了可融资的交易。

下一步建议

  • 在投入资本前确认省级规划与电网消纳研究——约束在于省级规划而非所有权。
  • 假定无度电补贴；以平价电价、绿电交易与绿证建模收入。
  • 设立本地项目公司；发电外资所有权虽被允许，但实体驱动许可与并网。
  • 探索绿色金融：符合条件的项目可用绿色信贷/债券及补贴应收融资。
  • 跟踪 ETS 行业扩围与 CCER 重启，以评估碳与绿证收益流。
  • 考虑以”一带一路”合作，与中方在第三方市场开展可再生能源项目。

来源

  • 国家能源局（NEA）——新能源高质量发展方案政策解读：https://www.nea.gov.cn/2022-05/30/c_1310608538.htm
  • 国家能源局——支持民营等非公资本参与新能源建设：https://www.nea.gov.cn/20250506/6c9892f4b33b4056afb57a7bf7622290/c.html
  • 国家发展和改革委员会（NDRC）——官方门户（电价、规划、绿色激励）：https://www.ndrc.gov.cn
  • 生态环境部（MEE）——官方门户（全国碳市场管理）：https://www.mee.gov.cn
  • 国家能源局（NEA）——官方门户：https://www.nea.gov.cn

相关阅读

  • 参见：汽车与新能源汽车入华（46-automotive-ev-market-entry）
  • 参见：金融服务与金融科技牌照（44-financial-services-fintech-licensing）
  • 参见：进出口许可与海关清关（50-import-export-customs-clearance）
Green Energy / 绿色能源

The New Power System “15th Five-Year” Plan: Targets, Opportunities and Foreign-Investor Entry Points in China’s Green Power Economy

  • On 3 August 2026 the NDRC and the National Energy Administration issued the New Power System Construction “15th Five-Year” Plan (Fa Gai Neng Yuan [2026] No. 942), the first dedicated five-year roadmap for the power sector, targeting initial completion of the new power system by 2030.
    2026 年 8 月 3 日，国家发展改革委、国家能源局印发《新型电力系统建设”十五五”规划》（发改能源〔2026〕942 号），这是电力行业首份专项五年规划，目标到 2030 年初步建成新型电力系统。
  • The Plan sets concrete 2030 targets: non-fossil energy generation reaching 50% of total electricity, over 2.8 billion kW of new-energy capacity integrated at high level, 160 GW of pumped storage, 300 GW-plus of new energy storage and 40 million-plus charging piles.
    规划设定具体 2030 目标：非化石能源发电量占比达 50%，实现 28 亿千瓦以上新能源高水平消纳，抽水蓄能装机约 1.6 亿千瓦，新型储能超 3 亿千瓦，充电桩总量增至 4000 万个以上。
  • The new power system is a 10-dimension build covering supply, grid, storage, demand, market and digitalisation — with “calculation-power electricity” (electrical power for data centres) named as a key demand-side driver, targeting 80 TWh of computing-power electricity by 2030.
    新型电力系统建设覆盖电源、电网、储能、负荷、市场与数字化十大维度，”算电融合”被列为关键负荷侧动力，到 2030 年算力用电量预计达 8000 亿千瓦时。
  • For foreign investors, the Plan opens concrete commercial entry points: new-energy storage manufacturing and operation, virtual power plants and demand response, grid digitalisation, charging infrastructure, green power direct supply to industrial parks and data centres, and participation in the national unified electricity market.
    对外国投资者，规划打开具体商业入口：新型储能制造与运营、虚拟电厂与需求响应、电网数字化、充电基础设施、工业园区与数据中心绿电直供，以及参与全国统一电力市场。
  • The Plan maintains a binding national average new-energy utilisation rate of around 90%, with differentiated utilisation-rate guidance by region, meaning green-power purchase and consumption strategies must be location-specific.
    规划保持全国新能源利用率 90% 左右的约束性导向，并按区域资源禀赋实行分档利用率管控，绿电采购与消纳策略须按地点定制。
  • Institutional mechanisms support the transition: a full-cycle monitoring and early-warning system from planning to grid connection, nine major special projects including wind-solar bases, UHV expansion, storage and computing-power green-power packages, and continued power market reform.
    制度机制支撑转型：建立”规划—建设—并网—消纳”全周期监测预警机制，实施风光基地、特高压扩容、储能建设、算力绿电配套等九大专项工程，并持续推进全国统一电力市场化改革。

The New Power System “15th Five-Year” Plan: Targets, Opportunities and Foreign-Investor Entry Points in China’s Green Power Economy | 新型电力系统”十五五”规划：目标、机遇与外国投资者在中国绿电经济中的切入点

The Plan and its significance

On 3 August 2026 the National Development and Reform Commission and the National Energy Administration issued the New Power System Construction “15th Five-Year” Plan (Fa Gai Neng Yuan [2026] No. 942), the first dedicated five-year programme for the power sector and the guiding document for China’s electricity industry through 2030. The strategic target is the initial completion of a new power system by 2030 — a system that is secure and reliable, green and low-carbon, resilient and intelligent. The Plan is structured around ten dimensions spanning generation supply, grid, storage, load, market, technology and security governance, and it explicitly places electricity as the leading force in economic development: “rather than let development wait for electricity, let electricity wait for development.” For foreign investors, the Plan is the definitive map of where China’s power-related capital expenditure will flow between 2026 and 2030.

The headline 2030 targets

The Plan sets quantified targets that define the size of the opportunity. On generation: non-fossil power capacity reaches 65% of installed capacity and 50% of generation; conventional hydro reaches about 410 GW; nuclear about 110 GW; biomass, CSP, geothermal and ocean energy about 65 GW. On grid and integration: more than 2.8 billion kW of wind and solar capacity is integrated at a high level; the west-to-east power transmission capacity rises to 420 GW. On storage and flexibility: about 160 GW of pumped storage; more than 300 GW of new energy storage; virtual power plants and vehicle-to-grid each reach 50 GW of dispatchable capacity. On demand and charging: more than 40 million charging piles, supporting more than 110 million electric vehicles. On markets and efficiency: the national new-energy utilisation rate is maintained around 90%, with differentiated utilisation guidance by region. On computing: computing-power electricity consumption reaches 80 TWh by 2030, about 6% of total electricity use. These are not aspirational numbers; they are the planning basis for the nine major special projects that follow.

The ten dimensions and the nine special projects

The Plan’s ten dimensions organise the work: (1) optimised green supply — “desert-gobi-wasteland” large wind-solar bases and distributed PV, coal power transitioning to a regulating role; (2) grid upgrading — UHV DC and 750 kV backbone expansion, main-grid-subgrid-microgrid integration; (3) flexible adjustment — independent and shared storage, pumped storage, virtual power plants; (4) demand-side — computing-power coordination, green power direct supply to data centres and industrial parks, nationwide charging networks; (5) electricity-security support; (6) digital and intelligent upgrade; (7) cross-sector integration (electricity-heat, electricity-hydrogen, electricity-transport); (8) unified electricity market reform; (9) technology and equipment; and (10) security governance and regulation. The nine major special projects include wind-solar base construction, UHV capacity expansion, storage construction and a computing-power green-power package, each with funding and assessment support. For a foreign supplier of grid equipment, storage systems, charging hardware or control software, these dimensions translate directly into pipeline demand over the next four years.

Where foreign investors can enter

Foreign investment in the new power system can take several routes. First, manufacturing and operation of new energy storage: with more than 300 GW of new storage targeted, the domestic storage value chain — cells, PCS, BMS, EMS, system integration — is one of the largest single equipment markets in the world, and foreign technology holders have historically participated through JVs and technology licensing. Second, virtual power plants and demand response: aggregated flexible loads, EV charging and industrial demand response are being commercialised through market mechanisms, and foreign aggregators with proven software can partner with domestic utilities and platforms. Third, grid digitalisation: dispatch software, grid modelling, and the “digital twin” of the Yangshan-style smart platforms that the Plan generalises — foreign advanced-grid software and hardware vendors have a genuine opening. Fourth, charging infrastructure and vehicle-to-grid: with 40 million-plus piles planned, charge-point operators, and V2G technology providers can enter through JVs with local operators. Fifth, green power procurement and PPAs: the market-based electricity market and green certificate system let foreign-invested manufacturers sign green-power agreements, an increasingly important element of EU CBAM and supply-chain decarbonisation strategies. Sixth, computing-power green power: the Plan explicitly supports green electricity direct supply to computing parks, which foreign data-centre operators and cloud providers can structure into their China procurement.

The market and utilisation-rate framework

Foreign investors should note two structural features. First, the utilisation-rate framework: the Plan maintains a national average utilisation rate around 90% but introduces differentiated guidance by region and a full-cycle “planning–construction–grid-connection–consumption” monitoring and early-warning mechanism. This means green-power availability and pricing differ materially across provinces, and a company’s decarbonisation and PPA strategy must be built province by province, not nationally. Second, the market reform track: the Plan continues the push toward a unified national electricity market, with pricing reform for new-energy generation and greater reliance on market mechanisms for storage and flexibility. Foreign-invested manufacturers should treat electricity market participation — long-term agreements, ancillary services, capacity mechanisms — as part of their China energy strategy, not as an optional add-on.

What has not changed: the security and state-control framework

The Plan is ambitious on market mechanisms but unambiguous on the structure of the sector: electricity grid remains a state-controlled strategic asset, and foreign participation runs through equipment supply, technology, storage, charging, demand-side aggregation, green power procurement and selected services — not through ownership of grid assets or base-load generation. The encouraged-catalogue and negative-list regimes continue to define what is open and at what equity ratio. Foreign investors should therefore structure participation around the value chain rather than around asset ownership, and should verify the current status of each activity under the negative list and sector licences before committing.

Practical steps for foreign investors in 2026–2030

First, map your technology or service to the ten dimensions and the nine projects, and identify the province-level implementation plans that will follow — provincial NDRC and energy bureau documents are where the concrete project lists will appear. Second, for manufacturers, locate within the new-energy equipment supply chain where China’s local content requirements and standards apply, and structure JV or licensing relationships accordingly. Third, for investors in storage, virtual power plants and charging, assess the market-based revenue streams (peak-valley spreads, ancillary services, capacity payments) that the reform track is creating. Fourth, for corporate decarbonisation, build a province-specific green power procurement model using direct green power trading, certificates and the emerging long-term agreements. Fifth, monitor the nine special projects as they are rolled out — funding mechanisms, procurement calendars and standards-setting will determine the practical window for foreign suppliers.

Outlook

The New Power System “15th Five-Year” Plan is the clearest statement yet of where China’s power sector is heading and how much capital will be deployed to get there. For foreign investors, it converts a diffuse set of green-energy ambitions into quantified, project-linked demand across storage, grid digitalisation, charging, virtual power plants, green-power markets and computing-power integration. The window is open now, and it is defined less by policy text than by the provincial project pipelines and market mechanisms that the Plan is already activating.

