BEIJING, Oct. 5 (UPI) -- The Chinese government is planning to bolster more investments in alternative energy projects between 2006 and 2010 to raise energy security.
By increasing investments, the government hopes to ensure China will be able to establish its energy security as mounting fears that soaring world oil prices will have a negative impact on its economic growth, officials with the ministry of finance said, state-run news agency Xinhua reported.
China's dependence on foreign oil reached 43 percent last year according to recent data. Officials with the ministry of finance said such dependence would have a negative impact on China's economic growth. It has been forecasted by departments that China's oil consumption would hit 450 million tons in 2020, with 250 million tons to be imported from abroad.
The ministry would not elaborate on the investment figures saying only that it would earmark more funds for bio-energy, solar and wind energy projects. Funds will also be directed for coal-to-liquid fuel projects over the next five years.
After the United States, China is the second largest energy consumer. That fact has been pushing Chinese officials to push for more laws on renewable energy. It has already put forward 11 five-year plans to speed up the development of renewable energy.
