Exhibit 21.1

Subsidiaries of China Recycling Energy Corporation

The below list represents the subsidiaries of the registrant as of December 31, 2019.

Subsidiary Name	Jurisdiction of Incorporation	Percentage Owned
Sifang Holdings Co., Ltd.	Cayman Islands		100	%
Shanghai Yinghua Financial Leasing Co., LTD	People’s Republic of China		100	%
Shanghai TCH Energy Technology Co., Ltd.*	People’s Republic of China		100	%
Huahong New Energy Technology Co., Ltd.*	People’s Republic of China		100	%
Xi’an TCH Energy Technology Co., Ltd.*	People’s Republic of China		100	%
Erdos TCH Energy Saving Development Co., Ltd.	People’s Republic of China		100	%
Xi’an Zhonghong New Energy Technology Co., Ltd.*	People’s Republic of China		90	%
Hongyuan Recycling Energy Investment Management Beijing Co., Ltd.*	People’s Republic of China		40	%
Zhongxun Energy Investment (Beijing) Co., Ltd*	People’s Republic of China		100	%

* Indicates subsidiary of a subsidiary.