The amount of private money raised for each yuan spent by government fell by almost half between 2006 and 2011

Billions of yuan of state funds ploughed into energy efficiency projects have not triggered the level of private investment hoped for, according to a new report from China’s Tsinghua University.

The amount of private cash raised for each yuan of government investment in the sector fell by 45% between 2006 and 2011, from 4.2 yuan down to 2.3 yuan, says the research, raising questions about China’s ability to meet its energy goals.

“The current government-private financing model can’t a