Chinese Firm Commits $2.5 Billion to Renewable Energy
China Energy Conservation Investment Corporation (CECIC), one of the country's flagship State-owned enterprises for alternative energy development, plans to invest at least 20 billion yuan (US$2.47 billion) over the next five years to build new projects across the nation.
These projects will generate electricity using alternative energy sources like wind, biomass and garbage treatment, said a senior official from the company.
"Almost a third of the total investment will come from our internal capital, with the rest financed by bank loans or other sources such as absorbing new strategic investors," said Wang Yi, a senior official from the Beijing-based company.
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Removal of the ban came as pressure mounts on city administrators to tackle horrible traffic congestion, air pollution and possible fuel supply, caused to a large extent by a rapidly growing number of cars on the road. PHOTO: First snow in Beijing Dec. 31, 2005, courtesy of China Daily.
In the first 10 months of 2005, China's exported autos increased 133.6 percent year on year. For the first time, auto exports exceeded the import by 7,000 units, including 105 electric cars exported to the U.S. Photo of Miles ZX-40, an electric car it plans to import from China.
Chinese vehicles will be a threat to established U.S. auto sellers because vehicles from China are likely to be much cheaper than those from Europe, Japan or North America.
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