China plans new energy development program

The National Development and Reform Commission says China will soon launch a plan for the development of new energy in the country. The commission says in the face of the global financial crisis, a new energy strategy is crucial to boosting the country’s energy sector and helping sustain steady growth in the national economy.

The worst global economic slowdown in decades is taking a toll on China’s energy industry. A clear indicator is the weak energy consumption. The National Development and Reform Commission says after six years of double-digit growth, China’s electricity consumption has been dropping since September of 2008. In the first five months of this year, the country’s electricity consumption dropped four percent from the same time last year. China’s crude oil imports also decreased by 4.5 percent in the first four months of the year.
Officials admit the sluggish performance of the energy sector is unfavorable for the long-term growth of the national economy. Last March, China set up its first ever State Energy Administration. An important task of the new agency is to work out an overall plan for the development of new energy in China. Now the draft of the plan is under final deliberation and will be released once the state council approves it.

CCTV