I. Policy Review: Hydrogen Energy Policy Updates (I) Domestic Policies General Office of the National Energy Administration: Issued the "Notice on Publicizing the First Batch of Pilot Projects for Green Liquid Fuel Technology Research and Industrialisation". According to the project list, there are nine pilot projects, with a total of eight focusing on green methanol and green ammonia. These projects include: the Taonan Wind Power Coupled with Biomass Green Methanol Integrated Project, the Goldwind Science&Technology Green Hydrogen Production of 500,000 mt Green Methanol Project (Phase I: 250,000 mt/year), the Phase I of the Anda City Tianying Wind and Solar Power Storage Hydrogen Ammonia Methanol Integrated Project, the Liaoning Huadian Diaobingshan 450 MW Wind Power Hydrogen Production Coupled with Green Methanol Integrated Project, the Lanze Dafeng Port Annual Production of 300,000 mt Green Methanol Project, the Envision Zero Carbon Technology (Chifeng) Co., Ltd. 1.52 million mt/year Zero Carbon Hydrogen Ammonia Project (Phase P1: 300,000 mt/year of synthetic ammonia), the China Energy Engineering Group Songyuan Hydrogen Energy Industrial Park (Green Hydrogen Ammonia Methanol Integration) Project, and the Da'an Wind and Solar Power Production of Green Hydrogen for Synthetic Ammonia Integrated Project. The Ministry of Finance and the State Taxation Administration: Issued the "Announcement on Clarifying VAT Policies for Express Delivery Services and Other Services". The announcement states that taxpayers with operating qualifications for road freight transportation on network platforms (network freight) who engage in network freight operations, purchase and deliver refined oil, natural gas, electricity, hydrogen energy, dimethyl ether, methanol, and other types of vehicle fuels (energy) to actual carriers, and pay road, bridge, and toll fees, are eligible to deduct input tax from output tax if the following conditions are met: firstly, the refined oil, natural gas, electricity, hydrogen energy, dimethyl ether, methanol, and other types of vehicle fuels (energy) and the paid road, bridge, and toll fees are used for transportation services commissioned by taxpayers engaged in network freight operations to actual carriers; secondly, the VAT tax credit certificates obtained comply with current regulations. MIIT: In this period, a total of 11 hydrogen fuel cell car models or chassis were listed. Regarding hydrogen energy sedans, the Hongqi hydrogen fuel cell sedan was announced, equipped with a hydrogen fuel cell engine independently developed by China FAW Group Corporation Limited. Henan Province: Issued the "Notice on Printing and Distributing Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province". The document points out that policies for discounted road tolls and subsidies for the renewal of operating trucks will be implemented. From January 25, 2025, to December 31, 2025, hydrogen energy trucks passing through toll roads in Henan Province will be exempt from toll fees, and electric trucks passing through toll roads in Henan Province will enjoy a 30% discount on toll fees. From July 1, 2025, to June 30, 2026, a differentiated toll policy will be implemented for nine sections, including the Henan section of the Hubei-Beijing Expressway. Support the retirement and renewal of commercial freight vehicles meeting National IV emission standards or below. Provide fixed-amount subsidies ranging from 10,000 to 140,000 yuan under different conditions for the retirement of commercial freight vehicles only, the retirement and renewal of commercial freight vehicles, and the new purchase of new energy urban cold chain delivery freight vehicles. Before December 31, 2027, a 50% reduction in vehicle purchase tax will be applied for the purchase of trailers. Encourage enterprises to build renewable energy power generation projects such as photovoltaic, wind power, biomass power generation, and waste heat and pressure power generation projects locally and nearby in accordance with the integrated generation-grid-load-storage model, and increase the proportion of green electricity used by enterprises. Leverage the role of market mechanisms to drive cost reductions in coal-fired power through competition, cost reductions in wind and solar power through market entry, and cost reductions in power grids through potential tapping. Optimize the medium and long-term power trading mechanism and moderately expand the scale of external electricity procurement. Policy Interpretation: 1. *Notice on Publicizing the First Batch of Pilot Projects for Technological Breakthroughs and Industrialization of Green Liquid Fuels*: Projects generally adopt the "wind and solar power + green hydrogen/biomass" coupling technology. For example, the Taonan 680,000 kW wind power coupling biomass gasification project reduces carbon emissions in methanol production by 65% compared to traditional processes. The Goldwind Science&Technology Xing'an League project pioneers the multi-energy synergy of "wind - hydrogen - storage - biomass," equipped with a high-pressure biomass gasifier, securing international shipping orders for green methanol, which is conducive to forming a "technology - market" closed loop. 2 . *Notice on Issuing Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province*: Concurrently, Henan Province has introduced 20 measures focusing on the low-carbonization of transportation and logistics and the marketization of green electricity consumption, directly reducing enterprise operating costs. Precise subsidies in the logistics sector: In 2025, highway tolls will be fully waived for hydrogen-powered freight vehicles and a 30% discount will be offered for electric freight vehicles. This, combined with subsidies for the retirement