{"id":75307,"date":"2022-03-10T14:39:51","date_gmt":"2022-03-10T14:39:51","guid":{"rendered":"https:\/\/chinadialogue.net\/?post_type=news_digest&p=75307"},"modified":"2022-03-10T15:59:56","modified_gmt":"2022-03-10T15:59:56","slug":"china-sets-2022-economic-goals-with-major-environmental-implications","status":"publish","type":"news_digest","link":"https:\/\/dialogue.earth\/en\/digest\/china-sets-2022-economic-goals-with-major-environmental-implications\/","title":{"rendered":"China sets 2022 economic goals, with major environmental implications"},"content":{"rendered":"\n

The central government has announced a 5.5% economic growth target<\/a> for this year, setting the tone for infrastructure investment and other public spending with implications for climate and the environment.<\/p>\n\n\n\n

Premier Li Keqiang unveiled the target last Saturday at the annual Two Sessions in Beijing, where China\u2019s top legislators gathered to approve this year\u2019s Government Work Report<\/a>.<\/p>\n\n\n\n

The 5.5% goal is a middle road between 2020\u2019s 2.2% and 2021\u2019s 8.1%. It reflects a positive and realistic assessment of China\u2019s economic prospects, according to Yang Weimin, deputy economic commissioner of the Chinese People\u2019s Political Consultative Conference (CPPCC), who was talking to 21Jingji<\/a>. <\/p>\n\n\n\n

Yang highlighted that since the second half of 2021, the economy has faced pressures from three directions: subdued demand caused by recurring Covid-19 outbreaks and ensuing lockdowns; weakening investments as a result of the rapidly cooling real estate sector; and supply shocks in key commodities such as coal, electricity, containers and microchips.<\/p>\n\n\n\n

The central government\u2019s multi-pronged plan to boost economic activities contains green elements, such as the intent to further incentivise electric vehicle sales and promote energy efficient electric appliances in rural areas.\u00a0<\/p>\n\n\n\n

Meanwhile, it has set aside 640 billion yuan (US$100 billion) to fill gaps in key infrastructure and stimulate economic activity. Some of these gaps are related to the energy transition, according to Yang. <\/p>\n\n\n\n

Last year\u2019s severe power shortages exposed weaknesses in the capacity of the energy system to support rapid decarbonization, such as a lack of flexible ramping capabilities to bolster variable renewables. Retrofitting coal power plants to make them more flexible is listed as a key area of investment in the Work Report, alongside the planning of large energy bases that bundle together wind, solar and regulating power sources such as energy storage facilities. <\/p>\n\n\n\n

The plan also sets out to upgrade the grid\u2019s ability to integrate more renewables.<\/p>\n","protected":false},"excerpt":{"rendered":"

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