China's light industry reported increased revenues and profits in the first 11 months of 2024, according to official data.
In the January-November period, the total operating revenue of light industrial enterprises above the designated size in China -- firms with annual business revenues of at least 20 million yuan -- reached 20.6 trillion yuan (approximately 2.81 trillion U.S. dollars), marking a 1.4-percent increase year on year, according to the China National Light Industry Council.
These companies earned 1.32 trillion yuan (approximately 180.31 billion U.S. dollars) in profits during the same period, marking a 9.1-percent increase compared to the previous year.
Data also showed that the added value of light industrial firms grew by 4.8 percent during the period from the previous year.
Among the 91 major light industrial products tracked by the National Bureau of Statistics, the output of 58 products recorded growth. Notably, industries such as paper-making, batteries, and bicycles maintained double-digit profit growth.
Exports in the sector reached 837.34 billion U.S. dollars, up 3.3 percent year over year.
China's light industry reports revenue, profit growth in first 11 months of 2024
China's light industry reports revenue, profit growth in first 11 months of 2024
European Union (EU) countries gave final approval on Thursday to an amendment of the European Climate Law, setting a binding intermediate target to cut the bloc's net greenhouse gas emissions by 90 percent by 2040 compared with 1990 levels, reinforcing the EU's path toward climate neutrality by 2050.
Under the amended law, from 2036 EU member states will be allowed to count "high-quality international credits" towards meeting the 2040 target, capped at 5 percent of the EU's 1990 net emissions. This means at least 85 percent of the emissions reductions must be achieved within the bloc, the Council of the EU said in a statement.
The credits must be based on credible greenhouse gas reduction activities in partner countries and be aligned with the Paris Agreement, the statement added.
The amended law also delays the launch of the EU's emissions trading system covering road transport, buildings and other sectors, shifting its start date from 2027 to 2028.
The adoption of the amendment marks the final step in the legislative process. The amended regulation will enter into force 20 days after its publication in the Official Journal of the EU and will apply directly across all EU member states.
The European Climate Law was first adopted in 2021, setting a legally binding target of climate neutrality by 2050 and a 2030 goal to cut net emissions by at least 55 percent from 1990 levels.
EU countries approves 2040 target to cut net emissions by 90 pct