and renewal of National IV freight vehicles (10,000-140,000 yuan) and a 50% reduction in vehicle purchase tax for trailers (until 2027), significantly reduces the operating costs of new energy freight vehicles. Innovation in electricity consumption mechanisms: Enterprises are encouraged to build "generation-grid-load-storage" projects (such as photovoltaic and wind power) to reduce energy costs through medium and long-term power trading and external electricity procurement, with the goal of driving cost reductions in coal-fired power, wind and solar power, and power grids before 2027. European Commission: It has released a document titled *Methodology for Accounting Greenhouse Gas Emission Reductions from Low-Carbon Fuels*, which for the first time clarifies the calculation formula and certification standards for the emission intensity of low-carbon fuels (excluding renewable carbon fuels), including low-carbon hydrogen. European Union: Guided by the *European Green Deal* and the *European Climate Law*, the EU has introduced a series of carbon reduction policies. Among them, the *Fuel EU Maritime Regulation* (FEU) will be officially implemented in 2025, which will accelerate the application of renewable fuels in the shipping industry. The Carbon Border Adjustment Mechanism (CBAM) is expected to be implemented in 2026, which will impose carbon taxes on specific imported goods. Germany: Adopted the National Hydrogen Strategy, aiming to achieve 5GW of green hydrogen capacity by 2030. France: Updated its National Hydrogen Strategy. Established a €4 billion support mechanism to ensure the competitiveness of the low-carbon hydrogen market over the next 15 years. Key adjustments include reaching 4.5GW of national electrolyzer capacity by 2030 and 8GW by 2035, strengthening technological autonomy across the entire industry chain, developing low-carbon hydrogen transportation networks, and securing fundamental conditions for hydrogen industry development. US: President Trump signed the "Big and Beautiful" Act, extending the commencement deadline for hydrogen industry tax credit projects by two years to 2028. Originally, hydrogen projects had to commence by January 1, 2026, to qualify for a maximum tax credit of $3 per kg, but this has now been extended to January 1, 2028. Policy Analysis: 1. Standard Fragmentation and Cost Challenges: The EU's "carbon extraterritoriality" sparked controversy: its accounting method excludes "renewable carbon fuels" (e.g., biomass-based hydrogen), drawing accusations of technological discrimination. CBAM's indirect emission tracing (e.g., grid carbon intensity for electrolytic hydrogen) downgraded Morocco's PV-based hydrogen projects due to its 15% coal-powered grid. More critically, EU carbon price volatility (which surged to €110/mt in 2023) directly impacts imported hydrogen costs, forcing countries like Algeria to demand "carbon price-linked" long-term contracts—a new-type trade clause reshaping global energy agreements. 2. Competition and Positioning: The carbon reduction stimulus policy packages of China and the EU essentially represent an industrial reshuffle weaponized by standards. Germany's pipelines, France's electrolyzers, and US subsidies collectively form a "Three Kingdoms" narrative in the hydrogen era. For China, adapting to EU carbon footprint accounting is urgent, but vigilance against "standard barriers" evolving into "technological lock-in" is paramount—when the EU mandates second-generation hydrogen-barrier coatings for projects by 2027, domestic firms' technological iteration speed will determine their standing in this global low-carbon race. II. Corporate Dynamics: Surge in Project Signings and Technical Collaborations (1) Project Intelligence Farizon New Energy Commercial Vehicle Group: On August 9, Farizon signed orders for 270 methanol-hydrogen heavy-duty trucks and buses with local users, delivering methanol-hydrogen heavy-duty and light-duty truck products. Shanghai Reshape Energy Group Co., Ltd.: Reshape Energy (02570.HK) announced on August 8, 2025, that its subsidiary Guangdong Explore Automotive entered into a capital increase agreement with Guangdong Enze and Enze Fund to expand Enze's registered capital, supporting the company's strategic planning in hydrogen production and further market expansion. Wuxi Mingyang Hydrogen Fuel Power Technology Co., Ltd. : The world's first 30MW-class pure hydrogen gas turbine hydrogen energy storage demonstration project, jointly created by Mingyang Hydrogen Fuel, a subsidiary of Mingyang Smart Energy, and Shenzhen Energy, officially broke ground in the Etuoke High-tech Industrial Development Zone, Ordos City, Inner Mongolia. Huadian Jiangsu Wangting Power Plant : Unit 6 of Huadian Jiangsu Wangting Power Plant is equipped with the world's first 500MW fully hydrogen-cooled generator. After a 168-hour full-load test run, it officially entered commercial operation, with an expected annual power generation of approximately 1.22 billion kWh, capable of meeting the electricity needs of 250,000 households. Zhongtang Town, Dongguan City, Guangdong Province : 50 hydrogen-powered two-wheelers were introduced for food delivery services, marking the city's first hydrogen energy mobility project without subsidies and fully commercialized. Dongguan plans to expand the scale of fuel cell vehicles to 200 units by the end of 2025 with the support of cooperation in relevant fields. Inner Mongolia Huadian Huameng Pipeline Co., Ltd. : Released a tender announcement for the general contracting of pipeline construction for the hydrogen long-distance pipeline project from Damao Banner to Baotou City. According to the tender announcement, the starting point of the hydrogen long-distance pipeline from Damao Banner to Baotou