China pushes RE despite economic slowdown
China refuses to give up its world lead in many renewable energy technologies to maintain long-term economic growth.
China has adopted a plan to boost the development of seven strategic emerging industries including new energy in the face of a worsening economic slowdown.
The meeting of the State Council, China’s chief administrative authority, resulted in plans to launch 20 major projects related to the seven strategic emerging industries: energy-saving and environmental protection, information technology, biology, advanced equipment manufacturing, new energy, new materials and new-energy vehicles.
China believes the development of its strategic emerging industries will play a key role in maintaining its long-term economic growth.
A statement released after the State Council meeting said it is an important and strategic task to develop strategic emerging industries, particularly when the economy is facing increasing downward pressure.
China's economy grew at its slowest pace in almost three years in the first quarter, with its gross domestic product expanding only 8.1%. Further economic weakness is expected this year.