Caixin
Jul 31, 2021 01:36 PM

Chinese Leaders Call to Curb Over-Aggressive Moves to Cut Emissions

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What’s new: China’s top leaders have said the country needs to correct its “campaign-style” approach to reducing carbon dioxide emissions to cushion the impact on businesses, supply chains and prices.

Officials also agreed at a meeting of the Politburo on Friday to curb the “blind development” of projects with high emissions and energy consumption in order to achieve China’s targets of bringing emissions to a peak by the end of the decade and reducing them to net zero by 2060.

The background: The Politburo, a group of the Communist Party’s top decision-makers that includes President Xi Jinping, typically holds a meeting at the end of July following the publication of economic data for the first half of the year.

The body also agreed to amend the regulatory system for Chinese companies seeking to list on overseas stock markets, but made no new statements on other aspects of the ongoing regulatory crackdown, such as what it holds in store for internet platforms.

Beijing said earlier this month that it planned to keep a closer watch over Chinese companies traded on foreign exchanges. Hundreds of billions of dollars have been wiped off the market value of firms in sectors ranging from technology to education since the government began a sweeping clampdown earlier this year.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com) and editor Lu Zhenhua (zhenhualu@caixin.com)

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