ISSUE 13
C HINESE ENT REPRENEUR
03 专访高泉庆 Interview with Kho Choon Keng
CHI N E S E ENTREPR E N E U R
20 元宇宙成为现实? Is Metaverse a Reality?
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中华脉搏 | C h i n a B e a t
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C h i n a B e a t | 中华脉搏
CHINA’S PUSH TOWARDS GREEN ENERGY ACCELERATED BY SECURITY CONCERNS China’s coal and electricity shortage last year and the current impact of the Russia-Ukraine war on global energy supply have highlighted China’s energy security concerns and the risks to fulfilling its climate goals. Nevertheless, while EAI academic Chen Gang believes that China is unlikely to significantly reduce its consumption of fossil fuels in the short term, he notes that there remain several drivers that will accelerate China’s clean energy transition.
CHEN GANG Assistant Director (Policy Research) and Senior Research Fellow, East Asian Institute
Translated by Grace Chong, Candice Chan
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S
ince Chinese President Xi Jinping’s announcement in 2020 of China’s aim to achieve carbon neutrality before 2060, local governments and departments across China have started to give more prominence to energy conservation, emission reduction and the development of various renewable energy policies. However, amid mounting downward pressure on China’s economy and bottlenecks in the use of renewable energy sources, China is unlikely to significantly reduce its consumption of fossil fuels such as coal and crude oil in the short term. During the sudden shortage of coal and electricity last year, China even had to increase its production and import of coal over the short term to stabilise electricity production and supply, and avoid power cuts and rationing. Recently, however, the Chinese government reiterated the importance of its low-carbon energy transition and introduced numerous important documents and related plans. It placed unprecedented importance on developing green energy and achieving green development, and supplemented them with policy details. The acceleration of China’s renewable energy development is not only closely related to the existing carbon neutrality goal and peak emissions target but is also significantly affected by rapid changes in the international situation.
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An employee works on solar photovoltaic modules at a factory in Hai’an in China’s eastern Jiangsu province on 15 November 2021. (AFP)
... soaring global crude oil prices have brought about a huge economic cost to the country and could further slow its economic growth.
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C h i n a B e a t | 中华脉搏
A coal-fired heating complex in Harbin, Heilongjiang province, China, 15 November 2019. (Muyu Xu/Reuters)
TENSE GEOPOLITICS THREATENS ENERGY SECURITY Russia is one of the world’s largest exporters of crude oil and natural gas. But the global energy supply landscape is undergoing dramatic changes because of the sudden outbreak of the Russia-Ukraine war, and prices of crude oil and natural gas have skyrocketed as a result. In comparison with the low crude oil prices in 2020 when the Covid-19 pandemic just broke out, current prices have soared to over US$100 per barrel. As the Russia-Ukraine war continues on and brings about great uncertainty, crude oil prices are unlikely to fall significantly in the short term. As China is the world’s largest importer of crude oil, importing over 70% of its total crude oil supply, soaring global crude oil
prices have brought about a huge economic cost to the country and could further slow its economic growth. Rising natural gas prices have also impeded the use of this relatively cleaner fossil fuel (as compared with coal and crude oil) in China, while recent geopolitical tensions highlight the urgency of energy security issues. As the world’s second largest economy, China still needs to achieve its growth target of 5% or more that was proposed at the “Two Sessions” this year. Additionally, it needs to maintain this growth rate for years to come in order to “basically achieve socialist modernisation” by 2035. Since energy is an essential and important driver of economic growth for any country, the energy supply must be stabilised first to ensure steady growth.
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... China will certainly strengthen its development of non-fossil energy sources such as wind, solar, hydroelectric and even nuclear energy, as well as enhance the use and popularity of electric and hydrogen vehicles to reduce its reliance on imported fossil fuels
Due to geopolitical factors, the current global crude oil market is highly volatile, causing energy security concerns in China. As a result, China will certainly strengthen its development of non-fossil energy sources such as wind, solar, hydroelectric and even nuclear energy, as well as enhance the use and popularity of electric and hydrogen vehicles to reduce its reliance on imported fossil fuels.
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Smokestacks are seen near a statue of Chairman Mao Zedong in Wuhan, Hubei province, 3 August 2006. (Stringer/Reuters)
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C h i n a B e a t | 中华脉搏
IMPACT OF GLOBAL CLIMATE POLITICS As climate change is posing an increasingly tough challenge to human survival and development, climate politics has been elevated to an unprecedented level in global governance. Regardless of their stage of development, more and more countries are talking about carbon neutrality as an objective. As a responsible power, China has to come up with a more ambitious lowcarbon objective. At the COP26 climate summit in Glasgow in November 2021, China committed to raising the share of non-fossil fuels in primary energy consumption to 25% by 2030, from the previous target of 20%. In the following month, China’s Ministry of Industry and Information Technology released its five-year plan and roadmap for the green development of its industrial sectors, to achieve a carbon peak for the industrial sector, move faster on lowering carbon emissions, and shift towards clean energy consumption. Carbon dioxide emissions will be cut by 18% by 2025, while the consumption of new energy vehicles, photovoltaic (PV) products and green consumer electronics will be expanded. In March this year, China’s National Energy Administration released its work plan on clean energy consumption, calling for the share of non-fossil fuel in total energy consumption to be raised to 17.3%, and wind and PV power generation to account for about 12.2% of China’s total electricity consumption within this year. This work plan reflects the urgency of climate change and energy security.
