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China Subsidy Exchange

December 28, 2017

China Promotes A Green Petrochemical Industry

The two premier Chinese central government agencies, the National Development and Reform Commission (“NDRC”) and the Ministry of Industry and Information Technology (“MIIT”), issued a directive on December 25, 2017, the Guidelines on Promoting A Green Development of the Petrochemical Industry (Fa Gai Chan Ye (2017) No. 2105) (“Guidelines”), to promote a sustainable development of the Chinese petrochemical industry. The Guidelines aim to significantly raise the resource and energy utilization efficiency and clean production level of the Chinese petrochemical industry, and reduce the energy and water consumption and the carbon dioxide emission. In particular, the Guidelines call for optimizing and adjusting geographic distribution, regulating industrial parks, accelerating industrial upgrade and renovation, developing green products, promoting scientific and technological research and development, and improving relevant industrial standards. As supporting measures, the Guidelines call on the government to strictly follow state industrial policies and increase financial supports for sustainable development projects, and call on financial institutions to actively provide credit loan support.