NDRC: green industry to be new economic growth point

Chief engineer of the Ministry of Industry and Information Technology Zhu Hongren yesterday pointed out at the Annual Global Green Business Summit 2010 held in Shanghai that China will formulate incentive and restraint policies to support the development of the green industry to speed up the implementation of the exit mechanism of backward capacity. It was also reported that governments will also carry out energy conservation and emission reduction through the price reform of resource products and the guidance of the market price mechanism.

Deputy director of the National Development and Reform Commission (NDRC) Xie Zhenhua, however, stated at the Summit that China will adopt more powerful measures to foster the green industry into a new economic growth point and it is estimated that the environmental protection industry will amount to roughly RMB1t by the end of the 11th Five-Year Plan .

Xie said China will support the green industry in finance, such as releasing the financial supporting polices to boost the development of circular economy and the comprehensive utilization of resources, establishing special funds for circular economic growth and pilot programs for the green industry.