China reaffirms plan to boost green industries

Will spend more to fund them.

China vowed last year vowed to raise the total output value of environmental protection or green industries to US$729.7 billion by 2015, or by a 15% annual increase.

The State Council, the nation’s Cabinet, backed the goal in its latest document. It vowed to accelerate technological innovation, expand consumption demand of green and energy saving products, and boost the services industry related to environmental protection.

More specifically, the government will direct more of its budget to fund environmental protection industries and encourage eligible companies to issue bonds.

Efforts will also be made to establish pricing schemes for renewable energy and to push forward tiered prices for household water and gas consumption.

China will encourage capable domestic companies to undertake overseas projects in environmental protection. Eligible foreign-funded firms will enjoy the same industrial preferential policy with their Chinese counterparts, said the State Council.