China racing ahead to go solar

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China is racing ahead in the drive to go solar, in an effort to make the economy more green. The government has offered solar companies support policies including land, bank loans and research fund.

This is the world's largest roof-top solar power station, located in Weihai City of Shandong province. The 330 kilowatt project uses technology that China holds the intellectual property rights of.

Since March, the Chinese government has offered a series of favorable policies to support solar energy development. It gives generous subsidies..about 50 percent of the construction price for demonstrating a roof-top solar power system. Governments at all levels are also competing to give favorable polices for solar energy companies, including free land, cash for research and development, and bank loans with low interest rates.

Wang Zhongying, Director of Renewable Energy Development Center of NDRC said "Although the cost for solar power is still high in the near term, in the longer term, many experts think the future belongs to solar energy."

Chinese companies have already played a leading role in pushing down the price of solar panels in the world's market by almost half over the last year. And a growing list of Chinese corporations backed by entrepreneurs and local governments are seeking to capitalize on an industry deemed crucial for the country's commitment to a greener country.