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China makes strides in green development

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      China

      China

      China makes strides in green development

      2024-07-15 17:52 Last Updated At:19:17

      A series of facts and data unveiled the remarkable strides China has continuously made in developing its green economy and transforming its environmental landscape over the past decade.

      Since the 18th National Congress of the Communist Party of China in 2012, the country has firmly upheld the belief that lucid waters and lush mountains are invaluable assets.

      In 2023, China's total installed renewable energy capacity reached 1.45 billion kilowatts, according to data from the China National Energy Administration.

      It accounts for over 50 percent of the country's total installed power generation capacity – and 4.6 times the figure of 2012.

      In 2023, China's new energy investment grew by 34 percent from the year before.

      Solar power investments exceeded 92 billion dollars and wind power investments surpassed 52 billion dollars.

      The International Energy Agency says by the end of 2024, China will lead global clean energy investments with 675 billion U.S. dollars, driven in-part by the strong domestic demand for solar cells, lithium batteries and electric vehicles.

      In the realm of energy efficiency, from 2012 to 2023, China's energy consumption per unit of GDP decreased by 27 percent and the productivity of major resources increased by over 60 percent, said statistics released by the China National Development and Reform Commission.

      The share of renewables in China's total energy consumption increased from 15.5 percent in 2013 to 25.9 percent in 2023.

      This was facilitated by stringent energy standards and massive retrofitting projects.

      Driven by the strong demand for green transformation, China's innovation and industrial strength has significantly improved.

      In 2014, China sold only 75,000 new energy vehicles.

      Less than a decade later, sales exceeded 9.4 million vehicles, leading to a domestic market share of almost 32 percent.

      China has established the world's largest, most complete and competitive clean energy industry chain.

      It comprises the production of photovoltaic modules, for which China has been a global leader for 16 consecutive years, and the production of polysilicon, silicon wafers, cells and modules, making up over 80 percent of the global supply.

      China has also made significant progress in reducing carbon emissions.

      From 2012 to 2023, China's carbon dioxide emissions per unit of GDP decreased by more than 35 percent, according to the Ministry of Ecology and Environment.

      China has also announced a comprehensive plan to manage its carbon footprint this year, with the aim of contributing to the development of international rules around carbon production.

      China makes strides in green development

      China makes strides in green development

      U.S. "reciprocal tariffs" are expected to bring ample uncertainty to the global market and put global growth at risk, said the CEO of Bank of East Asia (China).

      On Wednesday, U.S. President Donald Trump announced a new set of levies imposing a 10 percent baseline tariff on imports from all trading partners and higher rates on some.

      While the Trump administration argues that these tariffs are necessary to protect U.S. industries, reshore manufacturing and reduce deficits, the decision has met with sharp criticism from economists, trade experts and foreign governments. Many see it as a misguided attempt to use tariffs as a blunt instrument in addressing complex trade imbalances.

      According to Bi Mingqiang, CEO of the Bank of East Asia's (BEA) China branch, growing concerns about the effects of tariffs are forcing many investors to reconsider their strategy.

      "I do believe Mr. Trump is bringing a lot of uncertainties to the global market, which puts the global growth at risk. So to mitigate this kind of damage or risk, I think global government and the business side are actively rethinking their strategy. You can see, actually, a lot of Chinese companies are shifting their business flow, their investment flow to those more friendly markets like Southeast Asia, the Middle East and Belt and Road regions," said Bi.

      He emphasized that his bank and others have already begun formulating strategies to help traders navigate the changing landscape.

      "This is going to reshape the overall landscape of global supply chain, I believe. So, to facilitate this trend, I think banks like BEA, we can provide those tailor-made banking services like cross-border financing, services, cash management, trade finance, things like that, to help," said the banker.

      Trump brings uncertainty to global markets, puts global growth at risk: Bank of East Asia executive

      Trump brings uncertainty to global markets, puts global growth at risk: Bank of East Asia executive

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