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China is moving ahead rapidly with its construction of renewable energy projects across the country, with hydro and wind-power capacity to reach 180 million kilowatts and 5 million kilowatts respectively by 2010.

 

Xu Dingming, deputy office director of the State Council Energy Leading Group, was quoted by the Shanghai Securities News as saying this at the Second East Asia Investment Forum last Saturday.

 

By 2020 the country's installed capacity of hydro and wind power is expected to total 300 million kilowatts and 30 million kilowatts respectively, he said. The construction of renewable energy projects by 2020 in China will demand investment of 800 billion yuan (about US$100 billion), he added. .

 

China also plans to build up biogas installed capacity of 30 million kilowatts by 2020 and solar installed capacity of 1.8 million kilowatts by 2020.

 

The Chinese government will set up special fund to support renewable energy projects, giving assistance to their research and development as well as favorable tax policies to relevant enterprises, he added.

 

China plans to raise its electricity installed capacity for renewable energy to 10 percent of its total power capacity by 2010 and 16 percent by 2020. Soaring oil prices have made renewable energy a priority for domestic and world investors.

 

The Second East Asia Investment Forum was held in Shandong Province from July 29-30, 2006.

 

(Xinhua News Agency July 31, 2006)