BEIJING, Nov 16 Asia Pulse - The Chinese government has earmarked 11.2 billion yuan (US$1.38 billion) proceeds raised from treasury bond issues to back energy-saving and cyclic economy projects this year, according to the National Development and Reform Commission (NDRC).

The NDRC said the projects also absorbed social capital amounting to 10.2 billion yuan, which brought the total funding to these projects to over 11 billion yuan.

Du Ying, vice-minister of NDRC, said on November 15 that China has already selected the first batch of state-class entities to pilot cyclic economy. They include 42 enterprises in seven key industries such as iron and steel, nonferrous metals and chemicals, 17 entities in four key fields such as recycling and utilization of renewable resources, and 13 industrial parks including state- and provincial-class development zones, heavy and chemical industrial parks and demonstrative agricultural development zones.

Aside from the pilot work, Du said, the NDRC is also preparing for the establishment of a cyclic economy appraisal indicators system. Such indicators may include resource productivity, resource consumption reduction rate, resource recovery rate, resource cyclic utilization rate, and waste utilization rate.