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China may use tax cuts to stimulate housing market

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China plans to build eight new natural gas production bases by 2020, each capable of producing 10 billion cubic meters of gas per year, in a move to reinforce the country’s natural gas supply, the National Business Daily reported Wednesday.

China wants 10 percent of its energy supplied from natural gas, while lowering its overall coal use to 62 percent from the current level of 66 percent by 2020, the Energy Development Strategy Action Plan (2014-2020) published by the State Council on Wednesday said.

China aims to increase the production volume of conventional natural gas to 185 billion cubic meters a year, up from 117.8 billion cubic meters in 2013.

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