Sources

新型电力系统”十五五”规划：目标、机遇与外国投资者在中国绿电经济中的切入点

规划及其意义

2026 年 8 月 3 日，国家发展改革委、国家能源局印发《新型电力系统建设”十五五”规划》（发改能源〔2026〕942 号），这是电力行业首份专项五年规划，也是 2030 年前中国电力工业的纲领性文件。战略目标是到 2030 年初步建成新型电力系统——安全可靠、绿色低碳、坚强韧性、智能灵活。规划贯通电源、电网、储能、负荷、市场、技术与安全治理十大维度，并把电力置于经济发展的先导地位：”宁让电等发展、不让发展等电”。对外国投资者，规划是 2026—2030 年中国电力相关资本开支流向的权威地图。

2030 年核心目标

规划以量化目标界定机会规模。电源侧：非化石能源发电装机占比达 65%、发电量占比达 50%；常规水电约 4.1 亿千瓦；核电约 1.1 亿千瓦；生物质、光热、地热、海洋能约 6500 万千瓦。电网与消纳：实现 28 亿千瓦以上风光新能源高水平消纳；西电东送整体输送能力提升至 4.2 亿千瓦。储能与调节：抽水蓄能约 1.6 亿千瓦；新型储能超 3 亿千瓦；虚拟电厂与车网互动可调规模均达 5000 万千瓦。负荷与充电：充电桩总量增至 4000 万个以上，支撑超 1.1 亿辆电动汽车。市场与效率：全国新能源利用率稳定在 90% 左右，按区域分档管控。算力：2030 年算力用电量达 8000 亿千瓦时，约占全社会用电量 6%。这些不是愿景数字，而是其后九大专项工程的规划基础。

十大维度与九大专项工程

规划的十大维度组织工作：（1）优化绿色供给——”沙戈荒”大型风光基地与分布式光伏，煤电转向调节兜底；（2）电网升级——特高压直流与 750 千伏骨干网架，主配微一体化；（3）灵活调节——独立与共享储能、抽水蓄能、虚拟电厂；（4）负荷侧——算电融合、数据中心与工业园区绿电直供、全域充电网络；（5）电力安全保供；（6）数字化智慧升级；（7）跨域融合（电热、电氢、电交通）；（8）统一电力市场化改革；（9）技术与装备；（10）安全治理与监管。九大专项工程含风光基地、特高压扩容、储能建设、算力绿电配套等，各有资金与考核支撑。对电网设备、储能系统、充电硬件或控制软件的境外供应商，这些维度在未来四年直接转化为管线需求。

外国投资者可进入之处

外国投资进入新型电力系统有若干路径。其一，新型储能制造与运营：以超 3 亿千瓦新型储能为目标，国内储能价值链——电芯、PCS、BMS、EMS、系统集成——是全球最大的单体装备市场之一，外国技术持有者历来通过合资与技术许可参与。其二，虚拟电厂与需求响应：聚合灵活负荷、电动汽车充电与工业需求响应正通过市场机制商业化，有成熟软件的外国聚合商可与国内电力公司与平台合作。其三，电网数字化：调度软件、电网建模与规划推广的智能平台——外国先进电网软硬件厂商有真实窗口。其四，充电基础设施与车网互动：4000 万以上充电桩规划下，运营商与 V2G 技术提供者可经与本地运营商合资进入。其五，绿电采购与购电协议：市场化电力市场与绿证体系让外资制造商可签绿电协议，这是欧盟 CBAM 与供应链脱碳战略中日益重要的环节。其六，算力绿电：规划明确支持算力园区绿电直供，外国数据中心与云服务运营商可纳入其在华采购结构。

市场与利用率框架

外国投资者应关注两个结构性特征。其一，利用率框架：规划保持全国平均利用率 90% 左右，但引入分档差异化指导与”规划—建设—并网—消纳”全周期监测预警机制。这意味着各省绿电可得性与价格差异显著，企业脱碳与 PPA 策略须逐省构建，而非全国统一。其二，市场改革轨道：规划持续推进全国统一电力市场，改革新能源发电定价，储能与灵活性更多依赖市场机制。外资制造商应把电力市场参与——长期协议、辅助服务、容量机制——纳入在华能源战略，而非可选附加项。

未变之处：安全与国资框架

规划对市场机制雄心勃勃，但对行业结构毫不含糊：电网仍是国家控制的战略资产，外国参与通过设备供应、技术、储能、充电、需求侧聚合、绿电采购与部分服务展开——而非拥有电网资产或基荷电源。鼓励目录与负面清单继续定义开放范围与股比。外国投资者应围绕价值链而非资产所有权构建参与，并在投入前核验各活动在负面清单与行业许可下的当前状态。

2026—2030 外国投资者实操

其一，把技术或服务映射到十大维度与九大项目，关注随之而来的省级实施方案——省发改委与能源局文件是具体项目清单所在。其二，制造商：辨识新能源装备供应链中本地化要求与标准适用环节，相应构建合资或许可关系。其三，储能、虚拟电厂与充电投资者：评估改革轨道正在创造的市场化收入流（峰谷价差、辅助服务、容量补偿）。其四，企业脱碳：用绿电直接交易、绿证与新成长的长协，构建逐省绿电采购模型。其五，跟踪九大专项工程落地——资金机制、采购节奏与标准制定将决定外国供应商的实操窗口。

展望

《新型电力系统建设”十五五”规划》是迄今最清晰的中国电力部门走向与资本投入量级声明。对外国投资者，它把分散的绿色能源雄心转化为跨储能、电网数字化、充电、虚拟电厂、绿电市场与算电融合的量化和项目挂钩需求。窗口期就在当下，其边界更多由规划正在激活的省级项目管线与市场机制界定，而非政策文本本身。

Sources

Green Energy / 绿色能源

China’s Carbon Market Enters Its Next Phase: Industry Expansion, Penalty Reform and Carbon Footprints (August 2026)

  • On 13 August 2026, the Ministry of Ecology and Environment said China’s national carbon-emission trading market will expand from power, steel, cement and aluminium smelting to petrochemical and chemical sectors, covering about 80% of national CO2 emissions.
    2026 年 8 月 13 日，生态环境部表示全国碳排放权交易市场将在发电、钢铁、水泥、铝冶炼四个行业基础上扩大到石化、化工等高排放行业，实现对全国约 80% 二氧化碳排放的有效管控。
  • Cumulative turnover of the national carbon market exceeded 930 million tonnes by the end of July 2026.
    截至 2026 年 7 月底，全国碳排放权交易市场累计成交量突破 9.3 亿吨。
  • China is also building carbon-footprint data and standards systems and a carbon-labelling certification mechanism to address carbon-related trade barriers.
    中国正推动碳足迹数据与标准体系建设、健全碳标识认证和管理机制，以应对涉碳贸易壁垒。
  • On 15 August 2026, revised penalties in the Interim Regulation on the Administration of Carbon Emission Trading took effect, adding a correction window and raising fines for quota-compliance failures and obstructing inspection.
    2026 年 8 月 15 日起，修订后的《碳排放权交易管理暂行条例》罚则生效，增设整改窗口、上调配额清缴违约与阻碍检查的罚款。
  • For foreign-invested enterprises, the expansion signals which industries will face mandatory carbon compliance next, and the carbon-footprint agenda affects exporters facing carbon-related border measures.
    对外资企业，扩容预示哪些行业将面临强制碳合规，碳足迹议程则影响面临涉碳边境措施的出口企业。

China’s Carbon Market Enters Its Next Phase: Industry Expansion, Penalty Reform and Carbon Footprints (August 2026) | 全国碳市场进入新阶段：行业扩容、罚则改革与碳足迹（2026 年 8 月）

Why this matters now

Two August 2026 developments reset the compliance landscape for China’s carbon market. First, at a State Council Information Office press conference on 13 August 2026, the Ministry of Ecology and Environment (MEE) confirmed that the national carbon-emission trading market will be expanded from the four existing industries — power, steel, cement and aluminium smelting — to petrochemical and chemical sectors, targeting effective control of about 80% of national CO2 emissions. Cumulative market turnover had exceeded 930 million tonnes by the end of July 2026. Second, on 15 August 2026, amendments to the Interim Regulation on the Administration of Carbon Emission Trading took effect under State Council Decision No. 843, revising the penalty provisions: a correction window was added for quota-compliance failures, with a two-tier fine, and penalties for obstructing supervision were raised while individual liability was introduced. Together, the two developments tell foreign-invested enterprises which sectors will face mandatory carbon compliance next, and how non-compliance will be priced.

Industry expansion and the market’s trajectory

The national carbon market covers about 3,500 key emitting units across power, steel, cement and aluminium smelting, and had achieved effective control of more than 60% of national carbon emissions. The next phase brings petrochemical and chemical industries into scope, lifting coverage to about 80%. For multinational groups, the direction matters for at least three reasons. First, petrochemical and chemical facilities in China — including foreign-invested refining and chemicals operations — will eventually face quota allocation, annual emissions reporting, verification and compliance surrender, a significant operational obligation. Second, the voluntary emissions-reduction market (CCER) continues to provide incentives for emission-reduction and carbon-sink projects, creating monetisation options for qualifying projects. Third, MEE is simultaneously advancing carbon-footprint data and standards systems, a carbon-labelling certification mechanism, and international alignment of carbon-related standards — directly relevant to exporters facing carbon border adjustment mechanisms in major destination markets. The repeated official formulation — “emitting carbon has a cost, reducing carbon has a return” — captures the policy intent.

Penalty reform under State Council Decision No. 843

State Council Decision No. 843 (published 13 August, effective 15 August 2026) modified 12 administrative regulations to align with the Ecological Environment Code, including the first formal amendment of the Interim Regulation on the Administration of Carbon Emission Trading. Two changes matter most for compliance. First, for a key emitting unit that fails to surrender its full quota on time, the new provision creates a correction window: the authority orders rectification within a time limit and imposes a fine of RMB 1 million to 5 million; if the unit still fails to surrender after the window, the fine becomes 5–10 times the average transaction price of the month preceding the surrender deadline, and production rectification may be ordered. The old quota-verification (deduction of next year’s allocation) mechanism is removed. Second, the penalty for refusing or obstructing supervision rises from RMB 20,000–200,000 to RMB 50,000–200,000, and for the first time imposes an individual fine of RMB 5,000–50,000 on the directly responsible managers and personnel. The reform therefore combines a more graduated, correction-friendly structure with sharper enforcement teeth and individual accountability.

What this means for foreign-invested enterprises

For foreign-invested enterprises, the August 2026 picture has several layers. Operators in power, steel, cement and aluminium smelting already face carbon-market obligations; the penalty reform raises the cost of sloppy surrender or obstruction, and the two-tier fine rewards timely correction. Groups with petrochemical or chemical assets in China should begin readiness work now — data quality, emissions monitoring, and understanding quota-allocation mechanics — because entry into the market is the direction of travel, even if the timing of inclusion is not yet fixed. Exporters in carbon-intensive value chains should track the carbon-footprint and carbon-labelling agenda, because it will feed into product-level carbon data that customers and border regulators will increasingly request. And for financial groups, the MEE’s stated direction of “cautiously advancing” bank and securities institutions’ participation in the carbon market, and exploring carbon pledge and repurchase products, signals developing carbon-finance opportunities.

Practical steps

  1. Map your carbon exposure. Determine whether any Chinese entity in the group is a key emitting unit today or likely to be included in the petrochemical/chemical expansion.
  2. Prepare data and verification infrastructure. Emissions monitoring, statistical accounting and annual reporting processes should be robust before inclusion, since the new penalty structure punishes data failures and late surrender.
  3. Model surrender and correction procedures. Understand the new correction window and two-tier fine; plan compliance calendars so surrender is completed on time and corrections, if needed, are within the window.
  4. Engage the carbon-footprint agenda. If you export carbon-intensive products, build the product-level carbon data and certification readiness that customers and border regimes will expect.
  5. Assess CCER opportunities. Evaluate whether your assets — renewable energy, energy efficiency, carbon sinks — qualify for voluntary reduction credits.
  6. Monitor implementing rules. The market expansion, sectoral inclusion timelines and quota-allocation rules will be set out in follow-up regulations; track the relevant industrial and provincial notices.

Compliance notes

The August 2026 statements set direction and amend penalties; they do not yet place petrochemical and chemical companies inside the market. Until the sector-specific inclusion rules issue, those industries do not have quota obligations. But the direction is unambiguous, and readiness investment is prudent. For companies already inside the market, the revised penalties are in force from 15 August 2026: review surrender timing, data quality and inspection cooperation. Finally, the carbon-market regime interacts with the energy-consumption dual-control framework and with carbon-footprint requirements abroad, so treat carbon compliance as an integrated, cross-border function rather than a China-only obligation.

