New system required to cultivate green funding

Around 90 percent of the funds needed to further develop China's environmental industry are expected to come from private sources, requiring a new financial system to encourage more funds into the sector.

Ma Jun, chief economist at the research bureau of the People's Bank of China, said this as he revealed the findings of a study on how best to manage such a fund-raising program. He said at the Eco Forum Global Annual Conference Guiyang 2015 Multinational Corporations Session in Beijing that China is expected to invest at least 2 trillion yuan ($320 billion) annually on the development of green industries.

"Based on the current situation, however, the government can afford only around 300 billion yuan, which means 85 percent to 90 percent of funding will have to come from private investment," Ma said.