China goes for energy savings in a big way

It’s another effort to boost flagging domestic consumption.

China has decided to accelerate the development of an “energy-saving industry” and promote more use of IT-related products and services. The government said encouraging growth in both sectors could ease resource restraints, unleash consumption potential, stimulate effective investments and foster emerging industries.

This newest effort to boost domestic consumption comes as the China’s struggles to avoid a widely anticipated “hard landing” this year as economic growth remains stubbornly slow in the face of a global slowdown.