Chinese Vice Minister of Finance Lou Jiwei promised more support for cyclic economy in Beijing yesterday.

He said tax incentives would be embedded in the reformed corporate tax package to encourage them to shoulder their responsibility of protecting the environment. Businesses' investment on environment friendly equipment securing energy efficiency and safe production will enjoy favorable taxes.

However, tax rebates for export of resource products will be cut down or even removed. In addition, intensive research will be launched on laws and tax policy concerning land and mineral resources.

Lou promised higher budget for cyclic economy and adjustment on investment in infrastructure. Lou's department is also considering an initiative to finance the scientific research on renewable energy.

In compliance with the Law for Clean Production Promoting, the central government's financial budget has earmarked special fund for clean production which focuses on planning, training and technical standards, as well as demonstration projects in small and medium sized enterprises in sectors making heavy pollution such as the textile, construction materials, light industry and metallurgy.

Li Deshui, Director of the National Statistics Bureau, confirmed on the same day that his department would conduct research on the index system of the cyclic economy. 
 

Source: People's Daily Online