China sets aside US$30 billion for green stimulus

China said it is supporting the growth of a green economy by pouring US$30 billion into environmental projects via its National Development and Reform Commission. It also announced plans to draft another stimulus package to increase the country’s alternative energy output to twice that of 2007 by 2020. The government will set aside RMB1 trillion (US$146.34 billion) to boost its initial announced 2006 investment of RMB2 trillion (US$292.68 billion) in the alternative energy industry. Meanwhile, the government also said that it is aiming to ensure a stable annual growth of 15% on average from 2009 to 2011 in China’s petroleum and chemical industries. According to media reports, stimulus plans are underway for various industries in the country, such as the Zhejiang officials’ plans to create a special fund for industry transformation and upgrading. Shandong has more than 3,200 projects under construction or to be launched in accordance with local stimulus measures with overall investment of RMB1.13 trillion (US$165.36 billion). (May 25, 2009)