SNRS should continue to buy back 1 billion shares a week untill the remaining float is reduced to about 3 or 4 billion shares.
China passed the United States last year as the biggest clean power market, stoking hopes for Western sales of wind turbines, solar cells and other gear. But U.S. and European companies find that while Beijing welcomes foreign technology, it wants manufacturing done here and know-how shared with local partners. In the wind industry, foreign suppliers with factories in China say they are shut out of major projects.
"China is very keen on being able to depend on themselves," said Frank Haugwitz, a renewable energy consultant in Beijing.
U.S. Commerce Secretary Gary Locke says clean energy sales to China can help fulfill President Barack Obama's pledge to double U.S. exports over the next five years and create 2 million jobs. Locke is leading a group of 24 American suppliers to Beijing and Shanghai this week to drum up business.
"There is an incredible opportunity for companies all around the world to help China meet its energy goals of reducing greenhouse gas emissions, becoming more energy efficient," Locke said in Hong Kong Sunday at the start of the trade mission.
"China, given the incredible challenges that it has, should be, in my view, taking the best technology from wherever -- whether it's China, the United States, Europe, Japan or anywhere else," he said. "Of course, we believe that in many areas, the United States is the world's leader in some of this technology."