City is the first station in the Barun Industrial Park (Chemical Industry Concentration Zone) of the Bayan Obo Mining Area, with the overall pipeline direction running from north to south, passing through the Barun Industrial Park (Chemical Industry Concentration Zone) of the Bayan Obo Mining Area, the Bayan Obo Mining Area, the New Industrial Park, Guyang County, Urad Front Banner, and the Kundulun District of Baotou City, with the terminal station located in the Kundulun District. The total length of the pipeline is approximately 195km, with a design pressure of 6.3MPa, a pipe diameter of DN457, and a designed annual hydrogen transmission capacity of 100,000 mt. China National Nuclear Corporation : Released a tender announcement for the procurement of hydrogen storage tanks, with plans to purchase 3 hydrogen storage tanks. (II) Corporate Developments Jinlihua Electric : Jinlihua Electric originally planned to acquire 100% equity in Beijing Hydrogenergy Technology Co., Ltd. through the issuance of shares and payment in cash, and also planned to issue shares to the controlling shareholder of the publicly listed firm to raise supporting funds. This transaction constitutes a related-party transaction and is expected to constitute a major asset reorganization, but does not constitute a reverse takeover. Yuancheng New Energy Commercial Vehicle Group: The Yuancheng Starlight G methanol-hydrogen electric tractor and the Yuancheng Interstellar U11M methanol-hydrogen electric intercity bus were officially launched in Hohhot. Shanghai ReFire Energy Group Co., Ltd. : ReFire Energy (02570.HK) announced that on August 8, 2025, its subsidiary Guangdong Explore Automobile entered into a capital increase agreement with Guangdong Enze and Enze Fund to increase the registered capital of Guangdong Enze, in order to support the company's strategic planning in the hydrogen production field and further expand the hydrogen production market. Sinopec Qingdao Refining & Chemical Co., Ltd.: As of early August, Sinopec Qingdao Refining & Chemical Co., Ltd. had cumulatively produced over 1,000 mt of fuel cell hydrogen in the past four years, with its hydrogen operation capacity significantly enhanced. The current daily supply now reaches 1,500 kg. MgreSjø: Norwegian shipping company MgreSjø placed an order with Turkey's Gelibolu Shipyard for two hydrogen-powered bulk carriers. These represent the world's first hydrogen-powered bulk carrier orders, marking the application of hydrogen energy technology in the most-traded contract bulk carrier market. The adoption of green-fuel vessels is rapidly expanding. Proton Motors: Proton Motors launched the Yaoling II, featuring a unique "driverless cab + center axle" design that maximizes cargo space within regulatory limits, offering 38% more capacity compared to traditional tractors. With only one remote safety officer efficiently overseeing multiple vehicles in transit, it enables 24/7, all-scenario uninterrupted operation, reducing labor and time costs while maximizing customer benefits. Junrui Green Hydrogen Energy (Group) Co., Ltd.: Co-hosted with Baoyanster (Sichuan) Technology Co., Ltd., the "Junrui Lingmai Hydrogen Pipeline Material Selection and Hydrogen Refueling Station Construction Technology Coordination Meeting" was held in Wuhou High-Tech Zone, Chengdu. The meeting focused on in-depth discussions of hydrogen pipeline technical solutions, aiming to advance hydrogen infrastructure development and support national energy transition and carbon neutrality goals. Hangzhou Shenshi Energy-saving Technology Co., Ltd. : Hangzhou Shenshi Energy-saving Technology Co., Ltd. and Xi'an Jiaotong University jointly established the "Advanced Energy Power Technology Research Institute" (referred to as the "Institute") in Jiande City, Zhejiang Province. III. Technological Advancements: Efficiency and Cost Breakthroughs (I) Production, Storage, and Transportation Shougang Group: Successfully developed a full series of hydrogen pipeline steels (B/X42/X52/X60/X65MH), overcoming six key technical challenges such as hydrogen embrittlement and low-temperature toughness, forming a comprehensive product matrix for hydrogen pipelines. CNPC Baoshun (Qinhuangdao) Steel Pipe Co., Ltd. : Successfully trial-produced multiple specifications of "longitudinal submerged arc welded pipes" (D610x12.7/14.3mm, material/X60MH) for pure hydrogen transportation. SPIC Central Research Institute: The hydrogen storage and transportation team at the Advanced Low-Carbon Institute developed large-diameter (DN150), high-pressure (10MPa) non-metallic flexible hydrogen pipelines, achieving safe and stable operation for 30 days on the test platform. COOEC Special Equipment Branch : The design results of the independently developed "low-temperature liquid hydrogen storage tank" for deep-sea floating platforms have received the Approval in Principle (AIP) certificate from the China Classification Society (CCS), indicating that the safety and reliability of the results fully meet the CCS's specifications. Dalian Institute of Chemical Physics, Chinese Academy of Sciences: Breakthrough in membrane technology for alkaline electrolyzers: Development of an ultra-thin (20μm) composite separator, enhancing electrolysis system efficiency to 85% (LHV) with a lifespan exceeding 60,000 hours. (II) Fuel Cell Innovations Liaoning General Aviation Research Institute: The RX4M, China's first four-seat hybrid electric aircraft, independently developed by the team led by Academician Yang Fengtian from the Liaoning General Aviation Research Institute of Shenyang Aerospace University, successfully completed its maiden flight at the Shenyang Faku Caihu Airport, contributing a "Chinese solution" to the global development of electric aircraft. Dongfang Hydrogen Energy: Obtained a patent for a system that improves the humidity of the air entering the fuel cell stack in the field of fuel cell technology. Georgia Power: Announced the successful completion of the second hydrogen-natural gas blended fuel experiment for the M501GAC natural gas turbine, developed in collaboration with Mitsubishi Power, under partial and full load conditions. The US Hydrogen Association (DoE) led the establishment of the "Hydrogen Refueling Station Compatibility Alliance" : Unified the 70MPa hydrogen refueling nozzle interface standard, eliminating barriers in hydrogen refueling protocols among automakers such as Toyota, Hyundai, and Nikola, and promoting interoperability of the hydrogen refueling network.