全国碳市场进入新阶段：行业扩容、罚则改革与碳足迹（2026 年 8 月）/ China’s Carbon Market Enters Its Next Phase: Industry Expansion, Penalty Reform and Carbon Footprints (August 2026)

为什么当下重要

2026 年 8 月的两项进展重置中国碳市场的合规图景。其一，2026 年 8 月 13 日国新办新闻发布会上，生态环境部确认全国碳排放权交易市场将从发电、钢铁、水泥、铝冶炼四个现有行业扩大到石化、化工等高排放行业，目标实现对全国约 80% 二氧化碳排放的有效管控；截至 7 月底累计成交量已突破 9.3 亿吨。其二，2026 年 8 月 15 日，依国务院第 843 号令修改后的《碳排放权交易管理暂行条例》罚则生效：配额清缴违约增设整改窗口与两档罚款，阻碍监管的罚款上调并首次引入个人罚则。两项进展共同告诉外资企业：哪些行业将面临下一轮强制碳合规，以及违规将如何定价。

行业扩容与市场轨迹

全国碳市场覆盖发电、钢铁、水泥、铝冶炼四个行业约 3500 家重点排放单位，已实现对全国 60% 以上碳排放的有效管控。下一阶段将石化、化工纳入范围，覆盖率升至约 80%。对外资集团，方向至少在三层意义上重要。其一，在华石化与化工设施（包括外资炼化与化学品运营）最终将面临配额分配、年度排放报告、核查与履约清缴，这是一项重大的运营义务。其二，全国自愿减排交易市场（CCER）继续为减排与碳汇项目提供激励，为合格项目创造货币化选项。其三，生态环境部同步推进碳足迹数据与标准体系、碳标识认证机制及涉碳标准的国际衔接——直接关系到面临主要目的市场碳边境调节机制的出口企业。官方反复表述的”排碳有成本、减碳有收益”概括了政策意图。

国务院第 843 号令下的罚则改革

国务院第 843 号令（8 月 13 日公布、8 月 15 日施行）为配套《生态环境法典》修改 12 部行政法规，其中首次正式修订《碳排放权交易管理暂行条例》。两项变化对合规最重要。其一，对未按期足额清缴配额的重点排放单位，新条款设立整改窗口：监管责令限期改正并处 100 万–500 万元罚款；限期仍未清缴的，处清缴时限前 1 个月市场平均成交价 5–10 倍罚款，并可责令停产整治。旧有的核减下一年度配额机制删除。其二，拒绝、阻碍监督检查的罚款从 2 万–20 万元上调至 5 万–20 万元，并首次对直接负责的主管人员和其他直接责任人员处 5000 元–5 万元个人罚款。改革因此兼具更梯度、更容错的结构与更硬的执法牙齿和个人问责。

对外资企业的意义

对外资企业，2026 年 8 月的图景有多层。发电、钢铁、水泥、铝冶炼的运营者已面临碳市场义务；罚则改革提高了怠于清缴或阻碍检查的成本，两档罚款奖励及时整改。在华拥有石化或化工资产的外资集团应立即开展准备——数据质量、排放监测、理解配额分配机制——因为进入市场是大势所趋，即使纳入时点未定。处于碳密集价值链的出口企业应跟踪碳足迹与碳标识议程，因为它将进入客户与边境监管日益要求的产品级碳数据。对金融集团，生态环境部”稳慎推进银行、证券机构参与全国碳市场、探索碳质押与碳回购”的表述，预示着碳金融机会正在发展。

操作步骤

  1. 梳理碳敞口。 判断集团内任何在华主体当前是否为重点排放单位，或可能被纳入石化/化工扩容。
  2. 准备数据与核查基础设施。 纳入前就应具备稳健的排放监测、统计核算与年度报告流程，因为新罚则严惩数据失败与迟延清缴。
  3. 建模清缴与整改程序。 理解新整改窗口与两档罚款；安排合规日历确保按期清缴，如需整改则在窗口内完成。
  4. 参与碳足迹议程。 若出口碳密集产品，提前建设客户与边境机制将要求的产品级碳数据与认证准备。
  5. 评估 CCER 机会。 评估资产（可再生能源、能效、碳汇）是否符合自愿减排核证资格。
  6. 跟踪实施规则。 市场扩容、行业纳入时点与配额分配规则将由后续法规明确；跟踪相关行业与省级通知。

合规提示

2026 年 8 月的表态设定方向并修订罚则，并未将石化、化工企业立即放入市场。在行业纳入规则出台前，这些行业没有配额义务。但方向明确，准备投入是审慎之举。对已在市场内的企业，修订后的罚则自 2026 年 8 月 15 日起生效：审视清缴时点、数据质量与检查配合。最后，碳市场制度与能耗双控框架及境外碳足迹要求互动，应将碳合规视为一体化、跨境的职能，而非仅中国的义务。

Sources

Green Energy / 绿色能源

Foreign Firms’ Green Power Procurement and Carbon Market Compliance

  • China has built a unified national green-power trading framework and a nationwide Green Electricity Certificate (GEC) system; foreign-invested enterprises registered in China can open accounts and procure GECs like any domestic user.
    中国已建立全国统一的绿色电力交易框架与覆盖全国的绿色电力证书（绿证）制度；在境内合法注册的外商投资企业与境内用户一样可开设账户并采购绿证。
  • The 2024 “Green Power Trading Chapter” folds green-power trading into the medium- and long-term electricity market, letting users buy renewable attributes together with the power they consume.
    2024年《绿色电力交易专章》将绿色电力交易融入电力中长期交易，使用户可随所用电量一并购买可再生能源环境属性。
  • The 2026 “Implementation Rules for GEC Administration (Trial)” set a full-lifecycle regime — account opening, issuance, transfer and cancellation — and require, from 1 January 2026, that the GEC’s generation year match the consumption year.
    2026年《可再生能源绿色电力证书管理实施细则（试行）》建立了账户、核发、划转、核销的全生命周期机制，并要求自2026年1月1日起绿证电量生产年份与消费年份保持一致。
  • The State Council’s 2026 opinion on a unified national electricity market calls for a mandatory-plus-voluntary green-power consumption system and studies linking GECs into carbon accounting.
    国务院办公厅2026年关于完善全国统一电力市场体系的实施意见提出建立强制与自愿相结合的绿证消费制度，并研究将绿证纳入碳排放核算的可行路径。
  • Foreign investors should treat green-power procurement as part of ESG and carbon-compliance strategy: GECs are the recognised proof of renewable consumption and increasingly feed into carbon disclosures.
    外资投资者应将绿电采购纳入ESG与碳合规战略：绿证是公认的可再生能源消费凭证，并日益衔接碳披露。
  • Cross-border green-power trading with Hong Kong and Macao follows the same green-power trading principles, giving Greater Bay Area users a practical cross-boundary option.
    与港澳的跨境绿电交易参照同一绿色电力交易原则，为粤港澳大湾区用户提供切实可行的跨境选项。

Foreign Firms’ Green Power Procurement and Carbon Market Compliance | 外资企业绿电采购、绿证与碳市场履约

Why this matters now

As multinational groups face tightening Scope 2 (purchased electricity) disclosure and supply-chain decarbonisation requirements, China’s rapid build-out of a green-power market has become directly relevant to foreign-invested enterprises (FIEs) operating on the mainland. Two developments converge: a mature, unified green-power trading mechanism, and a standardised Green Electricity Certificate (GEC) system that serves as the recognised proof of renewable consumption. For an FIE, buying green power in China is no longer a niche procurement choice — it is a core instrument for meeting global ESG commitments, customer requirements and emerging carbon-accounting rules.

The green-power trading framework

The “Green Power Trading Chapter” of the Basic Rules for Medium- and Long-Term Electricity Trading (NDRC and NEA, Fa Gai Neng Yuan [2024] No. 1123, July 2024) embeds green-power trading within the broader electricity market. Its design principles are straightforward: renewable generation and eligible users trade green power under medium- and long-term contracts, and the GEC is the foundational certificate evidencing renewable production, consumption and environmental attributes. Provincial authorities guide users to participate on a “within-province primary, cross-region supplementary” basis, and cross-border green-power trading with Hong Kong and Macao follows the same principles.

The Green Electricity Certificate system

The GEC is the national voucher for renewable environmental attributes. The Implementation Rules for GEC Administration (Trial) (NEA, issued late 2025 and published January 2026) codify the full lifecycle:

  • Accounts. Power users — including business entities lawfully registered in China — may open a unique real-name GEC account on the national GEC issuance-and-trading system or any GEC trading platform. Foreign-related users with renewable energy exchange with China may also register with valid documentation.
  • Issuance. One GEC is issued per 1,000 kWh of renewable generation, monthly, covering wind, solar, biomass, geothermal, marine and eligible hydro.
  • Transfer. GECs are transferred in real time from seller to buyer upon transaction completion; green-power trading volumes carry their GECs and cannot be re-traded.
  • Cancellation. GECs are cancelled upon expiry (two years), upon declaration of green-power consumption, or upon CCER registration — and from 1 January 2026 the GEC generation year must match the consumption year, raising the bar for time-matched claims.

The 2026 unified electricity market opinion

The State Council’s 2026 opinion on improving the unified national electricity market strengthens the green dimension. It calls for improving the nationally unified GEC market, giving GECs a fuller role as the basis for renewable production, consumption and environmental-attribute recognition, and accelerating a mandatory-plus-voluntary green-power consumption system. It also promotes green-power consumption certification using blockchain, strengthens traceability, and studies viable paths to incorporate GECs into carbon-emission accounting — a signal that green-power proof may increasingly offset carbon obligations.

Carbon-market linkage and compliance posture

Green-power procurement does not sit in isolation from China’s carbon regime. The national carbon-emissions trading market (ETS) covers large emitters, and the policy direction is toward *dual control* — shifting from controlling energy intensity to controlling total carbon emissions — which raises the strategic value of renewable-consumption evidence. For an FIE, the practical chain is: buy green power and receive GECs (proof of renewable consumption), account for residual emissions through the ETS where applicable, and document both for global Scope 2 and supply-chain disclosures. The 2026 opinion’s study of incorporating GECs into carbon accounting is the thread to watch: if GECs become an accepted offset against carbon obligations, early movers with clean procurement records gain a measurable compliance advantage. Foreign groups should therefore build green-power procurement into the China ESG playbook now, rather than treating it as an ad-hoc purchase.

Practical steps for foreign-invested enterprises

  1. Open a GEC account early. A lawfully registered FIE can register directly; group entities should consolidate procurement to maximise matching and traceability.
  2. Buy green power through the trading centre. Sign medium- and long-term green-power contracts and let the associated GECs flow to your account automatically.
  3. Match year and attribute. From 2026, align the GEC generation year with your consumption year and keep cancellation records as ESG evidence.
  4. Connect to carbon strategy. Track the evolving linkage between GECs and carbon accounting; prepare to use GECs in both disclosures and any future offset mechanism.
  5. Use GBA cross-border options. For Greater Bay Area operations, explore Hong Kong–Macao cross-border green-power arrangements under the same trading principles.

Related reading

Green-power procurement sits beside China’s national carbon-emissions trading market and the dual-control transition on carbon emissions. FIEs should read the three together: buy green power (GEC), account for residual emissions (carbon market), and document both for global reporting.

外资企业绿电采购、绿证与碳市场履约

为何当下值得关注

随着跨国集团面临日益收紧的范围二（外购电力）披露与供应链脱碳要求，中国快速建成的绿色电力市场已与在岸运营的外商投资企业（FIE）直接相关。两股趋势交汇：成熟的全国统一绿色电力交易机制，以及作为可再生能源消费公认凭证的标准化绿色电力证书（绿证）制度。对外资企业而言，在中国采购绿电已不再是小众采购选择，而是履行全球ESG承诺、满足客户要求并衔接新兴碳核算规则的核心工具。

绿色电力交易框架

《电力中长期交易基本规则——绿色电力交易专章》（国家发展改革委、国家能源局，发改能源〔2024〕1123号，2024年7月）将绿色电力交易嵌入更广泛的电力市场。其设计原则清晰：可再生能源发电企业与符合条件的用户以中长期合同交易绿电，绿证作为证明可再生能源生产、消费与环境属性的基础凭证。地方政府按照”省内为主、跨省区为辅”引导用户参与，与港澳的跨境绿电交易参照同一原则执行。

绿色电力证书制度

绿证是中国可再生能源环境属性的国家级凭证。《可再生能源绿色电力证书管理实施细则（试行）》（国家能源局，2025年底印发、2026年1月发布）对全生命周期作出规范：

  • 账户。 电力用户——包括在境内合法注册的经营主体——可在国家绿证核发交易系统或任一绿证交易平台开设唯一实名绿证账户；与中国境内有可再生能源电量交换的国外用户亦可凭有效证件注册。
  • 核发。 每1000千瓦时可再生能源电量核发1个绿证，按月核发，覆盖风电、太阳能、生物质、地热、海洋能及符合条件的水电。
  • 划转。 交易完成后绿证由卖方账户实时划转至买方；绿色电力交易电量对应的绿证随交易划转且不得再次交易。
  • 核销。 绿证在有效期届满（两年）、声明绿色电力消费或完成CCER登记时核销；自2026年1月1日起，绿证电量生产年份须与消费年份一致，提高了年份匹配要求的门槛。

