China is leading the world as the place to invest for renewable energy. It's way ahead of the United States and Europe.
As reported here, China and the United States were last year in equal first place in Ernst&Young's annual Renewable Energy Country Attractiveness Indicies. But this year, the United States has fallen away and China is leading the pack.
The Wall Street Journal says we can expect a string of floats on the Chinese stock market of renewable energy companies. The Chinese government is showing the rest of the world how to do it, giving these companies full support with a preferential tax rate of 15%, compared with a 25% tax on other corporations. Then there are the other benefits, including government power-purchase agreements that guarantee demand.
China already controls 43% of the world's photovoltaic market and manufacturers there are slashing costs to dominate it in the way the Japanese dominated the electronics industry decades ago. It's now emerging as the new force in renewable energy which will be one of the biggest growth sectors of the global economy. That will give China even more muscle.
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