Recently, the People's Government of Henan Province issued the "Notice on Printing and Distributing Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province." The document specifies the implementation of expressway toll discounts and subsidies for commercial truck renewal. From January 25, 2025, to December 31, 2025, hydrogen-powered trucks passing through toll roads in Henan Province will be exempt from tolls, while electric trucks will enjoy a 30% discount. From July 1, 2025, to June 30, 2026, differentiated toll policies will be applied to nine road sections, including the Henan section of the Hubei Expressway. Support will be provided for the retirement and renewal of commercial trucks meeting National IV and lower emission standards, with fixed-amount subsidies ranging from 10,000 to 140,000 yuan based on different conditions: retiring only, retiring and renewing, or solely purchasing new energy urban cold-chain distribution trucks. Before December 31, 2027, a 50% reduction in vehicle purchase tax will be applied to trailer purchases. Enterprises are encouraged to adopt the generation-grid-load-storage integrated model to locally construct renewable energy projects such as photovoltaic, wind power, biomass power, and waste heat/pressure power generation, thereby increasing the proportion of green electricity usage. Market mechanisms will be leveraged to drive cost reductions through coal power competition, wind and solar power market entry, and power grid optimization, while refining medium and long-term electricity trading mechanisms and moderately expanding external power procurement. The policies are as follows: Notice of the People's Government of Henan Province on Printing and Distributing Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province Yu Zheng [2025] No. 18 To the People's Governments of All Provincial-Level Cities, the Administrative Committee of Jiyuan Demonstration Zone and Aviation Port Area, and All Departments of the Provincial People's Government: The "Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province" are hereby issued to you for earnest implementation. People's Government of Henan Province Aug 4, 2025 Several Policy Measures to Support Enterprises in Reducing Costs and Increasing Efficiency in Henan Province To thoroughly implement the important instructions of General Secretary Xi Jinping during his field trip to Henan, fully implement the decisions of the 9th Plenary Session of the 11th Provincial Party Committee, and focus on the "1+2+4+N" target task system, these policy measures are formulated based on systematic thinking, addressing both symptoms and root causes, and coordinated efforts across factors, services, industries, and management to reduce enterprise costs, in line with provincial realities. I. Strengthening Efforts to Reduce Enterprise R&D Costs 1. Supporting Enterprise Technological Innovation. Key industry chain enterprises are encouraged to collaborate with upstream and downstream enterprises and research institutions to establish provincial-level manufacturing innovation centers. Project-based support will be provided in the form of a 30% subsidy for actual investments in technology introduction and the purchase of R&D instruments, equipment, and software, capped at 5 million yuan. The following products are supported: enterprises' R&D and application of the first set (batch) of major technical equipment, the first batch of new materials, the first version of software, the first set of core electronic components, and other products. Rewards will be granted based on a certain percentage of sales revenue in accordance with relevant regulations, with a maximum annual reward of 5 million yuan per enterprise. Support will be provided for enterprises to carry out key core technology research in the industry chain. For major research projects, support will be given at 30% of the total approved project investment. 50% of the total subsidy funds will be disbursed initially, and the remaining funds will be disbursed after the project passes the acceptance inspection. The maximum subsidy amount for a single project will not exceed 20 million yuan. For enterprises that take the lead in undertaking major technical research projects of the Ministry of Industry and Information Technology, this policy will be implemented by analogy. (Responsible departments: Provincial Department of Industry and Information Technology, Provincial Department of Finance) II. Strengthening Efforts to Reduce the Cost of Enterprise Transformation and Upgrading 2. Supporting enterprises' technological transformation. Implementing policies for equipment renewal loan interest subsidies and financing lease subsidies to support enterprises' equipment renewal and technological transformation. For major technological transformation demonstration projects with an investment of over 50 million yuan, subsidies will be granted at 15% of the actual investment in equipment and software, with a maximum subsidy of 10 million yuan. Encouraging