China's NDRC Flags Overheated Hydrogen Investment as $650 Million Green Hydrogen Project in Shaanxi Loses Filing Approval

The filing for the Ganquan County wind-solar-storage integrated green hydrogen demonstration project in Shaanxi Province, China, has been revoked, according to information published on the Shaanxi Government Service Network.

The project had a planned total investment of RMB 4.6 billion (approximately $650 million) and was being developed by Beijing Zhongqing Yuneng Holdings Co., Ltd. Construction was scheduled to begin in June 2027, according to the project filing notice.

The first phase was planned to cover 300 mu (approximately 199,800 square metres), with a total building floor area of 99,900 square metres. Planned facilities included hydrogen production workshops, hydrogen power generation facilities, green ammonia synthesis workshops and office buildings.

According to Aiqicha, a Chinese corporate information database, Beijing Zhongqing Yuneng Holdings Co., Ltd. was established on July 4, 2025, with registered capital of RMB 50 million. Its stated business scope includes research and development in resource recycling technologies, biomass energy technical services, energy storage technical services and emerging energy technology development.

Meanwhile, several other hydrogen-related projects in China have recently had their filings revoked, according to Huaxia Energy Network and Huaxia Hydrogen Industry.

Information published on Inner Mongolia’s online investment project approval platform shows that the filing for a green methanol manufacturing base in Dongshan Industrial Park, Chifeng High-Tech Zone, has also been revoked.

The Development and Reform Commission of Dalad Banner in Inner Mongolia issued a letter agreeing to the revocation of four project filings, including one for the industrialisation of biomass-based green hydrogen and bio-based materials. The project had received filing approval on August 14, but its filing was revoked on August 27, just 13 days later. Construction had not started.

The developments come as China’s National Development and Reform Commission (NDRC) signals closer attention to investment in certain segments of the hydrogen industry.

At a press conference on October 20, 2026, an NDRC spokesperson discussed the central government’s policy document, Opinions on Developing New Quality Productive Forces. The document calls for accountability where reckless, herd-like investment results in major losses. The spokesperson said national and local authorities should conduct thorough assessments before launching projects to prevent blind investment and wasteful spending.

The spokesperson also said the authorities were developing measures to address overheated investment in certain parts of the hydrogen sector. The measures will take into account national strategic needs, technological maturity and the availability of supporting resources to guide the rational planning of major projects.

Local governments will be encouraged to identify their respective strengths and pursue differentiated development in areas including key core technology research, renewable hydrogen production demonstrations and the development of practical application scenarios.