Policies planned to encourage production of bio-energy for oil

China is working on fiscal policies to encourage production of biological energy as substitutes for oil, a move experts say would help China reduce its reliance on oil and build an environmentally friendly society.

Zhu Zhigang, vice-minister of finance, told Xinhua in an exclusive interview that the ministry is working on policies that will enable the government as well as energy consumers to share the cost and risks of bio-energy production in case oil prices are too low for bio-energy business to be profitable.

Xinhua