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FX.co ★ China's economy to undergo drastic changes

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Forex Humor:::2020-10-26T10:44:24

China's economy to undergo drastic changes

For the first time in its history, China takes the environmental issue close to heart. The country, where people have been wearing masks even before the coronavirus outbreak, is preparing to drastically change its economy by making it green.

China as the most densely populated country consumes a huge amount of energy resources. This means that the level of its carbon dioxide emissions is much higher compared to any other country in the world. At the peak of industrialization and production growth, China turned a blind eye to its environmental problems. The country’s authorities have finally admitted that they acted carelessly. They have already understood that the future of the next generations is closely tied to the future of planet Earth. According to the new policy, China will significantly increase spending on green technologies in the next five years. It will also speed up the transition to alternative energy sources and improve the carbon capture system. Lastly, the country will expand green space.

Interestingly, China closely guards its own forests, preferring to import wood from Russia. Apart from that, the country intends to significantly increase the area of green space and wetlands in order to revive disturbed ecosystems. Earlier, China had planted monospecific forests. However, it turned out that forests consisting of single tree species were less efficient in absorbing carbon dioxide compared to multi-species ones. The new approach will allow China to become even more eco-friendly.

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