China Daily reports that up to RMB1.5 trillion will be invested by 2020 to achieve China's plan to boost renewable energy consumption to 15 per cent of the country's energy mix by the benchmark year.

The business sector and international co-operation will play crucial roles in reaching the goals, fostering the well-being of society and a healthier environment.

The government is considering implementing a bidding system to attract both domestic and foreign investors in China's massive renewable energy market.

The government is also considering more favourable incentives to encourage businesses to invest in the efforts.

Currently, investors enjoy a 50% tax break when investing in solar, wind and renewable energy. The national value-added tax rate is 17%.

China has made two commitments at last year's international conference on renewable energy held in Bonn, Germany. One is to make a law regulating renewable utilization and the other is to map out a national blueprint.

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