national-level specialized, refined, and new "Little Giant" enterprises to strengthen technological transformation. During the validity period of the "Little Giant" title, subsidies will be granted at no more than 20% of the actual investment in equipment and software in the form of supporting project construction, with a maximum subsidy of 5 million yuan. (Responsible departments: Provincial Department of Industry and Information Technology, Provincial Department of Finance) 3. Supporting enterprises' digital transformation. Implementing a full-coverage action for the digital transformation of the manufacturing industry, compiling a "one map and four lists" for the digital transformation of key industry chains (a scenario map and four element lists: data elements, knowledge models, tool software, and talent skills), and continuously providing free diagnostic services for enterprises' digital transformation. Supporting the construction of characteristic and regional industrial internet platforms, and providing post-subsidies to platform construction units based on a certain percentage of the actual investment in hardware and software, with a maximum subsidy of 5 million yuan. Further promoting the construction of the provincial artificial intelligence industry empowerment center, accelerating the demonstration of AI applications in key fields such as healthcare, agriculture, manufacturing, culture and tourism, and transportation, and providing one-time financial support of up to 2 million yuan based on construction tasks, empowerment effects, promotion and application, etc. Organizing the creation of demonstration counties (cities, districts) for the transformation and upgrading of the manufacturing industry, and allocating award and subsidy funds to selected counties (cities, districts) according to a standard of no more than 10 million yuan each. 50% of the award and subsidy funds will be disbursed in the first year of the pilot implementation period, and the remaining funds will be disbursed after passing the assessment and evaluation at the end of the implementation period. The award and subsidy funds will be used by the selected counties (cities, districts) in a specialized manner to support enterprises in implementing new technological transformations such as "intelligent transformation, digital transformation, and network connection," green transformation, and digital collaborative transformation of the industry chain and supply chain in the form of supporting project construction. ((Responsible departments: Provincial Department of Industry and Information Technology, Provincial Development and Reform Commission, Provincial Department of Finance, based on their respective responsibilities) 4. Support enterprises in green transformation. Enterprises (projects, platforms) that have been recognized as national-level green factories, green supply chain management enterprises, or other pilot demonstrations or titles by the State Council or the Ministry of Industry and Information Technology will be provided with subsidies based on the support for project construction, not exceeding 20% of the actual investment in equipment and software, with a maximum subsidy of 5 million yuan. Accelerate the ultra-low emission transformation in the steel industry, and promptly guide steel enterprises that have completed the transformation to apply for the cessation of the implementation of the policy of increasing electricity and water prices. (Responsible departments: Provincial Department of Industry and Information Technology, Provincial Development and Reform Commission, Provincial Department of Ecology and Environment, Provincial Department of Finance, based on their respective responsibilities) III. Strengthen efforts to reduce enterprise labor costs 5. Implement preferential policies for social insurance subsidies. Enterprises that recruit individuals with employment difficulties and pay social insurance premiums will be provided with social insurance subsidies based on the actual amount of social insurance premiums paid for these individuals, excluding the portion that should be paid by the individuals themselves. Small and micro enterprises that recruit college graduates who have graduated in the current year or have been unemployed within two years after graduation, sign labor contracts with them for more than one year, and pay social insurance premiums for them will be provided with social insurance subsidies for up to one year, excluding the portion that should be paid by the college graduates themselves. Continue to implement the policy of temporarily reducing unemployment and work-related injury insurance premium rates, continue to implement the policy of reducing work-related injury insurance premium rates by 20%, and implement the unemployment insurance premium rate at 1%, with the implementation period until the end of 2025. (Responsible department: Provincial Department of Human Resources and Social Security) 6. Continue to implement the policy of returning unemployment insurance premiums for stable employment. Enterprises that have paid unemployment insurance premiums in full for more than 12 months and have not laid off employees or have a layoff rate not higher than the control target of the national urban unemployment rate in the previous year (for enterprises with 30 or fewer insured employees, the layoff rate is not higher than 20% of the total number of insured employees) may apply for the return of unemployment insurance premiums for stable employment. Large enterprises will be returned 30% of the actual unemployment insurance premiums paid by the enterprise and its employees in the previous year, while small and medium-sized enterprises will be returned 60%, with the implementation