The Sydney Morning Herald – by John Garnaut – 18 June 2010 – Sledgehammer policies to curb energy use and upgrade China’s economic structure pose a new short-term challenge to Australian mining industry profits.
Chinese leaders are unveiling campaign-style measures to reduce energy consumption and carbon emissions, including simply closing companies that fall short.
”By the end of July, we will publish all failed corporations to the public,” the Minister for Industry, Li Yizhong, told China Central Television. ”These corporations will be forced to shut down by the end of the third quarter.”
Xie Zhenhua, China’s top climate change official, said shutdowns would focus on areas of west and south-west China where energy use had intensified. He told the People’s Daily that officials also would conduct inspections to ensure implementation of new policies to raise national electricity prices.
The flurry of policies follows a closed-door meeting of top ministers and executives last week.
Zhang Dejiang, a state councillor with broad control of industry policy, told participants to ”strengthen their sense of mission, responsibility and urgency” and ”take powerful measures” to ensure the country meets energy saving and emissions reduction targets.
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