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China takes tight rein on energy consumption, carbon emission: official

China

China

China

China takes tight rein on energy consumption, carbon emission: official

2024-10-09 11:31 Last Updated At:19:47

China is taking tight rein on intense energy consumption and carbon emissions by enforcing multi-pronged forceful measures with crucial emphasis on cutting fossil fuel consumption and increasing renewable energy consumption, said Zhao Chenxin, deputy director of the National Development and Reform Commission (NDRC), at a press conference in Beijing on Tuesday.

Zhao noted that since the start of the 14th Five-Year Plan period (2021-2025), China has made it clear that the non-fossil energy consumption would be no longer included in energy consumption control.

The package of incremental policies rolled out by China has further clarified that the non-fossil energy consumption should be strictly stripped out when conducting fixed asset investment projects' energy-saving reviews and evaluations on the responsibilities for energy-saving targets, so as to guide local governments to control fossil energy consumption and increase the renewable energy consumption by encouraging the purchase of green electricity and green electricity certificates, according to the official.

"Meanwhile, we will continue to intensify our efforts to resolutely prevent the blind and disorderly launch of projects with high energy consumption and high emissions, effectively curb unreasonable demand for energy, and promote industrial optimization, upgrading and healthy development," said Zhao.

In addition, China will coordinate the use of fund channels such as central government budget for investment and ultra-long special treasury bonds, in a bid to increase support for energy-saving and carbon-reduction transformation and renewal of energy-consuming equipment in key areas, and ensure the reasonable energy demand for the transformation and upgrading of traditional industries and the development of emerging industries by tapping into the existing energy-saving potential, according to Zhao.

China takes tight rein on energy consumption, carbon emission: official

China takes tight rein on energy consumption, carbon emission: official

China takes tight rein on energy consumption, carbon emission: official

China takes tight rein on energy consumption, carbon emission: official

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US Fed's 25 basis point cut aligns with market expectations: expert

2024-11-09 07:21 Last Updated At:08:17

The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.

The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.

Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.

"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.

"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.

US Fed's 25 basis point cut aligns with market expectations: expert

US Fed's 25 basis point cut aligns with market expectations: expert

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