The thin-film solar cell-led alternative energy industry of suburban Shanghai's Minghang district aims to grow 35% per year until 2012 when it should book ¥25 billion in annual sales. There are 21 manufacturers and 6 research institutions based in the district that collected ¥8 billion in revenue last year. The district government has promised to earmark ¥300 million for the growth of the industry each year from 2009 to 2011 and subsidize ¥1.5 million for fees and 50% of loan interests incurred by IPO of a photovoltaic company.
$1 = ¥6.8
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