2026年统一电力市场意见

国务院办公厅2026年关于完善全国统一电力市场体系的实施意见强化了绿色维度。其提出完善全国统一的绿证市场，进一步发挥绿证作为可再生能源电力生产、消费与环境属性认定的基础凭证作用，并加快建立强制与自愿相结合的绿证消费制度。意见还倡导以区块链等技术开展绿电消费认证、强化溯源，并研究将绿证纳入碳排放核算的可行路径——这预示着绿电凭证可能日益用于抵减碳义务。

碳市场衔接与合规姿态

绿电采购并非孤立于中国碳制度之外。全国碳排放权交易市场（ETS）覆盖重点排放单位，政策方向正转向”双控”——由管控能耗强度转向管控碳排放总量——这提升了可再生能源消费凭证的战略价值。对外资企业而言，实操链条是：采购绿电并取得绿证（可再生能源消费凭证）、在适用时通过ETS核算剩余排放，并为全球范围二与供应链披露留痕。2026年意见关于”研究将绿证纳入碳排放核算”的提法值得持续跟踪：若绿证成为可抵减碳义务的认可凭证，拥有清洁采购记录的先行者将获得可量化的合规优势。因此，外资集团应将绿电采购纳入在华ESG打法，而非将其视为临时采购。

外商投资企业实务步骤

  1. 尽早开设绿证账户。 依法注册的FIE可直接注册；集团内主体宜统筹采购以提升匹配度与可追溯性。
  2. 通过交易中心购买绿电。 签订中长期绿电合同，使对应绿证自动流入本方账户。
  3. 对齐年份与属性。 2026年起使绿证生产年份与消费年份一致，并留存核销记录作为ESG证据。
  4. 衔接碳战略。 跟踪绿证与碳核算的衔接演进，为在披露与潜在抵减机制中运用绿证做好准备。
  5. 善用大湾区跨境选项。 大湾区运营可依据同一交易原则探索与港澳的跨境绿电安排。

延伸阅读

绿电采购与中国全国碳排放权交易市场及碳双控转型并列。外资企业应将三者一并研读：购买绿电（绿证）、核算剩余排放（碳市场）、并为全球报告留痕。

Sources

  • 国家发展改革委、国家能源局：《电力中长期交易基本规则——绿色电力交易专章》（发改能源〔2024〕1123号）— https://www.gov.cn/zhengce/zhengceku/202408/content_6970133.htm
  • 国家能源局：《可再生能源绿色电力证书管理实施细则（试行）》解读（2026-01-07）— https://www.nea.gov.cn/20260107/3f7a58d6f6a54b1a96b29e0f50cbd04d/c.html
  • 国务院办公厅：《关于完善全国统一电力市场体系的实施意见》（2026年国务院公报）— https://www.gov.cn/gongbao/2026/issue_12586/202602/content_7059937.html
Green Energy / 绿色能源

New-type storage — foreign participation pathways

  • Document 114 (发改价格〔2026〕114号, Jan 2026) is the first national-level rule to explicitly create a capacity-price mechanism for grid-side standalone new-type storage, treating it on a par with coal power as a capacity resource.
    114号文（发改价格〔2026〕114号，2026年1月）是首个在国家层面明确建立电网侧独立新型储能容量电价机制的规则，将其与煤电同等视为容量资源。
  • New-type storage can now earn a “three-in-one” revenue: capacity price + energy arbitrage + ancillary services; the capacity price is benchmarked to local coal capacity price and scaled by peak-shifting ability.
    新型储能如今可获得”三位一体”收入：容量电价+能量价差+辅助服务；容量电价以当地煤电容量价为基准，按顶峰能力折算。
  • Pumped hydro is refined under a “stock-stable, increment-active” principle: pre-633-file plants keep government pricing; post-633-file plants get a unified capacity price plus market-revenue sharing.
    抽水蓄能在”存量保稳、增量促活”原则下完善：633号文前开工者延续政府定价；之后开工者获统一容量电价加市场收益分享。
  • A reliable-capacity compensation mechanism will follow once spot markets run continuously, paying all qualified resources by the same “peak capability” yardstick — moving from “classified compensation” to “equal pay for equal work.”
    现货市场连续运行后将建立可靠容量补偿机制，以同一”顶峰能力”标尺补偿所有合格资源——由”分类补偿”走向”同工同酬”。
  • No foreign-ownership cap exists on storage investment; foreign capital enters via local project companies and can supply equipment (lithium, flow, compressed-air, flywheel) or invest in projects.
    储能投资无外资股比上限；外资经由本地项目公司进入，可提供设备（锂电、液流、压缩空气、飞轮）或投资项目。
  • Technology choice now competes on function, not just cost: short-duration storage suits high-frequency regulation, long-duration (flow, compressed air) suits peak-shifting and wins more capacity value.
    技术路线如今按功能而非仅成本竞争：短时储能适合高频调频，长时（液流、压缩空气）适合削峰填谷、获更多容量价值。
  • User affordability assessment is a new gate: projects lacking it cannot be planned, approved, or given capacity payment — disciplining over-build.
    用户承受能力评估成为新门槛：未开展评估的项目不得纳入规划及核准、不得给予容量电费或可靠容量补偿。

New-type storage — foreign participation pathways | 新型储能（电化学/抽水蓄能）外资参与路径

Overview

China is building the world’s largest renewable system, and variability makes storage a strategic pillar of the new power system. In January 2026 the NDRC and NEA issued Document 114 (发改价格〔2026〕114号), overhauling the capacity-price mechanism for regulating resources — coal, gas, pumped hydro and, for the first time at national level, grid-side standalone new-type storage. For foreign investors, storage is open (no ownership cap) and now has a clearer revenue floor.

This article explains the 2026 pricing reform, the pumped-hydro and new-storage mechanics, the foreign-participation pathway, and where capital can win. It is informational; confirm current detail with qualified PRC advisers.

The 2026 capacity-price reform (Document 114)

Document 114’s logic: as renewables become the largest installed source, the system needs regulating capacity that “shows up” at peak. It classifies and improves capacity prices for coal, gas, pumped hydro and grid-side standalone new storage, and previews a reliable-capacity compensation mechanism.

  • Coal and gas. Regions raise the fixed-cost recovery via capacity price to at least 50% (coal: RMB 165/kW-year baseline); gas can get a comparable mechanism.
  • Pumped hydro. Pre-633-file (发改价格〔2021〕633号) plants keep government pricing; post-633-file plants get a provincially set unified capacity price (every 3–5 years, cost-recovery basis, with duration折减) plus a share of market revenue.
  • Grid-side standalone new-type storage. For the first time nationally, plants serving system security, not in behind-the-meter pairing, and on a provincial list, may receive a capacity price. The price is benchmarked to the local coal capacity price and scaled by peak-shifting ability (ratio = full-power discharge duration ÷ longest net-load-peak duration, capped at 1), adjusted for market and system needs.

The “three-in-one” revenue for new storage

The reform gives grid-side standalone storage a composite income:

  1. Capacity price — a stable, regulated floor scaled to peak capability.
  2. Energy arbitrage — charge/discharge spread in the electricity market.
  3. Ancillary services — regulation, peak-shifting and other system-value payments.

A reliable-capacity compensation mechanism follows once spot markets run continuously: qualified resources (coal, gas, eligible grid-side storage, later pumped hydro) are paid by the same “reliable capacity” yardstick, ending type-by-type capacity pricing — “equal pay for equal work.” This rewards genuine peak contribution regardless of technology.

Pumped hydro: stock-stable, increment-active

Pumped hydro, the largest existing flexible resource, is refined rather than reinvented:

  • Stock (pre-633). Continue government pricing; after the operating term, re-price to cover necessary upgrades and O&M.
  • Increment (post-633). Unified capacity price + market-revenue sharing, with the share set by the province; revenue mix shifts from high capacity-fee share toward diversified market income, pushing cost discipline and siting quality.

For foreign investors, pumped hydro is capital-intensive and long-cycle; the clearer price path improves bankability but the asset itself is usually a domestic-led, grid-adjacent play.

Foreign-participation pathway

There is no foreign-ownership cap on storage investment or equipment manufacturing. Foreign capital typically enters via:

  • Equipment supply. Lithium, flow (vanadium), compressed-air, flywheel and BMS/PCS technologies — China’s storage manufacturing is large but foreign IP in long-duration chemistry, safety and power electronics remains attractive for local JV or supply agreements.
  • Project investment. A locally incorporated project company builds and operates a grid-side standalone storage plant, joins the provincial list, and earns the three-in-one revenue. Because there is no ownership cap, the entity can be wholly foreign-owned.
  • Integrated plays. Pair storage with wind/solar (see the wind-solar article) or green-hydrogen bases (see the green-hydrogen article) to capture co-located value.

The practical gate is no longer ownership but user affordability assessment: provinces must assess user capacity to pay, and projects without it cannot be planned, approved, or granted capacity payment. This disciplines over-build and ties approvals to genuine system need.

Where capital can win

  • Long-duration storage. Flow and compressed-air gain more capacity value under the peak-ability scaling — a differentiated play versus lithium’s frequency strength.
  • Safety and power electronics. PCS, BMS and fire-safety IP are recurring needs as fleets scale.
  • Project development with offtake certainty. Plants sited where the grid needs peak capacity, on the provincial list, capture the capacity floor plus market upside.
  • Cross-border technology transfer. Foreign long-duration or safety IP localised via JV meets both the speed and compliance bar.

Common pitfalls

  • Assuming storage revenue is just energy arbitrage. The 2026 reform adds a capacity floor and ancillary services — model all three.
  • Ignoring the user-affordability gate. Projects without the assessment cannot be approved or paid.
  • Competing on cell cost alone. Technology choice now competes on function (duration, response) under a uniform capacity yardstick.
  • Over-building without grid need. The assessment discipline reduces speculative permits.
  • Treating pumped hydro as a quick entry. It is capital-heavy and long-cycle; the clearer price helps bankability, not speed.

What to do next

  • Decide the entry mode — equipment supply, project investment, or integrated with renewables/H2.
  • For projects, incorporate a local company and target the provincial grid-side standalone storage list.
  • Model the three-in-one revenue (capacity + arbitrage + ancillary) under Document 114.
  • Pre-clear the user-affordability assessment with provincial authorities before committing capital.
  • Choose technology by function: short-duration for frequency, long-duration for peak value.
  • Track the rollout of the reliable-capacity compensation mechanism in spot-market-running regions.

