Can China reduce its thirst for energy consumption?
Can China reduce its thirst for energy consumption?
After missing last year’s goals, China is now under “very heavy pressure” to meet energy saving targets. Xie Fu Zhan, head of the National Bureau of Statistics said that “Among all provinces in China, only Beijing met the target of cutting energy consumption by 4 percent.” Xie attributed the situation to distortion in China’s energy prices and tax policies.
China’s initial target was to reduce consumption of energy by 20 percent for each unit of GDP by the end of 2010. Premier Wen Jia Bao has urged the government departments to place more focus on saving energy and reducing harmful gas emissions.
The government plans to reduce reliance on oil imports that jumped 20 percent in June compared to a tear before. He encouraged the promotion of renewable energy forms and is currently studying policies on taxing fuels.
Banks have been ordered to restrict lending to polluters and are encouraged to finance users of energy-efficient technology.
China will enforce more strictly this year measures aimed at reducing energy consumption, Deputy Central Bank Governor Wu Xiaoling said. The country is targeting a 10 percent cut in pollutants and a 60 percent increase in the recycling rate for industrial waste by 2010.
China’s economy is largely export-driven and as it draws closer to Germany as the world’s third largest economy, economists expect a 10.9% expansion in the second quarter of this year. With its thriving economy, will China be able to overcome ever-surging demand and keep to its energy saving targets? Or will it once again succumb to the heavy pressure and once again, fail to do so?
China’s initial target was to reduce consumption of energy by 20 percent for each unit of GDP by the end of 2010. Premier Wen Jia Bao has urged the government departments to place more focus on saving energy and reducing harmful gas emissions.
The government plans to reduce reliance on oil imports that jumped 20 percent in June compared to a tear before. He encouraged the promotion of renewable energy forms and is currently studying policies on taxing fuels.
Banks have been ordered to restrict lending to polluters and are encouraged to finance users of energy-efficient technology.
China will enforce more strictly this year measures aimed at reducing energy consumption, Deputy Central Bank Governor Wu Xiaoling said. The country is targeting a 10 percent cut in pollutants and a 60 percent increase in the recycling rate for industrial waste by 2010.
China’s economy is largely export-driven and as it draws closer to Germany as the world’s third largest economy, economists expect a 10.9% expansion in the second quarter of this year. With its thriving economy, will China be able to overcome ever-surging demand and keep to its energy saving targets? Or will it once again succumb to the heavy pressure and once again, fail to do so?
posted by Charltonmedia.com @ 3:33 AM
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