New renewables plan to accelerate China’s move to green economy

China will accelerate the industrialization of its renewable resources to foster a new industry with strategic significance, said Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC) on Friday.

 "The NDRC has drafted the National Sustainable Economy Development Plan for 2011-15 to be submitted to the State Council for approval soon," Xie said in a keynote speech during the First Chinese Renewable Resources Industry Development Summit Forum held in Qingdao, Shandong province.

The plan calls for 10 demonstration principles, 100 demonstration cities and 1,000 demonstration enterprises and industrial parks, as well as a series of preferential policies regarding finance, tax, pricing and investment in a bid to accelerate the development of China's green economy.

He said China's resource recycling industry has grown quickly, bringing some 20 million jobs. The industry now has 1 trillion yuan (USD158 billion) in annual revenue.

 Xie said rapid urbanization means China needs to greatly improve its use of recycled materials and reduce its reliance on mineral resources to form a sustainable development model that is economically viable, environmentally sound and socially responsible.

The vice minister said enterprises will be encouraged to form strategic alliances, extending their industrial chains to develop an integrated recycling economic ring through the collaboration of preliminary recycling companies and manufacturing enterprises.