China 'green' sector seen growing to 3 percent of GDP by 2020: official
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Beijing's landmark buildings are seen during a polluted day in Beijing, China, November 18, 2016. REUTERS/Stringer
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
SHANGHAI (Reuters) - China expects the output value of its energy saving and environmental protection industry to rise from 4.5 trillion yuan ($653 billion) last year to more than 10 trillion by 2020, lifting its share of gross domestic product from 2.1 percent to 3 percent.
State news agency Xinhua quoted Hu Zucai, deputy head of the National Development and Reform Commission, China's state planning agency, in a report on the forecasts on Tuesday. Hu said the industry currently employs more than 30 million people.
China is hoping that big outlays in the environmental sector will not only reverse some of the damage done by more than three decades of breakneck economic growth, but will also help diversify the country's heavy industrial economy.
Total investment in pollution prevention is expected to reach 8-10 trillion yuan over the 2016-2020 period, according to analysts with Everbright Securities. Spending stood at 4.3 trillion yuan over the previous five years, amounting to 1.45 percent of GDP, they said.
The Chinese government approved a "five-year plan" for the environment earlier this month, vowing to make significant cuts in total emissions and "bring environmental risks under effective control" by 2020.
In recent policy documents, the government has also promised to spend heavily to improve its environmental monitoring systems and boost sewage and household waste treatment over the 2016-2020 period.
(This version of the story corrects official's surname on second reference in second paragraph.)
(Reporting by John Ruwitch and David Stanway; Editing by Simon Cameron-Moore)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- China to prosecute former Tianjin mayor for suspected graft
- Trump says he respects CIA in his first visit to headquarters
- Mexico president talks with Trump by phone, agree to meet
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!