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New green policy gives industries a big boost

China has published measures to help boost green industries as it looks to increase domestic demand and update its economic structure, according to a document issued by the State Council.

The country vowed in an industrial development plan last year that it will raise the total output value of environmental protection industries to 4.5 trillion yuan (729.7 billion U.S. dollars) by 2015, or on average a 15-percent yearly increase.

The State Council reiterated the goal in its latest document, vowing to spur technological innovation, expand consumption demand of green and energy saving products, and boost the services industry related to environmental protection.

In terms of specific policy measures, the central government will direct more of its budget to fund environmental protection industries and encourage eligible companies to issue bonds, according to the document.

Efforts will also be made to establish pricing schemes of renewable energy and to push forward tiered prices for household water and gas consumption, according to the document.

To further improve market mechanisms, pilot programs for emissions and carbon trading will also be carried out, the State Council said in the document.

China will encourage capable domestic companies to undertake overseas projects in environmental protection, and eligible foreign-funded firms will enjoy the same industrial preferential policy with their Chinese counterparts, the State Council added.