Guiyang, capital city of southwestern China's Guizhou Province, will step up efforts to develop a circular economy as it seeks technical and financial support from governments, organizations and universities from home and abroad, according to the municipal government.

The provincial government said that Guiyang has reached accords with business partners to build more than 20 projects based on the concept of a circular economy and involving contractual investment of about 20 billion yuan (some 2.4 billion US dollars).

The city has also received support from the National Development and Reform Commission (NDRC), the Ministry of Finance, the Ministry of Science and Technology and the State Administration of Environment Protection, and is in close contact with them for further help.

NDRC, China's top economic planning body, named Guiyang a pilot city of the nation's circular economy program. The city has also applied to NDRC to issue treasury bonds worth of 27.9 billion yuan (some 3.36 billion US dollars) to develop circular economy.

Guiyang carries out joint programs with prestigious Qinghua (Tsinghua) University and the Chinese Research Academy of Environmental Study in environment protection and urban development with the concept of circular economy. It also gets help from an advisory group consisting of renowned experts from home and abroad.

Foreign banks, governments and international organizations have offered Guiyang financial support to help it maintain sustainable development.

German-based KfW Bankengruppe provided the city 2.6 billion yuan (about 313.3 million US dollars) to fund 15 projects covering the chemical industry and infrastructure development. The United Nations Environment Program offered 100,000 US dollars to help develop the circular economy, while the European Union provided 500,000 euros and Germany contributed 200,000 euros in policy research and joint projects.

Source: Xinhua