China to ‘boost renewable energy spending’

China aims to spend 2 trillion yuan (US$265 billion) by 2020 developing renewable energy sources, China Daily reported on Wednesday, citing the country's top economic planning body.

The National Development and Reform Commission (NDRC) plans to raise the proportion of renewable energy in the country’s total energy mix from today’s 8%, to 10% by 2010 and 15% by 2020, the report said.

"We will adopt measures to guide and encourage the development of renewable energy," China Daily quoted Chen Deming, vice-minister of the NDRC, as saying. "We will come up with various taxation and fiscal incentives, including subsidies and tax breaks."

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