China will earmark more funds to further exploit its coalbed methane reserves amid increased efforts to step up new energy exploration.

The Chinese Government will allocate more money from the central budget to encourage the inflow of private capital for this emerging energy sector, according to an industrial policy outline released online by the National Energy Administration on March 11.

Preferential measures include more financing for enterprises and improving gas pricing mechanisms.

China plans to complete the construction of two major production bases in the central and western regions in 2015, and increase the number from three to five in the next five to 10 years.

The Ministry of Land and Resources said previously that the country aims to produce 16 billion cubic meters of coalbed methane and put 7.4 billion cubic meters into use in 2013.

China's coalbed methane reserves are estimated at 36.8 trillion cubic meters, the third largest in the world after Russia and Canada.

30 Under 30

Forbes China, the Chinese language edition of Forbes magazine, has unveiled its second 30 Under 30 list of top Chinese entrepreneurs under the age of 30. The list shows that hi-tech start-ups dominate the ambitions of the country's future tycoons.

This year's members include founders of businesses involved in everything from online advertising to Internet companies, with eight of the 30 entrepreneurs involved in Internet companies.

The southern business hub of Shenzhen is home to the most young entrepreneurs, with the city's vibrant atmosphere and entrepreneurial spirit seen as the perfect breeding ground for the next generation of business leaders.

The average age of the entrepreneurs is 27, with one third on the threshold of turning 30 next year, meaning more new faces are likely in next year's survey.

Largest Duty-Free

A massive commercial complex is being constructed in Sanya, a resort city in south China's tourist island province of Hainan, to house the world's largest duty-free shop.

The Sanya Haitang Bay International Shopping Mall project is expected to begin trial operations in 2014, said Chen Guoqiang, Assistant General Manager of the China Duty Free Group, the operator of the project.

Construction began on the 70,000-square-meter shopping mall project in April 2012. Chen said the project will combine the duty-free shop with other services, such as hotels, restaurants and entertainment venues, with the aim of creating a top international luxury consumption and experience center.