China

• [New] The interplay between the U.S. and China will be a vital factor in how the Chinese economy performs in 2021.
• [New] The EU could choose to prioritise climate change and co-opt China into a strategy of carbon neutrality by 2050.
• [New] Sales in China of so-called new energy vehicles (NEVs), which include battery electric, plug-in hybrid and hydrogen fuel-cell cars, are expected to grow 30-40% to around 1.8 million units in 2021.
• [New] We have an enormous opportunity at 2021's biodiversity conference in China to forge an agreement to protect at least 30% of the world's land and ocean by 2030.
• [New] China's recent pledge to achieve carbon neutrality by 2060 is particularly important, given the size of its population and economy, which accounts for more aggregate (though not per capita) emissions than the US and Europe combined.
• [New] China is expected to grow by 8% in 2021, while other OECD member economies are expected to grow by just over 3% on average.
• [New] With increased spending to support its economic recovery, China's general government deficit is projected to rise to 18.2% of GDP in 2020, up from 12.6% the year before.
• [New] Nio will speed up the deployment of the Power Swap Stations, with an estimated 500 Power Swap Stations in operation nationwide in China by the end of 2021.
• [New] Global growth will be aided by a recovery in 2021 to GDP growth of 3.5% in the United States and an even bigger 7.9% rebound in China, the world's two biggest economies.
• [New] China will increase the share of non-fossil fuels in its primary energy consumption to around 25% and bring its total installed capacity of wind and solar power to more than 1.2 billion kilowatts by 2030.
• [New] With projected economic growth of 3% in 2020 and 8% in 2021 (compared with a contraction of 11 to 12% in Europe), China is expected to be in the vanguard of global economic recovery.
• [New] In a step towards realising its aim of carbon neutrality by 2060, the Chinese Government is drawing up plans for an emissions trading system.
• [New] Demand for plant-based meat in China is expected increase by 200% over the next five years.
• [New] The Chinese economy is expected to expand by nearly eight percent in 2021, after two percent growth in 2020, while US GDP is projected to gain 3.5% - a half point lower than the June forecast.
• [New] CRU's Jeary is expecting year-on-year growth in EV sales in China and Europe in 2021.
• [New] China will reach carbon emission peak before 2030 and carbon neutrality by 2060, and large cities with a significant greening trend play an important role in neutralizing carbon emission and mitigating the impact of global climate change in urban areas.
• [New] A groundbreaking study released last month by DuPont Nutrition & Biosciences predicted a 200% increase in demand for plant-based meat in China over the next five years.
• [New] In Terms of Propylene Capacity Additions' reveals that China accounts for the highest capacity additions with a capacity of 29.53 million tpy by 2030.
• [New] China, from where the Covid-19 pandemic spread, is expected to see its economy grow by 7.9% - the world's fastest - in 2021 after contracting 2% last year.
• [New] China, the world's biggest emitter, has pledged to cut emissions per unit of GDP by 65% from 2005 levels and increase the share of non-fossil fuels in primary energy consumption to around 25% by 2030.
• China will continue to lead the economic recovery in 2021 due to various economic stimulus measures, while other nations will also enjoy the beneficial effects of government stimulus spending through 2021.
• China has since announced more specific targets, including a 65% reduction in carbon dioxide emissions by 2030 compared to 2005 levels, and to increase the share of renewables in its energy mix to 25%.

Last updated: 15 January 2021