Posts tagged ‘Coal in China’

10/11/2016

China state media warns Trump against isolationism, calls for status quo | Reuters

Chinese state media has warned the U.S. president-elect against isolationism and interventionism, calling instead for the United States to actively work with China to maintain the international status quo.

President-elect Donald Trump threatened to tear up trade deals and pursue a more unilateral foreign policy under his “America First” principle during a tempestuous election campaign.

But China and other foreign governments are uncertain how much of Trump’s rhetoric will be translated into policy because he has at times made contradictory statements and provided few details of how he would deal with the world.

Trump often targeted China in the campaign, blaming Beijing for U.S. job losses and vowing to impose 45 percent tariffs on Chinese imports. The Republican also promised to call China a currency manipulator on his first day in office. U.S. isolationist policies had “accelerated the country’s economic crisis” during the Great Depression, warned a commentary by China’s official Xinhua News Agency, though it added that “election talk is just election talk”.

The commentary also cautioned against any tilt towards intervention.

POTENTIAL PRAGMATIST

The Chinese media in the past have criticized the United States and other Western powers for intervening in Afghanistan and Iraq and meddling in international hot spots such as Ukraine.

“History has proven that U.S. overseas military interventionism causes them to pay disastrous political and economic costs,” the commentary said. Hillary Clinton was widely seen in China as the more hawkish of the two candidates, while some Chinese commentators saw Trump as a potential pragmatist on foreign policy. But Beijing fears the unpredictability of a Trump presidency as it seeks to maintain an equilibrium in Sino-U.S. relations while dealing with the daunting tasks of a reform agenda to combat a slowing economy at home.

A second Xinhua commentary published on Thursday morning said the new U.S. president and China should “jointly build a new model of major power relations”. That echoes the position of Chinese President Xi Jinping that says global powers should work to accommodate, not contain, a rising China in the international system.

‘SHOCK OF HERESY’

Trump’s victory was watched closely on the Chinese internet with the tag “Trump has won” becoming the most-searched term on Weibo, a popular Chinese microblog service, on Wednesday afternoon in Asia, well before the race was conceded.

Some of the posts agreed that Trump might be just the change agent the United States needs now.

The U.S. has chosen indeterminacy in order to create change,” according to a post by Tsinghua University professor Sun Liping on Thursday that has been shared over a thousand times. “When the usual, determined method has already been unable to solve the problems, then you need the shock of heresy instead.”

Chinese state media had previously said the U.S. election process reflects a troubled political system, and showed an increasingly divided, disillusioned and indignant U.S. citizenry. “This election has also made clear that the U.S. political system is already caught in a predicament,” a third Xinhua commentary said. “As for when it will exit this predicament, the answer is still unknown.” The Global Times, a tabloid published by the ruling party’s People’s Daily newspaper, said Trump’s victory had “dealt a heavy blow to the heart of U.S. politics” but that he would be unable to make many changes in U.S. foreign policy.”

In an elite-controlled U.S., most of those holding power don’t support Trump. And U.S. allies across the world will pressure Washington to restrain Trump from isolationism,” it said.

Source: China state media warns Trump against isolationism, calls for status quo | Reuters

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26/04/2016

China Bans Some New Coal Power Plants – China Real Time Report – WSJ

China Bans Some New Coal Power Plants A coal-fired power plant in Shanxi, China. Beijing has announced a ban on new coal plants in areas with surplus power supply.

Beijing has announced a ban on new coal plants in areas with surplus power supply.

China’s government is banning construction of new coal-fired power plants in areas with surplus power supply, a move that could weigh on already-struggling coal markets. As WSJ’s Brian Spegele reports:

The new measures outlined Monday by China’s top economic planner, the National Development and Reform Commission, underscore the central government’s deep concern with overcapacity across China’s economy, a result of weakening industrial demand as growth slows.

Beijing has previously said it aimed to curb thermal power overcapacity; analysts said the fact that it now came from an official NDRC communiqué was the clearest signal yet that it won’t tolerate new coal capacity in regions that already have excess supply.

Weaker demand for coal inside China could ultimately lead to higher exports, which would exacerbate the huge supplies of coal sloshing around global markets. The higher supplies could drive down global benchmark prices and hit the bottom lines of major U.S. and international coal producers.

The global commodities downturn has proven particularly tough on global coal companies. St. Louis-based Peabody Energy Corp. and Arch Coal Inc. are among the large U.S. miners to file for chapter 11 bankruptcy protections in recent months. The U.S. sector has shed 31,000 jobs since 2009.

Source: China Bans Some New Coal Power Plants – China Real Time Report – WSJ

29/02/2016

China expects to lay off 1.8 million workers in coal, steel sectors | Reuters

China said on Monday it expects to lay off 1.8 million workers in the coal and steel industries, or about 15 percent of the workforce, as part of efforts to reduce industrial overcapacity, but no timeframe was given.

It was the first time China has given figures that underline the magnitude of its task in dealing with slowing growth and bloated state enterprises.

Yin Weimin, the minister for human resources and social security, told a news conference that 1.3 million workers in the coal sector could lose jobs, plus 500,000 from the steel sector. China’s coal and steel sectors employ about 12 million workers, according to data published by the National Bureau of Statistics.

“This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident,” Yin said.

For China’s stability-obsessed government, keeping a lid on unemployment and any possible unrest that may follow has been a top priority.

The central government will allocate 100 billion yuan ($15.27 billion) over two years to relocate workers laid off as a result of China’s efforts to curb overcapacity, officials said last week.

Source: China expects to lay off 1.8 million workers in coal, steel sectors | Reuters

24/02/2016

China cuts more red-tape – Xinhua | English.news.cn

I wish the UK government would follow this excellent lead.

“The State Council, China’s cabinet, has decided to abolish another 13 items of administrative approval to reduce intervention in the economy.

The items released on Tuesday involve finance and business qualification reviews.

The decision will help vitalize the economy and strengthen growth, the State Council said.

Facing a complicated global landscape and pressure from an economic slowdown at home, the central government has made transforming government functions a top priority.

State Council agencies have canceled or delegated administrative approval powers on 599 items since March 2013, meeting the target to cut the number of items requiring approval by one-third within the term of this government ahead of schedule.”

Source: China cuts more red-tape – Xinhua | English.news.cn

03/02/2015

Mines Shut as China Burns Less Coal – China Real Time Report – WSJ

Yu County, a sprawling mountainous area in China’s northern industrial province of Hebei, is known for its ancient temples and coal mines. These days, the temples remain, but the mines are vanishing. As the WSJ’s Chuin-Wei Yap and Rhiannon Hoyle report:

“We used to have around 300 coal mines in the area. Now it’s down to 70-plus,” said a manager of a local pit who identified himself only as Mr. Cheng. Shrinking profit margins and a failure to meet safety standards have led many to close, Mr. Cheng said. His own midsize company, Kanghe Coal Mining Co., was swallowed by a larger competitor, state-owned Kailuan Group Co., last year.

What is happening in Yu County is an illustration of the bleak times for the global coal industry. Tougher environmental standards coupled with shrinking demand have led to the closing of mines across China and sent coal prices to their lowest in six years. China’s coal output likely fell 2.5% in 2014, the first annual decline in 14 years, the China Coal Industry Association said last week. And while full-year data aren’t yet available, official statistics show China consumed 1.1% less coal in the first three quarters of 2014 than a year earlier.

via Mines Shut as China Burns Less Coal – China Real Time Report – WSJ.

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