Sources

  • 国家发展改革委、国家能源局《关于完善发电侧容量电价机制的通知》（发改价格〔2026〕114号）：https://www.ndrc.gov.cn/xwdt/tzgg/202601/t20260130_1403525_ext.html
  • 国家发展改革委 政策解读 完善发电侧容量电价机制答记者问（2026-01）：https://gbdy.ndrc.gov.cn/gbdyzcjd/202601/t20260130_1403528.html
  • 国家发展改革委（NDRC）门户网站 — 能源价格与新型储能政策：https://www.ndrc.gov.cn
  • 国家能源局（NEA）门户网站 — 新型储能电站建设与并网：https://www.nea.gov.cn

Related reading

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）

新型储能（电化学/抽水蓄能）外资参与路径

概述

中国正在建设全球最大的可再生能源体系，而波动性使储能成为新型电力系统的战略支柱。2026年1月，发改委与能源局发布114号文（发改价格〔2026〕114号），重构调节性资源的容量电价机制——煤电、气电、抽水蓄能，并首次在国家层面纳入电网侧独立新型储能。对外国投资者，储能开放（无股比上限）且如今有了更清晰的收益底。

本文解释2026年电价改革、抽水蓄能与新型储能机制、外资参与路径与资本可胜出之处。本文仅为信息参考，具体细节请以合格中国顾问确认。

2026年容量电价改革（114号文）

114号文的逻辑：随可再生成为第一大装机电源，系统需要”顶峰时能顶上”的调节容量。它分类完善煤电、气电、抽水蓄能与电网侧独立新型储能的容量电价，并预告可靠容量补偿机制。

  • 煤电与气电。 各地通过容量电价回收煤电机组固定成本比例提至不低于50%（煤电基准165元/千瓦·年）；气电可建可比机制。
  • 抽水蓄能。 633号文（发改价格〔2021〕633号）前开工者延续政府定价；之后开工者获省级统一容量电价（每3–5年、按成本回收、按时长折减）加市场收益分享。
  • 电网侧独立新型储能。 首次在国家层面，对服务系统安全、未参与配储、纳入省级清单的电站可给予容量电价。电价以当地煤电容量价为基准，按顶峰能力折算（比例=满功率放电时长÷全年最长净负荷高峰持续时长，上限1），并考虑市场与系统需求。

新型储能的”三位一体”收入

改革赋予电网侧独立储能复合收入：

  1. 容量电价 —— 按顶峰能力折算的稳定管制底价。
  2. 能量价差 —— 电力市场中的充放电价差。
  3. 辅助服务 —— 调频、调峰等系统价值支付。

现货市场连续运行后将建立可靠容量补偿机制：合格资源（煤电、气电、合格电网侧储能，后续含抽水蓄能）按同一”可靠容量”标尺补偿，终结按类型分别定价——”同工同酬”。这不论技术、只奖真实顶峰贡献。

抽水蓄能：存量保稳、增量促活

作为既有最大灵活资源，抽水蓄能是完善而非重塑：

  • 存量（633前）。 延续政府定价；经营期满后按弥补必要技改与运维重新核价。
  • 增量（633后）。 统一容量电价+市场收益分享，分享比例由省级定；收入结构从高容量电费占比转向多元化市场收入，倒逼成本约束与选址质量。

对外资，抽水蓄能资本密集、周期长；更清晰的价格路径提升可融资性，但资产本身通常为国内主导、邻近电网的玩法。

外资参与路径

储能投资与设备制造均无外资股比上限。外资通常经以下方式进入：

  • 设备供应。 锂电、液流（钒）、压缩空气、飞轮及BMS/PCS技术——中国储能制造规模大，但国外在长时化学、安全与功率电子上的IP仍具本地合资或供货吸引力。
  • 项目投资。 本地设立项目公司建设运营电网侧独立储能电站，进入省级清单，赚取三位一体收入。因无所有权上限，实体可为外商独资。
  • 一体化玩法。 将储能与风光（见风光篇）或绿氢基地（见绿氢篇）配对，捕捉协同价值。

实务门槛不再是所有权，而是用户承受能力评估：各省须评估用户支付能力，未开展评估的项目不得纳入规划及核准、不得给予容量电费或可靠容量补偿。这约束过度建设，把核准与真实系统需求挂钩。

资本可胜出之处

  • 长时储能。 液流与压缩空气在顶峰能力折算下获更多容量价值——与锂电的调频强项形成差异化。
  • 安全与功率电子。 随装机扩张，PCS、BMS与消防安全IP是持续需求。
  • 有承购确定性的项目开发。 落在电网需顶峰容量处、进入省级清单的电站，可获容量底价加市场上行。
  • 跨境技术转移。 经合资本地化的国外长时或安全IP，同时满足速度与合规门槛。

常见误读

  • 以为储能收益仅是能量价差。 2026改革新增容量底价与辅助服务——三者须一并建模。
  • 忽视用户承受能力门槛。 未评估的项目不得核准或获付费。
  • 仅以电芯成本竞争。 在统一容量标尺下，技术路线如今按功能（时长、响应）竞争。
  • 不顾电网需求过度建设。 评估纪律减少投机性核准。
  • 把抽水蓄当快速入口。 其资本重、周期长；更清晰的价格助可融资性，而非速度。

下一步建议

  • 决定进入模式——设备供应、项目投资，或与可再生/氢一体化。
  • 对项目，设立本地公司并瞄准省级电网侧独立储能清单。
  • 依114号文建模三位一体收入（容量+价差+辅助服务）。
  • 在投入资本前，与省级部门预先厘清用户承受能力评估。
  • 按功能选技术：短时用于调频，长时用于顶峰价值。
  • 跟踪现货市场运行区域可靠容量补偿机制的落地。

来源

  • 国家发展改革委、国家能源局《关于完善发电侧容量电价机制的通知》（发改价格〔2026〕114号）：https://www.ndrc.gov.cn/xwdt/tzgg/202601/t20260130_1403525_ext.html
  • 国家发展改革委 政策解读 完善发电侧容量电价机制答记者问（2026-01）：https://gbdy.ndrc.gov.cn/gbdyzcjd/202601/t20260130_1403528.html
  • 国家发展改革委（NDRC）门户网站 — 能源价格与新型储能政策：https://www.ndrc.gov.cn
  • 国家能源局（NEA）门户网站 — 新型储能电站建设与并网：https://www.nea.gov.cn

相关阅读

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）
Green Energy / 绿色能源

National carbon market expansion — impact on foreign-invested enterprises

  • In March 2025 the national ETS first expanded beyond power: steel, cement and aluminium smelting were added, lifting covered CO2 to over 60% of national emissions and adding about 1,500 entities and ~3 billion tonnes of new coverage.
    2025年3月，全国碳市场首次扩围至电力之外：纳入钢铁、水泥、铝冶炼，覆盖二氧化碳占全国总量超60%，新增约1500家企业与约30亿吨新增覆盖。
  • The 2024, 2025 and 2026 compliance years are the “start-up phase”: 2024 allocations equalled verified emissions (no deficit), and 2025–2026 are balanced overall with capped surplus/deficit rates — no contractionary shock to foreign-invested plants.
    2024、2025、2026履约年度为”启动实施阶段”：2024年配额等于经核查排放（无缺口），2025–2026整体盈亏平衡、盈缺率受限——对外资工厂无收缩性冲击。
  • Only direct process emissions are covered (fuel combustion + industrial-process reactions); indirectly purchased electricity/heat is excluded, protecting electricity-intensive but low-direct-emission operations.
    仅覆盖直接过程排放（化石燃料燃烧+工业过程反应）；外购电力/热力导致的间接排放不纳入，保护高电耗但直接排放低的运营。
  • Allocation is free and intensity-based; from 2027 the scheme deepens, with sector totals and progressively tighter caps, and paid allocation is to be introduced over time.
    配额为免费且基于强度；2027年起深化，逐步设行业总量并适度收紧，并适时引入有偿分配。
  • Foreign-invested manufacturers in steel/cement/aluminium must register, file monthly key-parameter electronic evidence, report and verify annually, and complete first clearance — with data-quality obligations enforced via blockchain/big-data oversight.
    钢铁/水泥/铝冶炼的外资制造企业须登记、按月报送关键参数信息化存证、年度报告与核查，并完成首次清缴——数据质量义务由区块链/大数据监管执行。
  • Downstream effects reach auto and other exporters: green certificates, CBAM exposure and supply-chain decarbonisation requests flow through to suppliers, including foreign firms.
    下游效应触及汽车等出口商：绿证、CBAM敞口与供应链脱碳要求传导至包括外资在内的供应商。
  • Next sectors in preparation are chemical, petrochemical, civil aviation and paper; by 2027 the ETS is to basically cover major industrial emitting sectors.
    后续准备行业为化工、石化、民航、造纸；到2027年碳市场基本覆盖工业主要排放行业。

National carbon market expansion — impact on foreign-invested enterprises | 全国碳市场扩容（钢铁/建材/有色）对外资企业影响

Overview

China’s national Emissions Trading Scheme (ETS), run under the ecology/environment authority (MEE), began with the power sector in 2021. In March 2025 it achieved its first expansion: steel, cement and aluminium smelting were brought into the market. For foreign-invested manufacturers in these sectors — and for any foreign firm whose Chinese supply chain touches them — the ETS is now a direct compliance cost and a strategic signal.

This article explains the 2025/2026 expansion, the allocation and compliance mechanics, the foreign-enterprise obligations, and how to respond. It is informational; confirm current detail with qualified PRC advisers.

The 2025 expansion

On 26 March 2025 the MEE released the *Work Plan for Covering Steel, Cement and Aluminium Smelting in the National ETS*. Approved by the State Council, the move added three high-emitting sectors. Coverage now exceeds 60% of national CO2 emissions; about 1,500 new key emitters are added, with roughly 3 billion tonnes of new covered emissions. The covered gases expand to CO2, CF4 and C2F6.

The expansion follows a “implement while refining” two-phase approach: 2024–2026 is the start-up phase (launch and bedding-in), and from 2027 is the deepening phase. A November 2025 allocation plan (《2024、2025年度…配额总量和分配方案》) set the rules for the first two years.

Allocation and the no-shock design

Crucially for business planning, the first years are deliberately non-punitive:

  • 2024. Allocations to steel, cement and aluminium enterprises equalled verified actual emissions — every enterprise had zero deficit and paid no compliance cost.
  • 2025–2026. Each sector is overall balanced; a performance-coefficient band caps every enterprise’s surplus/deficit rate within a small range, so there is no contractionary effect on sector development.
  • Intensity-based, free allocation. Allocation tracks actual output and is benchmarked by industry; lower-intensity firms earn higher surplus rates, creating an incentive to abate. Only direct emissions (fuel combustion, industrial-process reactions) are covered; indirectly purchased electricity/heat is excluded.
  • “Grasp the large, release the small.” Only the most emissions-concentrated producers are included — e.g., BF-BOF long-process steel, clinker lines, aluminium electrolysis — capturing 98%+ of each sector’s full-process emissions, while smaller segments (independent EAF short-process, steel rolling) are not yet included.

From 2027 the scheme deepens: explicit sector totals, progressively tighter caps, and — per the August 2025 opinion on building a stronger national carbon market — a gradual shift to paid allocation alongside free.

Foreign-enterprise obligations

A foreign-invested enterprise in steel, cement or aluminium that meets the threshold is a “key emitting entity” and must:

  • Register on the national ETS management platform and be included in the provincial key-emitter list.
  • File monthly electronic evidence of key carbon-accounting parameters via the management platform; provincial ecology/environment authorities technically review the data.
  • Report and verify annually greenhouse-gas emissions; the 2025 allocation is issued in H1 2026 (pre-allocation) with true-up by year-end.
  • Complete first clearance — the 2024 allowances are cleared within the year of the plan’s release.
  • Meet data-quality duties under a strengthened MRV system, with blockchain/big-data/”three-tier review”/flight inspections enforcing accuracy and punishing fabrication.

Foreign ownership does not change these duties; a China legal entity carries them. The practical risk is not the cost today (near-zero in 2024, balanced in 2025–2026) but the trajectory: tightening caps and paid allocation from 2027 onward mean early abatement investment protects against future liability.

Downstream and cross-sector effects

The ETS radiates beyond the three sectors:

  • Auto and other exporters. Steel, aluminium and cement are upstream inputs; their carbon costs and green-premium requests flow to suppliers. Foreign auto and machinery firms with China plants face both their own ETS exposure (if in covered segments) and supply-chain decarbonisation requests from EU/brand customers.
  • Green certificates and green power. Covered entities and their customers increasingly use 绿证 to evidence renewable consumption; the 2026 green-certificate lifecycle rules broaden availability.
  • CBAM interaction. The EU’s CBAM indirectly raises carbon cost on steel/aluminium enclosures and inputs; Chinese producers’ ETS compliance and certificates become part of export cost competitiveness.
  • Next sectors. MEE has started preparatory work on chemical, petrochemical, civil aviation and paper, targeting basic coverage of major industrial emitting sectors by 2027.

Common pitfalls

  • Assuming the ETS is someone else’s problem. If you operate a covered plant in China, you are the key emitter regardless of foreign ownership.
  • Expecting a 2024–2026 cost shock. The design deliberately avoids contraction; the real cost arrives from 2027 with tighter caps and paid allocation.
  • Ignoring monthly evidence filing. Data quality is enforced by tech-enabled oversight; gaps trigger penalties.
  • Confusing direct and indirect emissions. Only direct process emissions are covered now; purchased power is excluded — plan abatement on the right boundary.
  • Treating ETS in isolation. Green certificates, CBAM and supply-chain requests are linked; manage them together.

What to do next

  • Confirm whether your China entity is a covered key emitter in steel/cement/aluminium; register on the national ETS platform.
  • Stand up a data-quality system: monthly key-parameter electronic evidence, annual reporting, and verification readiness.
  • Model the 2027+ trajectory — tightening caps and paid allocation — into capex for abatement now.
  • Use green certificates and green-power procurement to manage renewable-consumption and export-customer requests.
  • If exporting to the EU, integrate ETS compliance and CBAM exposure into product cost.
  • Track MEE’s next-sector preparations (chemical, petrochemical, aviation, paper) for future exposure.

