Archive for ‘year ago’

22/05/2020

China scraps annual economic growth target for first time

Workers assembling toys at the Mendiss toy factory in Shantou, in southern China's Guangdong province.Image copyright GETTY IMAGES

China will not set an economic growth goal for this year as it deals with the fallout from the coronavirus pandemic.

It is the first time Beijing has not had a gross domestic product (GDP) target since 1990 when records began.

The announcement was made by Premier Li Keqiang at the start of the country’s annual parliament meeting.

The world’s second largest economy shrank by 6.8% in the first quarter from a year ago as lockdowns paralysed businesses.

“This is because our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment,” Premier Li said.

The country’s leadership has promised to boost economic support measures amid growing concerns that rising unemployment could threaten social stability.

The move comes as tensions between Beijing and Washington are becoming increasingly strained over the coronavirus pandemic, trade and Hong Kong.

On Thursday, President Donald Trump stepped up his attacks on China, suggesting that the country’s leader, Xi Jinping, is behind a “disinformation and propaganda attack on the United States and Europe.”

It came as Mr Trump and other Republicans have escalated their criticism of Beijing’s handling of the early stages of the outbreak.

Also on Thursday, China announced plans to impose new national security legislation on Hong Kong after last year’s pro-democracy protests.

The announcement was met with a warning from Mr Trump that the US would react “very strongly” against any attempt to gain more control over the former British colony.

Separately, two US senators have proposed legislation to punish Chinese entities involved in enforcing the planned new laws and penalise banks that do business with them.

Earlier this week, the US Senate unanimously passed a proposal to delist Chinese companies from American stock exchanges if they fail to comply with US financial reporting standards.

US-listed Chinese companies have come under increasing scrutiny in recent weeks after Luckin Coffee revealed that an internal investigation found hundreds of millions of dollars of its sales last year were “fabricated”.

Source: The BBC

29/04/2020

Spotlight: China leads global green development with concrete actions

BEIJING, April 28 (Xinhua) — China has achieved much progress in environmental protection and taken the lead in green development in recent years.

The efforts have exemplified Chinese President Xi Jinping’s proposal of “working together for a green and better future for all” made a year ago in his speech at the opening ceremony of the International Horticultural Exhibition 2019 Beijing.

In the keynote speech, Xi proposed a five-point initiative on promoting green development, namely pursuing harmony between man and nature, pursuing the prosperity based on green development, fostering a passion for nature-caring lifestyle, pursuing a scientific spirit in ecological governance, and joining hands to tackle environmental challenges.

China’s hard work on environment protection has paid off.

The ecological environment has improved significantly. People are enjoying more days of blue sky, cleaner water, and fertile land.

China has achieved the goal of zero growth of desertified land by 2030 set by the United Nations ahead of time. Besides, forest stock volume increased by 4.56 billion cubic meters compared with that of 2005.

Carbon dioxide emissions per unit of GDP in 2018 fell by 45.8 percent compared with that of 2005, exceeding the target set for the year.

After more than 30 years of hard work, the seventh largest desert in China, the Kubuqi Desert in Inner Mongolia Autonomous Region, once known as the “sea of death” difficult for birds to fly across, has turned into a green valley.

In January 2020, in a letter in reply to the student representatives of the Global Alliance of Universities on Climate, the Chinese president mentioned his thoughts about ecological civilization in his youth.

“Over four decades ago, I lived and worked for many years in a small village on the Loess Plateau in western China. Back then, the ecology and environment there was seriously damaged due to over-development and the local people were trapped in poverty as a result,” Xi wrote.

“This experience taught me that man and nature are a community of life and that the damage done to nature will ultimately hurt mankind,” said Xi.

China’s progress and achievements are recognized worldwide.

The ecological civilization and green development advocated by China are actually an endeavor to find a way to balance economic development and environmental protection, said John Cobb, Jr., the founding president of the Institute for Postmodern Development of China and member of the American Academy of Arts and Sciences.

Noting that the endeavor is a remarkable exploration, he expressed his hope that it will succeed.

China is on the right path in dealing with global climate change and achieving sustainable development, said Borge Brende, president of the World Economic Forum.

In addition to making efforts at home, China has also rolled out a series of measures to support the global combat against climate change.

In September 2015, ahead of the Paris climate change conference, Xi pledged a 20-billion-yuan (3-billion-U.S. dollars) China South-South Climate Cooperation Fund, which was dedicated to help other developing countries combat climate change.

China has also been fulfilling the obligations of the United Nations Framework Convention on Climate Change and the Paris Agreement, and achieved the goal of its intended nationally determined contributions submitted to the secretariat of the Climate Change Convention as scheduled.

UN Secretary-General Antonio Guterres expressed his appreciation for China’s important contributions to addressing the climate change and building a green “Belt and Road,” and said he expects China to continue to play a leading role in addressing the climate change and other issues.

“Lucid waters and lush mountains are invaluable assets,” a concept put forward by Xi in 2005 when he visited Yucun Village in southeast China’s Zhejiang Province as the party chief of the province, has become the motto of the Lao Ministry of Natural Resources and Environment.

In March 2020, when Xi returned to Yucun, he said that economic development should not be achieved at the expense of the ecological environment. To protect the ecological environment is to develop the productive forces, he said.

The history of civilizations shows that the rise or fall of a civilization is closely tied to its relationship with nature, Xi said at the International Horticultural Exhibition last year.

Only by joining hands can the humankind advance a global ecological civilization and march towards the bright future of building a community with a shared future for mankind.

Source: Xinhua

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India