period until the end of 2025. (Responsible department: Provincial Department of Human Resources and Social Security) 7. Continue to implement the policy of one-time subsidies for expanding employment. Enterprises that recruit college graduates who have graduated in the current year or have been unemployed within two years after graduation, as well as registered unemployed youth aged 16-24, sign labor contracts with them, and pay unemployment, work-related injury, and employee pension insurance premiums in full for more than three months as required will be provided with a one-time subsidy for expanding employment at a standard of 1,500 yuan per person, with the implementation period until the end of 2025. (Responsible department: Provincial Department of Human Resources and Social Security) IV. Strengthen efforts to reduce enterprise financing costs 8. Enhance efficient and targeted credit services. Improve the financing coordination mechanism for small and micro enterprises, continue to carry out the "Thousands of Enterprises and Tens of Thousands of Households Visit" campaign, leverage the roles of provincial, municipal, and county-level financial service specialists and financial salons, implement initiatives to break the ice on first-time loans and expand credit loans for technology-based enterprises, refine the medium and long-term loan project reserve and referral mechanism for the manufacturing sector, fully utilize the national 300 billion yuan in additional re-lending for technological innovation and technological transformation, as well as the central fiscal interest subsidy policy, and achieve 160 billion yuan in new loans for technology-based enterprises by 2025. Guide commercial banks to implement a moderately loose monetary policy, reasonably determine enterprise loan interest rates based on the Loan Prime Rate, their own funding costs, and other factors, and achieve a steady decline in the weighted average interest rate of newly issued loans. Establish a provincial-level credit reporting company, enhance the service functions of the provincial financing credit service platform, expand the scope of credit information sharing and application, and innovate financing credit service products. Eligible small and micro enterprises can apply for a maximum of 4 million yuan in entrepreneurial guaranteed loans, with a loan term not exceeding 2 years, and receive a 50% fiscal interest subsidy based on the actual interest rate. Vigorously rectify the chaos of illegal intermediaries in the financial sector. (Responsible divisions: Provincial Development and Reform Commission, Provincial Party Committee Financial Office, Provincial Human Resources and Social Security Department, Henan Financial Regulatory Bureau, and the Henan Branch of the People's Bank of China) 9. Expand enterprise financing channels. Strengthen policy publicity and guidance, support eligible enterprises to issue characteristic bonds such as technological innovation bonds, green bonds, and rural revitalization bonds. Conduct specialized training for key enterprises preparing for listing, coordinate and resolve issues encountered during the listing process through provincial, municipal, and county-level linkage, and support eligible enterprises to actively connect with multi-level capital markets. Support publicly listed firms to become stronger and better through M&A, re-financing, and other capital market policy tools. Promote government investment funds to provide equity financing services for enterprises throughout their life cycles. (Responsible divisions: Provincial Party Committee Financial Office, Henan Branch of the People's Bank of China, and Henan Securities Regulatory Bureau) 10. Implement preferential tax and fee policies. Implement policies such as VAT refunds for retained input, additional input tax deductions for advanced manufacturing, pre-tax additional deductions for enterprise R&D expenses, and reductions in cultural undertakings construction fees. Exempt VAT on interest income from small loans issued by financial institutions to small and micro enterprises and individual industrial and commercial households, and exempt stamp duty on loan contracts signed between financial institutions and small and micro enterprises. Strictly manage the establishment and approval of administrative and institutional fee items, establish and refine fee catalog lists based on administrative and institutional fees, enterprise-related administrative and institutional fees, government-managed funds, and provincial administrative and institutional fees, and strictly regulate fee collection work in accordance with specified items. (Responsible divisions: Provincial Finance Department and Taxation Bureau) 11. We will advance the clearance of overdue payments owed to enterprises. We will fully implement the measures for handling complaints about payment delays to small and medium-sized enterprises, optimize the operational mechanism for handling such complaints, leverage the national "1+32" platform for registering (and complaining about) payment defaults to small and medium-sized enterprises, improve the closed-loop management mechanism, enhance the effectiveness of complaint handling, and expedite the transfer, processing, follow-up, and supervision of key leads. We will guide state-owned enterprises to strictly adhere to the Regulation on Ensuring Payment to Small and Medium-sized Enterprises, ensuring timely and full payment of arrears to small and medium-sized enterprises. (The Provincial Department of Industry and Information Technology and the SASAC of the Provincial Government will be responsible according to their respective duties.) V. Strengthening Efforts to Reduce Enterprise Energy Costs 12. Strengthening the service