China's push into bioenergy

The Chinese government has issued a package of policies, including risk reserves, subsidies and tax breaks, to encourage the development of the bioenergy and biochemical industries, says the National Development and Reform Commission. Under the new policies, enterprises should set up risk reserves, which will be used to offset their losses when the oil price is low. When the oil price is low for a sustained period, a government subsidy regime will be triggered to cover the losses of enterpri