Sources

  • 生态环境部 — 《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量和分配方案》答记者问（2025-11）：https://www.mee.gov.cn/ywdt/zbft/202511/t20251119_1134197.shtml
  • 国务院 — 全国碳市场首次扩围（钢铁、水泥、铝冶炼）新闻发布（2025-03）：https://www.gov.cn/lianbo/bumen/202503/content_7015718.htm
  • 生态环境部（MEE）门户网站 — 全国碳排放权交易市场管理：https://www.mee.gov.cn
  • 光明日报 — 首次扩围报道（2025-03-27）：https://news.gmw.cn/2025-03/27/content_37929458.htm

Related reading

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）

全国碳市场扩容（钢铁/建材/有色）对外资企业影响

概述

中国全国碳排放权交易体系（ETS）由生态环境主管部门（MEE）管理，2021年以电力行业起步。2025年3月实现首次扩围：纳入钢铁、水泥、铝冶炼。对身处这些行业的外资制造企业——以及任何中国供应链触及它们的外国公司——ETS如今是直接的合规成本与战略信号。

本文解释2025/2026扩围、配额与履约机制、外资企业义务与应对。本文仅为信息参考，具体细节请以合格中国顾问确认。

2025年扩围

2025年3月26日，生态环境部发布《全国碳排放权交易市场覆盖钢铁、水泥、铝冶炼行业工作方案》。经国务院办公厅，纳入三个高排放行业。覆盖二氧化碳占全国总量超60%；新增约1500家重点排放单位，新增覆盖排放约30亿吨。覆盖气体扩展至CO2、CF4与C2F6。

扩围按”边实施、边完善”两阶段：2024–2026为启动实施阶段，2027年起为深化完善阶段。2025年11月的《2024、2025年度…配额总量和分配方案》设定了前两年规则。

配额与无冲击设计

对经营规划至关重要的是，最初几年刻意非惩罚性：

  • 2024年。 钢铁、水泥、铝冶炼企业配额等于经核查实际排放——每家企业无缺口、无需支付履约成本。
  • 2025–2026年。 各行业整体盈亏平衡；以绩效系数带将每家企业盈缺率控制在较小范围内，不对行业发展产生收缩性效应。
  • 基于强度、免费分配。 配额与实际产出挂钩并按行业基准；强度越低企业盈余率越高，形成减排激励。仅覆盖直接排放（化石燃料燃烧、工业过程反应）；外购电力/热力导致的间接排放不纳入。
  • “抓大放小”。 仅纳入排放最集中的生产者——如高炉-转炉长流程钢铁、熟料线、铝电解——覆盖各行业全流程排放98%以上，而较小环节（独立电炉短流程、钢压延）暂不纳入。

2027年起深化：明确行业总量、逐步适度收紧，并依2025年8月《关于推进绿色低碳转型 加强全国碳市场建设的意见》逐步引入有偿分配（与免费并行）。

外资企业义务

钢铁、水泥或铝冶炼中达到门槛的外商投资企业，属”重点排放单位”，须：

  • 登记 于全国碳市场管理平台，并纳入省级重点排放单位名录。
  • 按月报送 关键核算参数的信息化存证；省级生态环境主管部门技术审核。
  • 年度报告与核查 温室气体排放；2025年配额于2026年上半年预分配、年底多退少补核定清缴。
  • 完成首次清缴 —— 2024年配额在方案发布当年内清缴。
  • 履行数据质量义务 —— 在强化的MRV体系下，以区块链/大数据/”三级联审”/飞行检查 enforcement，造假受罚。

外资所有权不改变这些义务；由中国法律实体承担。现实风险不是当下的成本（2024近零、2025–2026平衡），而是趋势：2027年起收紧的配额与有偿分配意味着提早的减排投资可防范未来负债。

下游与跨行业效应

ETS辐射超出三个行业：

  • 汽车等出口商。 钢铁、铝、水泥是上游投入；其碳成本与绿色溢价请求传导至供应商。在中国设厂的外资汽车与机械企业，既面临自身（若处覆盖环节）ETS敞口，也面临来自欧/品牌客户的供应链脱碳要求。
  • 绿证与绿电。 覆盖实体及其客户日益用绿证证明可再生消费；2026年绿证全生命周期规则扩大可得性。
  • 与CBAM互动。 欧盟CBAM通过钢铝外壳与投入间接抬高碳成本；中国生产者的ETS合规与绿证成为出口成本竞争力的一部分。
  • 后续行业。 生态环境部已启动化工、石化、民航、造纸前期准备，目标2027年基本覆盖工业主要排放行业。

常见误读

  • 以为ETS与己无关。 若在中国运营覆盖行业工厂，无论外资与否你就是重点排放单位。
  • 预期2024–2026成本冲击。 设计刻意避免收缩；真实成本自2027年随收紧与有偿分配而来。
  • 忽视按月存证。 数据质量由技术赋能监管执行；缺口触发处罚。
  • 混淆直接与间接排放。 当前仅覆盖直接过程排放；外购电力不纳入——在正确边界上规划减排。
  • 孤立看待ETS。 绿证、CBAM与供应链请求相互关联；应统一管理。

下一步建议

  • 确认中国实体是否属钢铁/水泥/铝的覆盖重点排放单位；在全国碳市场平台登记。
  • 建立数据质量体系：按月关键参数信息化存证、年度报告与核查准备。
  • 将2027+趋势——收紧配额与有偿分配——建模进当前减排资本开支。
  • 用绿证与绿电采购管理可再生消费与出口客户请求。
  • 若出口欧盟，将ETS合规与CBAM敞口纳入产品成本。
  • 跟踪生态环境部后续行业准备（化工、石化、民航、造纸）以预判未来敞口。

来源

  • 生态环境部 — 《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量和分配方案》答记者问（2025-11）：https://www.mee.gov.cn/ywdt/zbft/202511/t20251119_1134197.shtml
  • 国务院 — 全国碳市场首次扩围（钢铁、水泥、铝冶炼）新闻发布（2025-03）：https://www.gov.cn/lianbo/bumen/202503/content_7015718.htm
  • 生态环境部（MEE）门户网站 — 全国碳排放权交易市场管理：https://www.mee.gov.cn
  • 光明日报 — 首次扩围报道（2025-03-27）：https://news.gmw.cn/2025-03/27/content_37929458.htm

相关阅读

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
Green Energy / 绿色能源

Green hydrogen — foreign investment opportunities and demonstration zones

  • Green hydrogen is a 2026 policy priority: the “15th Five-Year Plan” names hydrogen and green fuels as new growth points, and Inner Mongolia alone targets large-scale green-H2 clusters with costs of RMB 17–20/kg (about 60% of the national average).
    绿氢是2026年政策重点：”十五五”规划将氢能、绿色燃料列为新增长点；仅内蒙古即瞄准规模化绿氢集群，成本17–20元/公斤（约全国均价的60%）。
  • Green-power direct connection (绿电直连, 发改能源〔2025〕650号 and 〔2026〕688号) is the key enabler — it gives electrolytic hydrogen 100% physical green-power traceability and removes the public-grid “middle leg,” cutting cost and certifying origin.
    绿电直连（发改能源〔2025〕650号、〔2026〕688号）是关键赋能手段——为电解制氢提供100%物理绿电溯源，去掉公共电网”中转”，降本并认证来源。
  • By February 2026, 84 green-direct-connection projects had been approved nationwide (32.59 GW of renewable capacity); at least eight large green-H2 projects advanced in 2026 across Xinjiang, Inner Mongolia, Guangdong, Heilongjiang and Hubei.
    截至2026年2月，全国已审批84个绿电直连项目（可再生装机3259万千瓦）；2026年新疆、内蒙古、广东、黑龙江、湖北等地至少8个大型绿氢项目推进。
  • Demonstration is moving from pilot to scale: the world’s largest green-hydrogen-ammonia project (Oriental Energy, Chifeng) shipped its first green ammonia export in 2026 and holds ISCC GHG certification — a template for export-oriented green fuels.
    示范正从试点走向规模：全球最大绿氢制氨项目（远景赤峰）2026年首发绿氨出海并获ISCC GHG认证——是可出口绿色燃料的范本。
  • Foreign investors enter via local project companies and partnerships; the sector has no generation-ownership cap, and green-direct-connection rules explicitly welcome foreign-related and private capital in new energy.
    外资经由本地项目公司与合作进入；该领域无发电所有权上限，且绿电直连规则明确欢迎涉外与民营资本进入新能源。
  • Watch the cost and certification stack: electrolyser capex, renewable power price (as low as RMB 0.15–0.21/kWh in the west), green-certificate/ISCC traceability, and provincial pilots (Inner Mongolia, Jilin, Xinjiang) defining上网 electricity ratios.
    关注成本与认证栈：电解槽资本开支、可再生电价（西部低至0.15–0.21元/千瓦时）、绿证/ISCC溯源，以及界定上网电量比例的内蒙古、吉林、新疆等省级试点。
  • Opportunities span the value chain: green-H2 for refining/chemicals, green ammonia/methanol/Sustainable Aviation Fuel, hydrogen pipelines and equipment, and “wind-solar-hydrogen-storage” integrated bases.
    机会覆盖价值链：炼化/化工绿氢、绿氨/绿醇/可持续航空燃料、氢管网与装备，以及”风光氢储”一体化基地。

Green hydrogen — foreign investment opportunities and demonstration zones | 绿氢/氢能产业：外资投资机会与示范区

Overview

Hydrogen — especially green hydrogen produced from renewable power — has moved from pilot exploration to ordered scale-up in China. The “15th Five-Year Plan” explicitly names hydrogen and green fuels as new growth points, and 2026 is seeing a wave of large green-direct-connection (绿电直连) hydrogen projects. For foreign investors, the sector is open and policy-backed, but success hinges on mastering the green-power-direct-connection mechanism, the cost stack, and international certification for export.

This article outlines the 2026 policy push, demonstration clusters, the foreign-investor access path, and where capital can win. It is informational; confirm current detail with qualified PRC advisers.

The 2026 policy push

Two national instruments anchor green hydrogen:

  • Green-power direct connection. The NDRC/NEA *Notice on Orderly Promoting Green-Power Direct Connection* (发改能源〔2025〕650号, May 2025) defined the model and standards; a September 2025 transmission-and-distribution price notice clarified the cost rules (capacity/demand-based payment, no system-reserve or transmission energy charge on downside power). The 2026 multi-user version (发改能源〔2026〕688号) extends it to several off-takers. For electrolytic hydrogen this is decisive: dedicated lines deliver 100% green power with clear physical traceability, solving both the cost (power is 60–80% of green-H2 cost) and the origin-certification problem for export markets.
  • “15th Five-Year Plan” and local pilots. The national plan lays out green-H2 demonstration bases in Inner Mongolia, Gansu and Xinjiang. Inner Mongolia alone has issued 19 hydrogen policies covering the full “produce–store–transport–use” chain, built 8 green-H2 projects (≈80,000 t/yr capacity), and in early 2026 reported output of 12,694 t in 2025 (3.6× YoY) at RMB 17–20/kg — about 60% of the national average. Provinces such as Jilin and Xinjiang have issued their own green-direct-connection implementation schemes, with defined caps on grid-fed electricity ratios (e.g., Inner Mongolia: ≤40% in 2027, ≤20% from 2028 for grid-connected hydrogen-based green-fuel projects).

Demonstration at scale

By February 2026 the NEA had disclosed 84 approved green-direct-connection projects (32.59 GW of renewable capacity). At least eight large green-H2 projects advanced in 2026:

  • Xinjiang Iwu off-grid wind-solar hydrogen — 690 MW renewable + 160 MW/320 MWh storage, ~30,000 t/yr green H2, RMB 2.459 billion.
  • Baowu Qingneng (Yangjiang) green-H2 park — Guangdong’s only green-power-supplied demonstration park, 1.5 GW offshore-wind direct hydrogen, 80,000 t/yr, RMB 11.09 billion.
  • Oriental Energy (Chifeng) 1.52 Mt green ammonia — world’s largest, 100% green-direct-connection, first green-ammonia export shipped in 2026 with ISCC GHG certification.
  • Heilongjiang Huanan 1.2 GW off-grid wind hydrogen + methanol — ~300,000 t/yr green methanol.
  • Inner Mongolia Arunqi wind-hydrogen SAF — 1 GW wind, 35,000 t/yr green aviation kerosene.
  • Hubei Daye, Inner Mongolia Dengkou, and others — varied off-grid/grid-connected configurations.