guarantee for the supply of elements such as electricity, gas, and water. Enterprises are encouraged to build renewable energy power generation projects, such as photovoltaic, wind, biomass, and waste heat and pressure power generation, locally and nearby in accordance with the integrated generation-grid-load-storage model, to increase the proportion of green electricity used by enterprises. We will leverage the role of market mechanisms, take multiple measures to drive down costs through competition in coal-fired power, market entry for wind and solar power, and potential-tapping in the power grid, optimize the medium and long-term power trading mechanism, and appropriately expand the scale of external power supply. We will accelerate the integration of urban gas enterprises, further rationalize the downstream gas supply system for natural gas, and reduce intermediate gas supply links. On the premise of conforming to urban and rural development plans, as well as special plans for natural gas and gas development, we will explore pilot projects for direct supply to large users. Enterprises using mixed water will be subject to classified metering to actually reduce the total water cost. We will arrange "service stewards" for large industrial water users to assist in formulating water usage plans, improving water-saving measures, strengthening daily water usage supervision, providing professional services such as leak detection, maintenance, and water-saving renovations, and promptly issuing warnings for abnormal water usage. (The Provincial Development and Reform Commission, the Provincial Department of Housing and Urban-Rural Development, the Provincial Department of Water Resources, and the Provincial Power Company will be responsible according to their respective duties.) VI. Strengthening Efforts to Reduce Enterprise Logistics Costs 13. Implementing preferential policies for road tolls and subsidies for the renewal of operating trucks. From January 25, 2025, to December 31, 2025, hydrogen-powered trucks traveling on toll roads in our province will be exempted from tolls, and electric trucks traveling on toll roads in our province will enjoy a 30% discount on tolls. From July 1, 2025, to June 30, 2026, differentiated toll policies will be implemented for nine sections, including the Henan section of the Hubei-Beijing Expressway. We will support the retirement and renewal of operating trucks with National IV emission standards or below, and provide fixed subsidies ranging from 10,000 to 140,000 yuan based on different conditions for trucks that are only retired, retired and renewed, or newly purchased as new energy urban cold chain distribution trucks. Before December 31, 2027, a 50% reduction in vehicle purchase tax will be applied to trailers. (The Provincial Department of Transportation and the Provincial Taxation Bureau will be responsible according to their respective duties.) VII. Strengthening Efforts to Reduce Enterprise Land Costs 14. We will strengthen the service and guarantee of land supply. We will deepen the reform of the "standard land + commitment system" for industrial land, encouraging all newly added industrial land to be supplied as "standard land." We will actively explore mixed development and utilization of land, allowing reasonable conversion between logistics and warehousing land and Class I industrial land under the premise of compliance with planning. Under the premise of compliance with planning and without changing the land use, enterprises that increase the utilization rate and floor area ratio of their own industrial land will no longer be required to pay additional land prices. We will encourage the supply of land for commercial use (excluding residential land), industrial project land, and land for public administration and public service facilities through long-term leasing, leasing before transfer, and flexible-term transfer. We will support the transfer of land with a pre-approved plan, incorporating relevant conditions such as urban design and construction project design plans into the land supply plan. After signing the contract for the transfer of the right to use state-owned construction land, enterprises may apply for the construction land planning permit and the construction project planning permit together with the project approval, authorization, or filing procedures. (Responsible department: Provincial Department of Natural Resources) VIII. Strengthening Efforts to Reduce Import and Export Costs for Enterprises 15. Improving the efficiency of cargo customs clearance. We will carry out special actions to optimize customs clearance, actively promote the "separate container shipment" model for lithium power batteries, advance the pilot supervision of "bonded + ERP," explore and promote the pilot import of "medicinal and edible dual-use" products, and collaboratively promote the construction of smart customs and smart ports. We will strengthen the cultivation of Authorized Economic Operators (AEOs), providing one-time support of no more than 300,000 yuan to newly certified enterprises, and further implement measures to facilitate customs clearance. (Responsible departments: Provincial Department of Commerce and Zhengzhou Customs, according to their respective responsibilities) 16. Increasing support for enterprises' imports and exports. We will implement preferential policies for integrated circuits, encouraged projects, technological innovation, and major technical equipment, promoting "rapid review of duty exemptions" and supporting the import of advanced technical equipment, key parts, and raw materials. We will cancel the registration requirements for overseas warehouse enterprises, simplify the declaration procedures for export documents, cancel the