US$1.28 Tln to Be Invested in Green Economy

Hu Angang (2nd, R), president of the Institute for Contemporary China Studies of Tsinghua University, talks during a group discussion on the sideline on the sidelines of the 18th National Party Congress in Beijing November 13, 2012. [Xinhua]

Up to 8 trillion yuan (US$1.28 trillion) will be invested in the development of China’s green economy over the 12th Five-Year Plan (2011-15) period, experts predicted.

The estimate was made by Hu Angang, president of the Institute for Contemporary China Studies of Tsinghua University, who is also a delegate to the 18th National Congress of the Communist Party of China.

According to public announcements from different government bodies, 1.5 trillion yuan will be invested in eight environment protection projects, and 2.4 trillion yuan will be invested in emission-cutting projects.

According to the 12th Five-Year Plan, the newly added output of seven emerging industries, such as biotech and new energy, will contribute to 15 percent of China’s GDP increments by 2020.

Apart from government-led investments, social capital was also keen to take a share of the booming green economy.

In 2009, China overtook the United States for the first time as the largest investor in clean technologies industries. Since 2010, six environmental-protection funds have been established, with a capital amount of 15.8 billion yuan.