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Despite that, Jeffrey Sachs, a renowned economics professor at Columbia University, told Xinhua that he thinks there will be more protectionism in Western countries, both in the United States and the Europe.

Describing the industry as an important technical foundation for environmental protection, the guidelines highlighted fiscal and financial support for the sector, including tax breaks as well as providing other financing instruments like green bonds and green credit.

Denver-based Whiting Petroleum, a shale driller active in North Dakota's Bakken Shale, filed for bankruptcy protection last week after low prices eroded profits and threatened its ability to borrow in the future.

Demand may grow for trade invoicing in currencies other than the US dollar and having the technological capabilities to support this may become a competitive edge for companies, added UBS in the report.

Despite the government's intention to build a total of 101,300 public housing units in the next five years, observers fear the waiting time for applicants will become longer in that time.