requirement for transmitting payment receipt information, and implement convenient measures such as electronic tax guarantees and cross-customs-district returns for cross-border e-commerce exports. For foreign trade enterprises that conduct overseas management system certification, product certification, patent certification, and trademark registration, financial support will be provided at a ratio of no more than 70% of the certification and registration fees. (Responsible departments: Provincial Department of Commerce and Zhengzhou Customs, according to their respective responsibilities) IX. Strengthening Efforts to Reduce Enterprises' Operating Costs 17. Improving the quality and efficiency of enterprise services. We will improve the regularized promotion mechanism for key matters in "efficiently accomplishing one thing," accelerating the application of electronic licenses, electronic materials, electronic seals, and electronic signatures in the field of government services, and achieving "one-stop online processing and seamless switching" for enterprise migration registration and related businesses. We will continue to deepen the reform of environmental impact assessments, implementing pilot policies for environmental impact assessment reforms such as bundled approval of reporting forms and simplification of reporting documents (forms). Establish a catalog system for enterprise-related charges, conduct a comprehensive review of fee policies affecting businesses, and continue to clean up and rectify areas with frequent violations such as administrative approval intermediary service agencies. Improve the "Five Ones" credit restoration mechanism featuring cross-platform sharing and inter-departmental coordination. Implement pre-expiration reminders for licenses and permits, explore the establishment of a "hassle-free renewal" mechanism, and accelerate the rollout of "scan-to-enter" contactless monitoring. (Responsible agencies: Provincial Administration for Examination and Approval, Government Information Management Bureau; Department of Justice; Market Supervision Administration; Development and Reform Commission; Department of Ecology and Environment, according to their respective duties) 18. Enhance the comprehensive service capacity of industrial parks. Support the construction of customized standard factory buildings in industrial parks, develop "industrial affordable housing" for micro, small, and medium-sized enterprises on a rental-only basis, and encourage operators to offer rent discounts to enterprises leasing industrial space (including ancillary facilities) within parks. Reasonably allocate the construction of talent apartments, affordable rental housing, and new-type maker exchange spaces. Coordinate the layout and construction of power infrastructure such as incremental distribution networks and generation-grid-load-storage systems in industrial parks, encourage the market tender approach for obtaining water, electricity, and gas franchise rights to achieve unified supply. Accelerate the establishment of digital transformation promotion centers in industrial parks to provide enterprises with digital transformation solutions. (Responsible agencies: Provincial Development and Reform Commission; Department of Natural Resources; Department of Housing and Urban-Rural Development; Power Grid Company, according to their respective duties) 19. Guide and support the establishment of sound modern enterprise systems. Continue to deepen the reform of state-owned enterprises, implement tenure-based and contract-based management for executives with greater intensity and hierarchical classification, strengthen "staff control and efficiency improvement" management, strictly control total employment, improve the linkage mechanism between performance evaluation and compensation distribution, and tie total employee wages to total profits. Conduct the "Hundreds, Thousands, Tens of Thousands" training program for central China's private entrepreneurs in the new era and specialized training on modern enterprise systems with Chinese characteristics, continue the "Blue and Green Relay" initiative for private sector representatives, and annually select a group of high-quality private enterprises for categorized and tiered training to enhance modern enterprise system capabilities. (Responsible agencies: Provincial State-owned Assets Supervision and Administration Commission; Federation of Industry and Commerce, according to their respective duties) 10. Strengthen Efforts to Reduce Enterprise Information Acquisition Costs 20. Continue to conduct large-scale enterprise visits for policy observation and service. Focus the visits on solving enterprise problems and optimizing the business environment, improve the "900+600" key enterprise support service system, concentrate on the "Twelve Visits, Twelve Promotions" key tasks, establish a three-tier (provincial, municipal, and county) closed-loop mechanism for handling enterprise feedback from service visits, optimize and enrich the policy database of the provincial direct policy delivery and demand response platform, launch a policy "calculator" function, and by 2025, conduct 500 policy briefing sessions, 1,000 production-marketing matchmaking events, 1,200 production-finance matchmaking events, 800 industry-academia-research matchmaking events, 10,000 talent-employment matchmaking events, 600 industrial investment promotion events, and 120 asset optimization matchmaking events. ((Responsible according to their respective duties: Provincial Department of Industry and Information Technology, Provincial Development and Reform Commission, and Provincial Administrative Approval and Government Information Management Bureau) Source: People's Government of Henan Province