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Biz Talk 10/06/19 2010 Economic Forum - China (Ⅰ)

06-24-2010 17:10 BJT

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The World Economic Forum, or WEF, is a non-profit foundation best known for its annual gathering in Davos, Switzerland. The forum attracts top business and political leaders, academics and journalists to discuss the most pressing economic issues facing the world.

The world economy saw a dramatic downturn in 2009, making the 2010 conference the most significant and crucial discussion since the forum's inception in 1971. The theme of Davos 2010 was "Rethink, Redesign, Rebuild". The most important question facing world leaders is this: how can global growth be restored in 2010?

To answer such an urgent yet complex question, the world has turned to China. During the 2009 recession, the booming Chinese economy helped prop up trade around the world. Now the recovery is starting to take hold, China's contribution is more important than ever.

Right before the 2009 Copenhagen climate summit, Premier Wen Jiabao announced an ambitious plan for China to cut carbon emission levels by 40 to 45 percent in relation to GDP growth by 2020.

Weeks later, in Copenhagen, US President Barack Obama announced his plan to cut carbon emission levels by 17% by 2020. The EU targeted 20%.

According to a World Bank report, the promotion of energy efficiency will help China achieve the targets of stabilizing its carbon emission, cut air pollution and secure energy sources.

China is already the world's largest renewable energy producer. In 2007, about 17 percent of China's electricity came from renewable sources.

The country is currently the second largest producer of wind power, after the United States.

China has also become the world's largest manufacturer of solar panels and is pushing to build nuclear reactors and the most efficient types of coal power plants. Wind power capacity will be increased by six times the current level by 2020, according to the National Development and Reform Commission, China's economic planner.

Topics about China on this edition:

• China: A young global leader
• Meaning of global imbalance
• China: Biggest buyer of foreign debt
• China is the economic engine
• China's green efforts were unknown

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