China's unprecedented plan to offer subsidies for utility-scale solar power projects is likely to spark a new round of investment from Chinese solar panel makers. The nation is trying to catch up in a global race to find alternatives to fossil fuels, blamed for carbon emissions affecting the planet's climate.

In the latest move to boost domestic solar industry, the Ministry of Finance unveiled a subsidy plan in late July. The government will subsidize 50 percent of investment for solar projects as well as relevant transmission and distribution systems that connect to grid networks.

For independent photovoltaic power generating systems in remote regions that have no power supply, the subsidy will rise to 70 percent, the ministry said in an announcement on its website.