The pattern: large “wind-solar-hydrogen-storage” integrated bases in resource-rich western/northern provinces, with downstream products (H2, ammonia, methanol, SAF) aimed at both domestic decarbonisation and export.

Foreign-investor access

Hydrogen production and renewable generation are not on the restricted negative list; there is no foreign-ownership cap on generation, and green-direct-connection rules explicitly welcome foreign-related and private capital in new energy. The practical vehicle is a locally incorporated project company (often in an FTZ or demonstration zone) that builds renewable generation, electrolysers and (optionally) downstream plants, and signs green-direct-connection and offtake arrangements.

Foreign capital can enter as: (a) an equity investor in a Chinese project company or JV; (b) an equipment/technology supplier (electrolysers, compressors, fuel cells, ammonia synthesis); or (c) an offtaker/partner for green fuels (shipping, aviation, chemicals) seeking certified green molecules. The 2026 environment is unusually welcoming because local governments compete to attract green-industry anchor projects with land, grid and fiscal support (some western regions offer up to ~20% investment subsidies).

Where capital can win

  • Electrolyser and balance-of-plant supply. China’s electrolyser manufacturing is cost-competitive; foreign IP in high-efficiency stacks, membranes and controls can partner locally.
  • Green-fuel offtake and certification. Export-oriented green ammonia/methanol/SAF needs ISCC/equivalent certification and traceable green power — a service and trading niche.
  • Integrated bases and pipelines. Inner Mongolia’s provincial hydrogen-pipeline plan (“one trunk, two loops, four outlets”) and storage/transport equipment are open to investment.
  • Demonstration-zone first-movers. Bases in Inner Mongolia, Gansu, Xinjiang and Guangdong offer the clearest policy certainty and infrastructure.

Common pitfalls

  • Assuming grid parity alone solves green-H2 economics. Power cost is necessary but not sufficient; electrolyser utilisation, capex and offtake certainty matter more.
  • Ignoring green-direct-connection rules. Without dedicated-line traceability, export-market certification (ISCC/CBAM) is hard.
  • Over-looking provincial caps on grid-fed ratios. Some provinces limit how much a green-H2 project may export to the grid.
  • Treating hydrogen as a single market. Downstream products (H2/NH3/MeOH/SAF) have very different offtakers and certification needs.
  • Underestimating certification and logistics. Export green fuels requires ISCC GHG and traceable power; pipelines/trucks add cost.

What to do next

  • Target resource-rich, policy-certain bases (Inner Mongolia, Gansu, Xinjiang, Guangdong) for a project company.
  • Master the green-direct-connection application: dedicated line, traceability, and provincial grid-fed-ratio caps.
  • Build the cost stack: renewable power price, electrolyser capex/utilisation, and offtake contracts.
  • Secure ISCC/equivalent certification early if aiming at export; align traceable green power.
  • Consider equipment supply + offtake partnership rather than sole-project ownership.
  • Track the 2026 green-direct-connection project approvals and provincial pilot rules.

Sources

  • 国家发展改革委、国家能源局《关于有序推动绿电直连发展有关事项的通知》（发改能源〔2025〕650号）及2026年多用户版（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
  • 国家发展改革委（NDRC）门户网站 — 氢能、新型能源体系与绿电直连政策：https://www.ndrc.gov.cn
  • 国家能源局（NEA）门户网站 — 绿电直连项目审批与可再生能源规划：https://www.nea.gov.cn
  • 科技日报 — 我国绿证全生命周期管理机制全面细化（2026-01-07）：https://www.stdaily.com/web/gdxw/2026-01/07/content_458646.html

Related reading

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）

绿氢/氢能产业：外资投资机会与示范区

概述

氢——尤其由可再生电力生产的绿氢——在中国已从试点探索走向有序规模化。国家”十五五”规划明确将氢能、绿色燃料列为新增长点，2026年正涌现一批大型绿电直连制氢项目。对外国投资者，该领域开放且有政策支撑，但成败取决于掌握绿电直连机制、成本栈与出口所需的国际认证。

本文勾勒2026年政策推动、示范集群、外资准入路径与资本可胜出之处。本文仅为信息参考，具体细节请以合格中国顾问确认。

2026年政策推动

两项国家级文件锚定绿氢：

  • 绿电直连。 发改委/能源局《关于有序推动绿电直连发展有关事项的通知》（发改能源〔2025〕650号，2025年5月）明确了模式与标准；2025年9月输配电价通知细化成本规则（按容/需量缴纳，下网电量不再缴系统备用费与输配电量电费）。2026年多用户版（发改能源〔2026〕688号）扩展至多个用户。对电解制氢这具决定性：专用线路送达100%绿电并清晰物理溯源，同时解决成本（电力占绿氢成本60–80%）与出口市场的来源认证问题。
  • “十五五”与地方试点。 国家规划在内蒙古、甘肃、新疆布局绿氢示范基地。仅内蒙古即出台19项氢能政策，覆盖”制储输用”全链，建成8个绿氢项目（约8万吨/年产能），2026年初披露2025年产量12694吨（同比增3.6倍），成本17–20元/公斤——约全国均价的60%。吉林、新疆等省出台各自绿电直连实施方案，并界定上网电量比例上限（如内蒙古：并网型氢基绿色燃料项目2027年前上网≤40%、2028年起≤20%）。

规模化示范

截至2026年2月，能源局披露全国已审批84个绿电直连项目（可再生装机3259万千瓦）。2026年至少8个大型绿氢项目推进：

  • 新疆伊吾离网风光制氢 —— 69万千瓦可再生+16万千瓦/32万千瓦时储能，约3万吨/年绿氢，投资24.59亿元。
  • 宝武清能（阳江）绿氢产业园 —— 广东唯一绿电直供示范园，1.5GW海上风电直连制氢，8万吨/年，投资110.9亿元。
  • 远景赤峰152万吨绿氨 —— 全球最大、100%绿电直连，2026年首发绿氨出海并获ISCC GHG认证。
  • 黑龙江桦南1.2GW离网风电制氢+甲醇 —— 约30万吨/年绿色甲醇。
  • 内蒙古阿荣旗风光制氢SAF —— 1GW风电，3.5万吨/年绿色航空煤油。
  • 湖北大冶、内蒙古磴口等 —— 多样的离网/并网配置。

模式是：资源富集的西部/北部省份建设大型”风光氢储”一体化基地，下游产品（氢、氨、甲醇、SAF）兼顾国内脱碳与出口。

外资准入

氢生产与可再生发电不在负面清单限制之列；发电无外资股比上限，且绿电直连规则明确欢迎涉外与民营资本进入新能源。务实载体是本地设立的项目公司（常在自贸片区或示范区），建设可再生发电、电解槽及（可选）下游装置，并签署绿电直连与购售安排。

外资可进入为：（a）中国项目公司或合资企业的股权投资者；（b）设备/技术供应商（电解槽、压缩机、燃料电池、合成氨）；（c）寻求认证绿色分子的绿燃料（航运、航空、化工）承购方或伙伴。2026年环境格外友好，因地方政府以土地、电网与财政支持（西部部分地区最高约20%投资补助）竞逐绿色产业锚定项目。

资本可胜出之处

  • 电解槽与辅助系统供应。 中国电解槽制造具成本竞争力；国外在高效率电堆、膜与控制系统上的IP可本地合作。
  • 绿燃料承购与认证。 出口型绿氨/绿醇/SAF需要ISCC/等效认证与可溯源绿电——一个服务与贸易利基。
  • 一体化基地与管网。 内蒙古省级氢管网规划（”一干双环四出口”）及储运装备对外开放投资。
  • 示范区先行者。 内蒙古、甘肃、新疆、广东的基地提供最清晰的政策确定性与基础设施。

常见误读

  • 以为平价上网 alone 解决绿氢经济性。 电力成本必要但不充分；电解槽利用率、资本开支与承购确定性更重要。
  • 忽视绿电直连规则。 无专用线溯源，出口市场认证（ISCC/CBAM）困难。
  • 忽视省级上网比例上限。 部分省份限制绿氢项目向电网送电的比例。
  • 把氢当作单一市场。 下游产品（氢/氨/醇/SAF）的承购方与认证需求截然不同。
  • 低估认证与物流。 出口绿色燃料需ISCC GHG与可溯源绿电；管输/槽车增加成本。

下一步建议

  • 瞄准资源富集、政策确定的基地（内蒙古、甘肃、新疆、广东）设立项目公司。
  • 吃透绿电直连申请：专用线路、溯源与省级上网比例上限。
  • 构建成本栈：可再生电价、电解槽资本开支/利用率与承购合同。
  • 若瞄准出口，尽早取得ISCC/等效认证；对齐可溯源绿电。
  • 考虑设备供应+承购合作，而非 sole 项目持股。
  • 跟踪2026年绿电直连项目审批与省级试点规则。

来源

  • 国家发展改革委、国家能源局《关于有序推动绿电直连发展有关事项的通知》（发改能源〔2025〕650号）及2026年多用户版（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
  • 国家发展改革委（NDRC）门户网站 — 氢能、新型能源体系与绿电直连政策：https://www.ndrc.gov.cn
  • 国家能源局（NEA）门户网站 — 绿电直连项目审批与可再生能源规划：https://www.nea.gov.cn
  • 科技日报 — 我国绿证全生命周期管理机制全面细化（2026-01-07）：https://www.stdaily.com/web/gdxw/2026-01/07/content_458646.html

相关阅读

  • 风光发电外资项目核准与并网政策（146-wind-solar-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）
Green Energy / 绿色能源

Wind and solar — foreign project approval and grid-connection policy

  • Wind and solar power generation has no foreign-ownership cap; equipment manufacturing is fully open. The binding constraint is provincial planning and grid absorption, not nationality.
    风电与光伏发电无外资股比上限，设备制造完全开放。真正约束在于省级规划与电网消纳，而非投资者国籍。
  • Document 136 (发改价格〔2025〕136号) ended the “guaranteed-offtake” era: from 2025, new wind/solar goes fully into the market, with a sustainable-price settlement mechanism smoothing the transition; 2026 is the first full year of “all-market + differential settlement.”
    136号文（发改价格〔2025〕136号）终结”保障性收购”时代：2025年起新建风光全面入市，以可持续发展价格结算机制平滑过渡；2026年是”全量入市+差价结算”的首个完整年度。
  • The 2026 mechanism auction produced about 220 GW of bidding capacity; average on-grid prices fell, signalling a “revenue-downward and restructuring” period for developers.
    2026年机制竞价申报装机约2.2亿千瓦；平均上网电价下行，标志开发商进入”收益下行与重构期”。
  • Green certificates (绿证) now have a full lifecycle rule (《实施细则》, effective 2026-01-07): one certificate per 1,000 kWh, tradable vs non-tradable classes, and coverage extended to non-public-grid projects.
    绿证已有全生命周期细则（《实施细则》，2026-01-07施行）：每1000千瓦时1张，分可交易与不可交易，并扩展至非公共电网项目。
  • Multi-user green-power direct connection (发改能源〔2026〕688号) lets wind/solar supply several off-takers via dedicated lines with clear traceability — a route well suited to export-oriented and zero-carbon-park users.
    多用户绿电直连（发改能源〔2026〕688号）允许风光通过专用线路向多个用户供电并清晰溯源——极适合出口型与零碳园区用户。
  • Foreign investors enter via a locally incorporated project company; the negative list does not restrict generation ownership, but grid assets/distribution networks are treated differently.
    外资经由本地设立的项目公司进入；负面清单不限制发电所有权，但电网资产/配电网被区别对待。
  • Revenue must be modelled without feed-in subsidy — stack grid-parity power price, green-power trading, green certificates, and (where co-located) storage value.
    收入须在毫无度电补贴下建模——叠加平价电价、绿电交易、绿证，以及（协同储能时）储能价值。

Wind and solar — foreign project approval and grid-connection policy | 风光发电：外资项目核准与并网政策

Overview

China operates the world’s largest renewable-energy system. For foreign investors, wind and solar are broadly open: generation has no foreign-ownership cap, and PV-module and wind-turbine manufacturing is fully open and globally competitive. The constraint that matters is not ownership but provincial planning and grid absorption.

