China says it will increase investment in its energy industry this year and devote more effort to developing renewable energy sources.
Zhang Guobao, Director of China's National Energy Administration, spoke at a recent national energy conference.
"In 2009, we will invest 580 billion yuan in our power industry, which will expand domestic demand and promote relevant industries."
China also aims to raise its nuclear power capacity to 70 gigawats by 2020, which will provide five percent of national energy needs. (www.hxen.com)
China will step up efforts to develop renewable energies, such as wind and solar power, promote the mergers and acquisition of coal-fired power plants, and upgrade its overall energy structure.
As China has implemented an active fiscal and moderately loose monetary policy, Zhang Guobao said the preferential policies will help promote infrastructure construction for the energy industry.
"Given the fact that interest rates have been lowered and tax rates cut, investment on large-scale energy projects may cost less than before."
Zhang Guobao added that China will set up a number of comprehensive energy corporations and regional energy bases to improve the country's capability to withstand any potential energy crisis.
