OPEC sees global oil demand growth slow in 2023, sources tell Reuters

China In-Focus — Asian Giant Pledges to Better Adapt to Climate Change; Strike disrupts shipment of chips to China

BEIJING (Reuters) – China’s economy and society are under increasing threat from climate change and the country must improve coping mechanisms and monitoring capabilities at all levels of government, according to a new policy document.

“Climate change has already had serious adverse effects on China’s natural ecological system and has continued to spread and penetrate (the) economy and society,” the government said in its national adaptation strategy. to climate change published on Monday evening.

Climate change was not only creating long-term challenges, but also making China more vulnerable to “sudden and extreme” events. Communicable diseases, pests and extreme weather also posed a growing danger to public health, the document said.

Vegetation belts have also shifted north, and China needs to take steps to “optimize” its agriculture and shift to higher-yielding, more stress-resistant crops, he added.

The document says the government will modernize its climate-related disaster prevention systems and reduce the vulnerability of the economy as well as its natural ecosystems.

China, the world’s biggest carbon emitter, has pledged to become carbon neutral by 2060.

Strike disrupts shipment of key chipmaking materials to China

A week-long strike by truckers in South Korea has disrupted shipments to China of a key material used in semiconductor production, the Korea International Trade Association said on Tuesday.

This is the first concrete sign that the week-long strike is impacting the global chip production supply chain, having already cost South Korean industrial sectors more than $1.2 billion in lost production and unfulfilled deliveries.

KITA said a Korean company that produces isopropyl alcohol, a raw material for cleaning chip wafers, is facing complications when shipping to a Chinese company that, in turn, supplies wafers to chip makers.

KITA said in a statement that about 90 tons, or a week’s worth of shipments, had been delayed.

China unveils measures to ease budget pressures on local governments

China’s cabinet on Monday unveiled some measures to improve resource allocation among local governments to help ease their growing fiscal strains and debt risks, amid efforts to support the slowing economy. .

In a document on tax reform below the provincial level, the State Council outlined measures to allocate tax revenue and spending obligations among local governments, as well as transfer payment allocations.

In recent years, China has taken steps to shore up the finances of indebted local governments, in part through increased transfer payments from the central government.

But local governments still face problems such as the “unreasonable division” of tax revenue and spending responsibilities, the cabinet said.

The cabinet pledged to increase annual tax cuts to 2.64 trillion yuan ($392.09 billion) from an initial 2.5 trillion yuan in a bid to support a slowing economy.

The central government would increase its transfer payments to local governments to nearly 9.8 trillion yuan this year to help offset any impact on local revenues, the finance ministry said.

(Contributed by Reuters)

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Felix J. Dixon