The 2026 policy frame is defined by Document 136 (NDRC/NEA, Feb 2025), which moved new wind/solar from guaranteed offtake to full market participation with a settlement backstop, and by the 2026 green-certificate and green-direct-connection rules. This article outlines foreign-investor access, the new pricing era, and the practical approval/grid path. It is informational; confirm current detail with qualified PRC advisers.

Foreign-investor access

There is no foreign-ownership cap on renewable power generation. Foreign-funded enterprises may invest in wind, solar, biomass and hydropower on the same footing as domestic firms, typically through a locally incorporated project company. The NDRC and NEA set the planning and pricing framework; provincial authorities handle project filing/approval and grid-connection. Equipment manufacturing is fully open.

The foreign-investment negative list does not restrict generation ownership, so a wholly foreign-owned project company is permitted. The restrictions that remain are sectoral — certain grid assets, distribution-network ownership and power-grid operation are treated differently and are not the natural vehicle for a generation-focused entrant. This is why the practical structure is a project company that builds and operates generation assets but does not own the transmission backbone. Confirming the negative-list status early avoids designing a holding structure that later hits a sector cap.

The Document 136 pricing era

Document 136 (发改价格〔2025〕136号) is the pivotal 2026-relevant rule. Its logic: push wind/solar on-grid electricity fully into the power market, with prices formed by trading, while a “sustainable development price settlement mechanism” smooths the transition.

  • Stock vs incremental projects. Projects commissioned before 1 June 2025 are “stock”: their mechanism electricity volume and price衔接 existing policy, mechanism price generally not above the local coal-benchmark tariff, for a defined period. Projects from 1 June 2025 are “incremental”: each year’s mechanism volume is set by the province based on non-hydro renewable absorption-weight completion and user affordability; the mechanism price is set by market-based bidding (lowest successful bid sets the clearing price, capped).
  • Settlement. For electricity included in the mechanism, the grid settles the difference between the market average price and the mechanism price; the differential is pooled into local system-operation costs. Projects may voluntarily exit the mechanism.
  • No forced storage. The document explicitly says configuring storage must not be made a前置 condition for new-project approval, grid-connection or on-grid.

The effect: the “guaranteed-offtake” era is over. Developers must model merchant risk. By 2026 the first mechanism auctions showed about 220 GW of bidding capacity (wind bid ~120 GW, won ~68.5 GW; solar bid ~100 GW, won ~65 GW); mechanism prices ranged roughly 0.15–0.4155 RMB/kWh by technology and province, with average on-grid prices down — a “revenue-downward and restructuring” period.

Green certificates and green-direct-connection

Two 2026 rules reshape revenue and traceability.

  • Green certificates (绿证). The *Implementation Rules for Renewable Green-Power Certificate Management (Trial)*, effective 7 January 2026, build a full-lifecycle framework: one certificate per 1,000 kWh of renewable generation; tradable certificates for grid-fed and (from 2023-01-01) fully marketised conventional hydro on-grid electricity, non-tradable for self-use and off-grid; independent storage discharge is not certificated. NEA is also advancing green-certificate issuance for non-public-grid renewable projects (notice of June 2026), broadening coverage.
  • Multi-user green-direct-connection (发改能源〔2026〕688号). This lets wind/solar/biomass supply several different legal-person off-takers via dedicated lines with clear power traceability and allocation, supporting nearby local consumption. It prioritises computing-power facilities, green hydrogen/ammonia/methanol and zero-carbon parks — a structure well suited to export-oriented manufacturers needing verified green power for CBAM/ESG reasons.

The approval and grid-connection path

Practically, a foreign developer:

  1. Incorporates a local project company (often in an FTZ) that holds the generation assets and signs grid-connection and power-purchase arrangements. Because generation has no ownership cap, this entity can be wholly foreign-owned.
  2. Confirms the provincial annual construction plan and a grid-absorption study. This is the real gate — not nationality. The provincial energy bureau’s plan and a grid study confirm the project fits within local distribution/grid capacity.
  3. Files/obtains approval. Centralised wind is subject to approval (核准制); centralised PV and most distributed PV are filed (备案制). The 2026 trend is “all-market” and “source-grid-load-storage integration” pilots, with provinces (e.g., Guizhou’s 2026 management measure) detailing planning, annual plans and approval/filing.
  4. Signs grid-connection and power-purchase contracts, modelling revenue without feed-in subsidy: stacking grid-parity price, green-power trading, green certificates, and co-located storage value.
  5. Explores green finance — green loans/bonds and settlement-receivable financing eligible under NDRC/NEA carbon-reduction instruments.

Common pitfalls

  • Assuming a feed-in subsidy still exists. Major wind/solar has run grid-parity (no per-kWh subsidy) since 2021; revenue rests on market price, green certificates and trading.
  • Treating ownership as the binding constraint. Provincial planning and grid absorption are the real gate; model them first.
  • Ignoring the 136 settlement mechanism. New projects face merchant risk and mechanism bidding, not a fixed benchmark.
  • Assuming storage is mandatory. Document 136 forbids making storage a前置 condition for approval/grid/on-grid.
  • Overlooking green-certificate revenue and traceability. Certificates are a distinct, growing revenue and ESG stream.

What to do next

  • Confirm the provincial plan and grid-absorption study before committing capital — planning, not ownership, is the binding constraint.
  • Assume no feed-in subsidy; model revenue on market price, green-power trading and green certificates.
  • Incorporate a local project company; foreign ownership of generation is permitted but the entity drives permits and grid connection.
  • Track the 2026 mechanism auctions in your target province to benchmark clearing prices.
  • Evaluate multi-user green-direct-connection if you serve export-oriented or zero-carbon-park off-takers.
  • Explore green finance: green loans/bonds and subsidy-receivable financing for eligible projects.

Sources

  • 国家发展改革委、国家能源局《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号）：https://www.ndrc.gov.cn/xxgk/jd/jd/202502/t20250209_1396070.html
  • 国家发展改革委 政策公开 《发改价格〔2025〕136号》全文：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?id=20482
  • 国家能源局《关于有序推动多用户绿电直连发展有关事项的通知》（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
  • 国家能源局（NEA）门户网站 — 绿证、新能源项目建档立卡与并网：https://www.nea.gov.cn

Related reading

  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）

风光发电：外资项目核准与并网政策

概述

中国拥有全球最大的可再生能源体系。对外国投资者，风电与光伏大体开放：发电无外资股比上限，光伏组件与风机设备制造完全开放且具全球竞争力。真正重要的约束不是所有权，而是省级规划与电网消纳。

2026年的政策框架由136号文（发改委/能源局，2025年2月）界定——它将新建风光由保障性收购推向全面市场化并辅以结算托底，以及2026年的绿证与绿电直连规则。本文勾勒外资准入、新电价时代与务实的核准/并网路径。本文仅为信息参考，具体细节请以合格中国顾问确认。

外资准入

可再生能源发电无外资股比上限。外资企业可与内资同等投资风电、光伏、生物质与水电，通常经由本地设立的项目公司。发改委与能源局设定规划与电价框架；省级部门负责项目核准/备案与并网。设备制造完全开放。

外商投资负面清单不限制发电所有权，故外商独资项目公司被允许。剩余限制具有行业性——部分电网资产、配电网所有权与电网运营被区别对待，并非以发电为核心的进入者之自然载体。正因如此，实务结构通常是设立建设并运营发电资产、但不持有输电主干的项目公司。尽早确认负面清单状态，可避免设计出后续遭遇行业股比上限的持股结构。

136号文电价时代

136号文（发改价格〔2025〕136号）是与2026密切相关的关键规则。其逻辑：推动风光上网电量全面进入电力市场、价格由交易形成，同时以”新能源可持续发展价格结算机制”平滑过渡。

  • 存量与增量项目。 2025年6月1日前投产为”存量”：机制电量与价格衔接现有政策，机制电价一般不高于当地燃煤基准价，执行一定期限。2025年6月1日起为”增量”：每年机制电量由各省依非水可再生能源消纳权重完成与用户承受能力确定；机制电价由市场化竞价形成（最低入选项目报价为出清价，设上限）。
  • 结算。 对纳入机制的电量，电网结算市场交易均价与机制电价的差额，差额纳入当地系统运行费用。项目可自愿退出机制。
  • 不得强制配储。 文件明确，不得将配置储能作为新建新能源项目核准、并网、上网的前置条件。

影响：”保障性收购”时代结束。开发商须建模市场化风险。至2026年，首轮机制竞价申报装机约2.2亿千瓦（风电申报约1.2亿、中标6850万千瓦；光伏申报约1亿、中标6521万千瓦）；机制电价按技术与省份介于约0.15–0.4155元/千瓦时，平均上网电价下行——进入”收益下行与重构期”。

绿证与绿电直连

两项2026规则重塑收入与溯源。

  • 绿证。 《可再生能源绿色电力证书管理实施细则（试行）》2026年1月7日施行，构建全生命周期框架：每1000千瓦时可再生发电量核发1张绿证；对上网电量及（2023-01-01起）完全市场化常规水电上网电量核发可交易绿证，自发自用与离网核发不可交易绿证；独立储能放电不核发。能源局2026年6月通知推进非公共电网可再生项目绿证核发，扩大覆盖面。
  • 多用户绿电直连（发改能源〔2026〕688号）。 允许风电/光伏/生物质通过专用线路向多个不同法人用户供电，实现电量清晰溯源与分配，支撑就近消纳。优先支持算力设施、绿色氢氨醇与零碳园区——极适合因CBAM/ESG需要可验证绿电的出口型企业。

核准与并网路径

实务上，外资开发商：

  1. 设立本地项目公司（常在自贸片区），持有发电资产并签署并网与购售电安排。因发电无所有权上限，该实体可为外商独资。
  2. 确认省级年度建设计划与电网消纳研究。 这才是真正的门槛——而非国籍。省能源局计划与电网研究确认项目落在当地配电/电网容量之内。
  3. 核准/备案。 集中式风电实行核准制；集中式光伏与多数分布式光伏实行备案制。2026年趋势是”全面入市”与”源网荷储一体化”试点，各省（如贵州2026年管理办法）细化规划、年度计划与核准/备案。
  4. 签署并网与购售电合同，在毫无度电补贴下建模收入：叠加平价电价、绿电交易、绿证与协同储能价值。
  5. 探索绿色金融 —— 符合发改委/能源局碳减排工具的绿色信贷/债券与结算应收融资。

常见误读

  • 以为仍有度电补贴。 主要风光自2021年起平价上网（无度电补贴）；收入取决于市场价格、绿证与交易。
  • 把所有权当约束。 省级规划与电网消纳才是真正门槛；应先建模它们。
  • 忽视136号结算机制。 新项目面临市场化风险与机制竞价，而非固定标杆。
  • 以为储能强制。 136号文禁止将储能作为核准/并网/上网的前置条件。
  • 忽视绿证收入与溯源。 绿证是独立且增长的收入与ESG流。

下一步建议

  • 在投入资本前确认省级计划与电网消纳研究——约束在于规划而非所有权。
  • 假定无度电补贴；以市场价格、绿电交易与绿证建模收入。
  • 设立本地项目公司；发电外资所有权虽被允许，但实体驱动许可与并网。
  • 跟踪目标省份2026年机制竞价以对标出清价。
  • 若服务出口型或零碳园区用户，评估多用户绿电直连。
  • 探索绿色金融：符合条件项目的绿色信贷/债券与补贴应收融资。

来源

  • 国家发展改革委、国家能源局《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号）：https://www.ndrc.gov.cn/xxgk/jd/jd/202502/t20250209_1396070.html
  • 国家发展改革委 政策公开 《发改价格〔2025〕136号》全文：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?id=20482
  • 国家能源局《关于有序推动多用户绿电直连发展有关事项的通知》（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
  • 国家能源局（NEA）门户网站 — 绿证、新能源项目建档立卡与并网：https://www.nea.gov.cn

相关阅读

  • 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
  • 新型储能外资参与路径（149-storage-2026）
  • 全国碳市场扩容对外资企业影响（148-carbon-market-2026）