New energy industries to fuel China's green growth
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A survey by the Pew Charitable Trusts says that China's clean energy investment topped 54.4 billion U.S. dollars in 2010, up 39 percent from the previous year.
The study estimates that China now produces nearly half of the world's wind and solar modules.
Apart from supplying alternative fuels to China, the emerging energy sector also plays a significant role in promoting the green growth pattern that the country pledged in its 12th five-year plan.
The new plan calls for non-fossil fuels to be used in 11.4 percent of primary energy consumption by 2015.
It also targets a 15 percent reduction in energy consumption per unit of GDP over the next five years and a 17 percent reduction in carbon dioxide emissions per unit of GDP over the same period.
Analysts say that the new energy sector is the key to achieving these goals, and it is expected to become the new impetus for economic growth.
Qin Haiyan said that China will require a minimum of 160 billion yuan of investment if it plans to install 20GW of wind power each year.
According to a report by the Economic Information Daily, China aims to install 290GW of new energy power by 2020, with a planned investment of 5 trillion yuan.
"The new energy sector will expand to become a huge industry if China aims to boost its share to 20 percent of total energy consumption. In the long run, the sector has huge potential to spur growth and create jobs," said Qin Haiyan.
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