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

China’s Shift Towards Greener Growth: Investments in Green Infrastructure and Technology Achieve Successful Reduction of Pollution Levels

In recent years, China has faced criticism for its rapid industrialization and heavy pollution. However, the country has shifted towards greener growth as a clear policy priority, with significant success in reducing pollution levels and carbon intensity over the past decade. Two key long-term policy goals for greener growth in China are reaching Peak Carbon by 2030 and achieving full carbon neutralization by 2060. The World Bank estimates that meeting these goals will require significant investment in green infrastructure and technology, totaling USD 14-17tn.

Despite concerns about the potential lower multiplier effect of green infrastructure investments compared to traditional sectors, they are still seen as crucial for productive fiscal policy in China. While some criticisms have been raised regarding industrial policies leading to overcapacity and global market dumping, such as in the solar industry in the 2010s, it is important to recognize 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. Overall, we believe that China’s efforts towards greener growth should be recognized as a positive step towards a more sustainable future.

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