Beijing has cooled on a series of high-profile projects aimed at fostering closer ties with the UK as concerns mount that the “golden age” between the two countries lauded by the previous British government has waned. Chinese financiers said that a scheme to link the London and Shanghai stock exchanges had lost momentum, damping prospects of another Sino-British project advocated by George Osborne, the former UK chancellor, who made increasing commercial ties with Beijing a centrepiece of his six-year tenure. Chinese observers blame the changing mood in Beijing to several factors, including uncertainties following Britain’s vote to leave the EU and China’s own domestic economic concerns. But the stance of Prime Minister Theresa May’s new government, which has taken a more stand-off approach to China than predecessor David Cameron, has weighed heavily on Chinese thinking.
FT 6th Jan 2017 read more »
China has announced it will invest 2.5 trillion yuan (£291bn) in renewable energy by 2020 as it continues with its plan to move away from burning coal. The investment by the country’s National Energy Administration (NEA) is set to create over 13 million jobs in the sector, according to a blueprint document which aims to increase the country’s wind, hydro, solar and nuclear power industries. Beijing said the extra investment would fund around half of new electricity generation by 2020. The announcement comes after China’s National Development and Reform Commission (NDRC) said that solar power would receive a trillion yuan in funding – the equivalent of 1,000 major solar power plants, according to experts’ estimates. The cost of building large-scale solar plants has fallen by as much as 40 per cent in just six years.
Independent 6th Jan 2017 read more »
China is cementing its global dominance of renewable energy and supporting technologies, aggressively investing in them both at home and around the globe, leaving countries including the US, UK and Australia at risk of missing the growing market. A report by the Institute for Energy Economics and Financial Analysis (Ieefa) found China’s dominance in renewables is rapidly spreading overseas, with the country accelerating its foreign investment in renewable energy and supporting technologies.
Guardian 6th Jan 2017 read more »