Posts tagged ‘U.S.–China Strategic and Economic Dialogue’

28/07/2013

U.S. – China Five Initiative Plan Will Foster Future Climate Actions

Climate Law Blog: “The United States and China agreed upon a multi-faceted climate plan to curb GHG emission at the U.S.-China Strategic and Economic Dialogue (S&ED) on July 10, 2013. The plan was designed by the U.S.-China Working Group on Climate Change, which was established pursuant to a Joint Statement from both governments in April 2013. It is led by the U.S. Special Envoy for Climate Change, Todd Stern, and the Vice Chairman of China’s National Development and Reform Commission, Xie Zhenhua.

The first Strategic and Economic Dialogue was ...

The first Strategic and Economic Dialogue was held in Washington, DC on July 27th and 28th. (Photo credit: Wikipedia)

The U.S. and China together account for around 45% of the world’s annual GHG emissions; the two countries thus bear much of the global responsibility for the changing climate. The Working Group’s Report first took stock of existing cooperative efforts between the two countries and found a breadth of joint programs and projects. Recognizing the enormous potential to deepen those collaborative actions, the Working Group recommended five key initiatives, which will be implemented to facilitate large-scale cooperative efforts and domestic actions beginning in October 2013. These new initiatives include:

* Reducing emissions from heavy-duty and other vehicles

* Increasing carbon capture, utilization, and storage (CCUS)

* Increasing energy efficiency in buildings, industry, and transport

* Improving greenhouse gas data collection and management

* Promoting smart grids

Both sides will gain sustainable economic growth from these low carbon developments on the basis of existing domestic policy and bilateral collaboration. Moreover, China will particularly benefit from reducing its air pollution and thereby improving public health through reducing emissions from heavy-duty and other vehicles.

The five-initiative plan directly followed a recent bilateral meeting in June 2013 in which presidents Obama and Xi agreed that the two countries will work together to phase down the production and consumption of HFC on both sides of the Pacific.

Though the agreement is non-binding, collaboration in climate strategy between U.S. and China is likely to spur a global response to come up with new efforts to combat climate change through enhancing domestic actions. Through October 2013, specific implementation plans regarding each of the five initiatives will be worked out. The Working Group will ensure that these are implemented with the involvement of large companies and non-governmental organizations.

Domestically, both countries have adopted laws or regulations addressing climate change. President Obama’s new climate policy announced in late June signaled the Administration’s commitment to regulating power plants, further promoting renewable energy, and increasing energy efficiency. China has enacted a renewable energy act and an energy conservation law which provide mid-to-long-term targets for shifting to clean energy and sustainable development. The five-initiative plan is another important step in furthering these domestic agendas, and, hopefully, greater world action.

via Climate Law Blog » Blog Archive » U.S. – China Five Initiative Plan Will Foster Future Climate Actions.

20/07/2013

China frees up lending rates in major reform

Reuters: “China’s central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership’s determination to carry out market-oriented reforms.

An employee counts money on the last workday of the week at a bank in Taiyuan, Shanxi province in this June 28, 2013 file picture. China's central bank announced long-awaited interest rate reforms on July 19, 2013, scrapping the previous floor on the rates that banks charge clients for loans. Picture taken June 28, 2013. REUTERS/Jon Woo

The move gives commercial banks the freedom to compete for borrowers, a reform the People’s Bank of China said on Friday will help lower financial costs for companies. Previously, the lending floor was 70 percent of the benchmark lending rate.

However, the PBOC, in a statement, left a ceiling on deposit rates unchanged at 110 percent of benchmark rates, avoiding for now what many economists see as the most important step Beijing needs to take to free up interest rates.

The latest step underscores Beijing’s resolve to start fixing distortions in its financial system and the economy more broadly as it tries to shift from export- and investment-led growth to more consumption-led activity.

Some analysts said cheaper credit could help support the economy, which has seen year-on-year growth fall in nine of the last 10 quarters.

“This is a big breakthrough in financial reforms,” said Wang Jun, senior economist at China Centre for International Economic Exchanges, a prominent government think-tank in Beijing.

“Previously, people had thought the central bank would only gradually lower the floor on lending rates. Now they scrapped the floor once and for all.”

The Australian dollar rose modestly on the news on hopes cheaper credit will lead to more demand from Australia’s biggest export market.

The announcement provided some support to weak stock markets in Europe .FTEU3 and a timely reminder to the world’s top financial leaders meeting in Moscow of China’s intention to rebalance its economy.

A Group of 20 draft communiqué will urge China to encourage more domestic demand-driven growth as part of wider efforts to rebalance the world economy, G20 sources said.

The United States welcomed the move, saying China promised to let markets play a bigger role in allocating credit during the U.S.-China Strategic and Economic Dialogue in Washington last week.

“This is a welcome further step in the reform and liberalization of China’s financial system,” Holly Shulman, a spokeswoman for the U.S. Treasury, said in an email.”

via China frees up lending rates in major reform | Reuters.

03/05/2012

* Unease Mounting, China and U.S. to Open Military Talks

NY Times: “Limited military talks between China and the United States — an arena in which the two sides view each other with mounting unease — open here on Wednesday as a prelude to a wider-ranging economic and strategic dialogue between Secretary of State Hillary Rodham Clinton and Treasury Secretary Timothy F. Geithner and their Chinese counterparts.

Secretary of State Hillary Clinton and Treasur...

Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner listen as President Barack Obama addresses the opening session of the first U.S.-China Strategic and Economic Dialogue at the Ronald Reagan Building and International Trade Center in Washington on July 27, 2009. (Photo credit: Wikipedia)

Military talks are a prelude to an economic and strategic dialogue. China is increasingly suspicious of what it views as stepped-up spying by American planes and ships along its coast, and the United States is disquieted by China’s growing array of weaponry, analysts on both sides say. The two nations have been unable to agree on a serious agenda for military talks despite an escalation of tensions as China presses territorial claims in the East and South China Seas and the United States fortifies longstanding alliances from Australia to the Philippines.

The meetings, known as the Strategic and Economic Dialogue, will be limited to a one-day session on Wednesday that will cover two subjects, cyberwarfare and maritime issues, Obama administration officials said.”

via Unease Mounting, China and U.S. to Open Military Talks – NYTimes.com.

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