China Investing $24 Billion in Environment

China Investing $24 Billion in Environment

China will invest 200 billion yuan ($24 billion) in environmental protection efforts in the next five years, the official Xinhua news agency said on Tuesday.

Two decades of breakneck economic development have ravaged China's environment. Five of the world's 10 most polluted cities are located there, and acid rain falls on a third of the nation.

Director of the State Environmental Protection Administration Xie Zhenhua was quoted in a Reuters report as saying China would fund 1,200 key environmental projects during the period from 2001 to 2005.

Zhenhua said plans included reducing emissions, improving environmental quality, and reining in ecological deterioration.

China has spent around 346 billion yuan on environmental protection during the last five years, accounting for 0.93 percent of its gross domestic product, the agency said.