China to boost alternative energy 2006-2010 against
rising oil prices
Oct 3, 2006 - BBC News
The Ministry of Finance has decided to increase
input in projects involved in developing bio-energy
and other alternative energies between 2006 and 2010.
The move aims to ensure China's energy security as
the country fears that the soaring world oil prices
would have a negative impact on its economic growth,
said sources with the ministry.
But the ministry did not elaborate on the investment
figures, saying only that it would earmark more funds
for bio-energy, solar and wind energy projects, as
well as for coal-to-liquid fuel projects over the
next five years.
The ministry has listed the development of renewable
energy a top priority in the coming five years. It
would also encourage consumers to save energy and
make efforts to build energy reserves.
The problem of energy shortage has been plaguing
China's fast economic development. In the first half
of this year, China's economy grew year on year 10.9
Data showed that China's dependence on foreign oil
reached 43 per cent last year. Departments concerned
forecast that China's oil consumption would hit 450m
tons in 2020, with 250m tons to be imported from abroad.
Source: Xinhua news agency, Beijing