Summary of CHINA RECYCLING ENERGY CORP

Item 4.01. Changes in Registrant's Certifying Accountant.

On May 5, 2009, the Board of Directors of China Recycling Energy Corporation (the "Company") approved the engagement of Deloitte Touche Tohmatsu CPA Ltd. ("Deloitte") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2009, and dismissed Goldman Parks Kurland Mohidin, LLP ("GPKM") from that role.

GPKM's audit reports on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2008, and December 31, 2007, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended December 31, 2008, and December 31, 2007, respectively, and in the subsequent interim period through May 4, 2009, there were (1) no disagreements between the Company and GPKM on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of GPKM, would have caused GPKM to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, and
(2) no "reportable events" as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

The Company provided GPKM with a copy of the disclosures it is making in this Current Report on Form 8-K (the "Report") prior to the time the Report was filed with the Securities and Exchange Commission (the "SEC"). The Company requested that GPKM furnish a letter addressed to the SEC stating whether or not it agrees with the statements made herein. A copy of GPKM's letter dated May 11, 2009, is attached as Exhibit 16.1 hereto.

In deciding to engage Deloitte, the Board of Directors reviewed auditor independence and existing commercial relationships with Deloitte, and concluded that Deloitte has no commercial relationship with the Company that would impair its independence. During the fiscal years ended December 31, 2008, and December 31, 2007, respectively, and in the subsequent interim period through May 4, 2009 neither the Company nor anyone acting on its behalf has consulted with Deloitte on any of the matters or events set forth in Item 304(a)(2) of Regulation S-K.