China encourages EU to take part in $796 bln green projects

May 04, 2012

China will invest more than 5 trillion yuan (USD796 billion) in energy saving and environmental protection projects and was hoping for closer collaboration between China and the EU, Vice Premier Li Keqiang  said yesterday during the EU-China Cooperation on Urbanization Forum in Brussels.

Li said he expects greater relaxation of EU policies on exporting high-end technology to China and that China’s green drive provided Europe an opportunity to address its current sovereign debt crisis through investment and cooperation contributing to low-carbon society construction in China, according to the Xinhua News Agency..

Li said that ongoing urbanization was the most pressing environmental need in China, stating that more than 75 percent of the buildings in China's cities are not energy efficient and in need renovation

The vice premier also said that China currently has a huge demand for biotechnology, energy efficiency and new materials. A deal to set up a fund with 17 million euros in capital that will invest along with Chinese companies in European groups was signed Wednesday to pump more Chinese capital into leading European firms.