Beijing defending “Buy Chinese” Policy Qin Gang, spokesman of China’s Ministry of Foreign Affairs, defended Beijing’s government purchase policies. In early June, China’s National Development and Reform Commission, together with a number of other ministries, issued a notice requiring government bodies to source domestically for projects financed by the state. According to Mr. Qin, the […]
The past week of events – from a U.S. Senate hearing, to remarks by China’s State Council, to high-level talks in Beijing – have scattered a layer of rich soil from which robust US-China cooperation on climate change might spring forth. However, that soil is not uniform in content. The issue of quantifiable emissions reductions, […]
No rapid recovery for China? Chinese economists and high level officials expressed their doubts about a swift Chinese recovery. Li Yang, a former adviser to the People’s Bank of China, sees the biggest challenge for China in finding a new growth engine to replace the struggling export sector. In this point Mr. Li is supported […]
China’s largest electric transmission company has announced an ambitious plan to develop a national smart grid by 2020 that would help utilities and their customers transport and use energy more efficiently. The sheer size of the project raises some intriguing questions. First, about whether China has the capital and technology for such an extensive upgrade. […]
Manufacturing sector leads recovery China’s official purchaser managers’ index (PMI) for May again reached a reading above 50, signalling a third month of expansion for the country’s manufacturing sector. While the index dropped slightly to 53.1 from April’s 53.3, it remained clearly above the contraction threshold of 50. Analysts see the positive PMI indicator as […]
Geithner to reassure China on U.S. fiscal discipline On his trip to China next week, U.S. Secretary of Treasury Timothy Geithner will try to reassure Chinese leaders on U.S. fiscal discipline. Promising to promote U.S. national savings and to reduce national debt, Mr. Geithner hopes to ease Beijing’s anxiety about potential losses in its U.S. […]
Emissions reduction: common responsibility, differentiated levels After meeting with Chinese Vice Premier Li Keqiang during his China trip, U.S. Senator John Kerry sees China to play a “positive and constructive” role in the global fight against climate change. The results of Senator Kerry’s trip sparked hope that China and the U.S.–the two largest emitter of […]
China’s U.S. dollar quandary There has been a lot of talk recently about China pushing for dethroning of the U.S. dollar as the world’s dominant currency. Topping the discussion, China’s central bank governor Zhou Xiaochuan called for the International Monetary Fund’s Special Drawing Rights to eventually replace the dollar as omnipresent global reserve currency. Seen […]
Tough stance ahead of climate change negotiations Spelling out its initial bargaining position for the upcoming climate change negotiations, China adopted a hard line. Most notably, Beijing called for developed countries to cut their greenhouse gas emissions 40 percent by 2020 from 1990 levels. Beyond that, China also required rich countries to help pay for […]
Hopes about China recovery premature? The World Bank sees hopes about an economic recovery in China as “premature”, according to David Dollar, country director for China. The main reason for the World Bank’s doubts about China’s recovery is low private investment. While stimulus measures have helped boosting fixed-asset investment and stabilizing the Chinese economy, private […]
China to increase strategic petrol reserves After reaching storage capacity in crude oil reserves, China now plans to build up its strategic reserves in refined oil products. The decision follows the same pattern of using low commodity prices and high company inventories to increase strategic reserves of raw materials. China is planning to pile up […]
China’s IMF quota may raise significantly by 2011 There is a possibility that China may become the third largest voting power at the International Monetary Fond (IMF) after the European Union and the United States. China, which currently holds a quota of 3.7 percent, may overtake Japan (6.1 percent) and establish itself right behind the […]
Forging a new partnership between the United States and China can help address climate change, but only if regulatory and market shortcomings can be overcome. A new alignment on energy and the environment between China and the United States sounds like a formula capable of delivering real solutions on climate-change issues. China’s abundant scientific research-and-development […]
Bank lending slowed down in April China in April tightened its previously loose monetary policy in an effort to curb fears of new asset bubbles. State bank lending fell from a record RMB 1,891 billion in March to RMB 591.8 billion ($85.2 billion). Last month’s lending, however, was still well above the monthly levels of […]
The Chinese government is considering imposing a pro rata carbon tax on coal and fossil fuels such as gasoline, jet fuel, and natural gas, Finance Ministry official Su Ming has told the country’s state-run media. For the past year, 20 experts from seven different government agencies have been investigating the development and implementation of a […]