China
From China’s climate commitments to action
Author: ZhongXiang Zhang, Tianjin University
As the world’s largest carbon emitter, China has a crucial role in the reduction of global carbon emissions through its own commitment and its collective international engagement. Fortunately, in the past decade, China has shifted its stance on international climate negotiations and is making significant commitments to global governance addressing climate change.
Before the Copenhagen UN Climate Change Conference (COP15) in 2009, China pledged to cut its carbon intensity — its emissions per unit of GDP — by 40–45 per cent by 2020 relative to 2005 levels. While this was consistent with China’s longstanding opposition to hard emissions caps on the grounds that limits could restrict economic growth, the pledge marked a turning point in China’s climate policy. It was followed by a commitment at the 2015 Paris UN Climate Change Conference (COP21) to peak absolute emissions and cut intensity levels by 60–65 per cent by 2030.
In September 2020, President Xi Jinping reiterated China’s commitment to peak carbon emissions by 2030 and announced a goal to achieve carbon neutrality before 2060. Given the unexpected nature of this announcement it was significant when China’s Central Economic Work Conference made ‘carbon peaking and carbon neutrality’ one of the eight key economic priorities for government in 2021.
These announcements are welcome, but commitment without action is meaningless and the global community is concerned about how China will honour its commitments.
Achieving peak carbon and carbon neutrality will require China to rapidly decarbonise its economic and energy structures. China has established the 1+N framework, which sets out the policies and actions required across economic sectors and in key industries such as energy, industry, transportation, infrastructure and construction. Huge investment in renewable energy, industry retrofitting and new low-carbon or carbon-free technologies is necessary to realise these objectives. Government financing can only cover a small portion. Private capital must close the gap.
China’s national emissions trading scheme (ETS) — launched in July 2021 — establishes a price for carbon in the electricity sector to incentivise investment in low-carbon projects. So far, the price for carbon has remained stable and overall compliance with the scheme is high. But there are significant differences across provinces, particularly measured against the number of entities.
China will need to strengthen its national carbon trading regulations to fully realise the benefits of its price on carbon. It also needs to accelerate the expansion of industries included in the national ETS, diversify market players and increase the variety of tradeable market instruments to deepen market liquidity. The Chinese government should prioritise the inclusion of the steel, cement and aluminium industries in the national carbon market. The petrochemical, chemical, building materials, nonferrous metals, papermaking and aviation industries should be included in the next five years. That will incentivise energy-saving and least-cost carbon abatement.
Because climate change is a collective action problem international cooperation is required to meet the global average temperature targets outlined in the Paris Agreement. If China fulfils its carbon neutrality commitment it could reduce global average temperature rises above pre-industrial levels by 0.16 to 0.30 degrees Celsius. This would greatly improve the chances of achieving the Paris Agreement’s 2 degree target with China’s commitment to climate action having the single largest impact of any country.
Cooperation with the United States — the world’s second-largest emitter after China — is also crucial to fulfilling global agreements. China and the United States issued the US–China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s. The two countries outlined that they will cooperate on regulatory frameworks and environmental standards, clean energy transition, decarbonisation and electrification of end-use sectors, carbon capture, utilisation and storage technologies and increased action to control and reduce methane emissions. Such statements have enhanced the two countries’ commitments to climate action and their follow-through on meeting the Paris Agreement.
China also has a crucial role in helping developing countries to meet their climate ambitions. Developing countries are required to make contributions to global efforts but are not supported…
Business
Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
Gordonstoun school severed ties with Hampton Group over espionage allegations against chairman Yang Tengbo. He denies involvement and claims to be a victim of political tensions between the UK and China.
Allegations Lead to School’s Decision
Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.
Public Denial and Legal Action
In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.
Immigration Challenges and Legal Responses
Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.
Source : Gordonstoun cuts ties with business chaired by man accused of spying for China
Business
China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
The Chinese government demolished the Rebiya Kadeer Trade Center in Xinjiang, affecting Uyghur culture and commerce, prompting criticism from activists amid concerns over cultural erasure and human rights violations.
Demolition of a Cultural Landmark
The Chinese government recently demolished the Rebiya Kadeer Trade Center in Urumqi, Xinjiang, a vital hub for Uyghur culture and commerce, as reported by VOA. This center, once inhabited by more than 800 predominantly Uyghur-owned businesses, has been deserted since 2009. Authorities forcibly ordered local business owners to vacate the premises before proceeding with the demolition, which took place without any public notice.
Condemnation from Activists
Uyghur rights activists have condemned this demolition, perceiving it as part of China’s broader strategy to undermine Uyghur identity and heritage. The event has sparked heightened international concern regarding China’s policies in Xinjiang, which have been characterized by allegations of mass detentions and cultural suppression, prompting claims of crimes against humanity.
Rebiya Kadeer’s Response
Rebiya Kadeer, the center’s namesake and a notable Uyghur rights advocate, criticized the demolition as a deliberate attempt to erase her legacy. Kadeer, who has been living in exile in the U.S. since her release from imprisonment in 2005, continues to advocate for Uyghur rights. She has expressed that her family members have suffered persecution due to her activism, while the Chinese government has yet to comment on the legal ramifications of the demolition.
Source : China Demolishes Uyghur Business Landmark in Xinjiang – Shia Waves
China
China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
China’s private pension scheme, previously piloted in 36 cities, will roll out nationwide on December 15, 2024, enabling workers to open tax-deferred accounts. The initiative aims to enhance retirement savings, address aging population challenges, and stimulate financial sector growth.
After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme. This nationwide rollout represents a significant milestone in China’s efforts to build a comprehensive pension system, addressing the challenges of a rapidly aging population.
On December 12, 2024, the Ministry of Human Resources and Social Security, together with four other departments including the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission, announced the nationwide implementation of China’s private pension scheme effective December 15, 2024. The initiative extends eligibility to all workers enrolled in urban employee basic pension insurance or urban-rural resident basic pension insurance.
A notable development is the expansion of tax incentives for private pensions, previously limited to pilot cities, to a national scale. Participants can now enjoy these benefits across China, with government agencies collaborating to ensure seamless implementation and to encourage broad participation through these enhanced incentives.
China first introduced its private pension scheme in November 2022 as a pilot program covering 36 cities and regions, including major hubs like Beijing, Shanghai, Guangzhou, Xi’an, and Chengdu. Under the program, individuals were allowed to open tax-deferred private pension accounts, contributing up to RMB 12,000 (approximately $1,654) annually to invest in a range of retirement products such as bank deposits, mutual funds, commercial pension insurance, and wealth management products.
Read more about China’s private pension pilot program launched two years ago: China Officially Launches New Private Pension Scheme – Who Can Take Part?
The nationwide implementation underscores the Chinese government’s commitment to addressing demographic challenges and promoting economic resilience. By providing tax advantages and expanding access, the scheme aims to incentivize long-term savings and foster greater participation in personal retirement planning.
The reform is expected to catalyze growth in China’s financial and insurance sectors while offering individuals a reliable mechanism to enhance their retirement security.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
Read the rest of the original article.
- Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
- How a scandal over sanitary pads is shaping feminist activism in China
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