China’s Economy is Undergoing a Great Transition, Not a Great Decline | articles

From Pollution to Progress: China’s Journey towards Greener Growth and Global Leadership

In recent years, China has faced heavy pollution as a result of rapid industrialization. This prompted a shift towards greener growth as a clear policy priority, which has been successful in reducing pollution levels and carbon intensity over the past decade. The country has set two key long-term policy goals for greener growth: reaching Peak Carbon by 2030 and achieving full carbon neutralization by 2060. Meeting these goals will require significant investment in green infrastructure and technology, totaling USD 14-17tn.

Despite some concerns about the impact of Chinese policies on fair competition, we believe that these criticisms overlook the broader benefits of China’s approach towards greener growth. Despite some challenges, the country’s efforts are positioning it to be competitive in key industries of the future, which aligns with its broader economic goals. The solar industry in the 2010s is often cited as an example of how Chinese policies can lead to overcapacity and global market dumping. However, this is not unique to China and does not negate the positive impact that green development can have on overall economic growth.

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