This picture taken on 16 October 2021 shows trucks loaded with coal waiting near Gants Mod port at the Chinese border with Gashuun Sukhait, in Umnugovi province, in Mongolia. (Uugansukh Byamba/AFP)
And while the process has been accelerated by the tense international situation and the urgency of climate change, there will be no fundamental change in the reliance of China and the world on fossil fuels for some time to come.
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中华脉搏 | C h i n a B e a t
A worker inspects solar panels at a solar farm in Dunhuang, 950km (590 miles) northwest of Lanzhou, Gansu Province, 16 September 2013. (Carlos Barria/Reuters)
BUILDING A GREEN BRI It has been more than eight years since China launched its Belt and Road Initiative (BRI), which has become increasingly “green”. Energy projects have always been a major focus of BRI projects, accounting for a third of the projects. Furthermore, in 2021 Chinese President Xi Jinping announced that China will no longer build new coal-fired power projects abroad. This means that most BRI energy projects will be clean energy projects such as wind and solar energy, in line with China’s current shift towards clean energy. In addition, other BRI infrastructure projects will also be increasingly about adapting to and handling climate change, such as improving facilities in farming and healthcare. However, whether within or outside of China, energy transformation is a long and difficult process that cannot happen overnight. And while the process has been accelerated by the
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tense international situation and the urgency of climate change, there will be no fundamental change in the reliance of China and the world on fossil fuels for some time to come. The proliferation of new energy depends on the determination of governments and communities in pushing for clean energy use, as well as technological breakthroughs and the cost of using traditional energy. The higher the cost of traditional energy, the greater the resolve to shift towards new energy. Given the current high prices of oil and coal, this is undoubtedly a good opportunity to expand the use of clean energy.
www.thinkchina.sg This article was first published in ThinkChina on 13 April 2022. SCCCI collaborates with ThinkChina to cross-share content.
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W E L C O M E A B OA R D ( D e c e m b e r ’ 21 - M a r c h ’ 2 2 ) Member Company
Business Representative
Designation
Business Nature
ASE LEARNING PTE LTD
MS
QIU NINGYI
Director
Education
BOSTON BUSINESS SCHOOL PTE LTD
MR
LEE KIAN CHONG
Director
Education
CANAAN CREATIVE GLOBAL PTE LTD
MR
CHEN JINGHAO
Director
Professional, Business & Technical Services
CARS ENGINEERING PTE LTD
MR
RICHARD CHEUNG
Managing Director
Others
CENTRICS NETWORKS PTE LTD
MR
JAMES NG
Managing Director
Information & Communications
CHEN GANG
MR
CHEN GANG
Director
Others
CHRISTOPHER GAN
MR
CHRISTOPHER GAN
Director
Wholesale & Retail Trade
CODE GREEN PRIVATE LIMITED
MS
DENG LIHUI
Director
Food & Beverage Services
EXPAND CONSTRUCTION PTE LTD
MR
VON LEE
Managing Director
Construction
FEU INTERNATIONAL PTE LTD
MR
EDWARD CHEN
Chief Executive Officer
Professional, Business & Technical Services
FLOTECH CONTROLS PTE LTD
MR
YE ZHANYOU
Project Engineer
Manufacturing
FOODIES (S) PTE LTD
MR
CHRISTOPHER BEK
Director
Wholesale & Retail Trade
HI-TECH PACIFIC PTE LTD
MR
CHEE VEE CHEAN
Director
Wholesale & Retail Trade
INSIGNIA VENTURES PARTNERS PTE LTD
MR
TAN YINGLAN
Chief Executive Officer And Founding Managing Partner
Finance & Insurance
IVAN INSURANCE BROKERS PTE LTD
MR
IVAN NEO
Director
Finance & Insurance
IVY WONG
MS
IVY WONG
Director
Finance & Insurance
JAH TECH PTE LTD
MR
TAN CHONG HUI
Chief Executive Officer
Others
JAMES LIU
MR
JAMES LIU
Director
Education
JULIANA TAN
MS
JULIANA TAN
Associate Director
Professional, Business & Technical Services
LARK TECHNOLOGIES PTE LTD
MR
ZAC LIN
Head of Sales and Business Development
Information & Communications
LIU SHIH LIN
MS
LIU SHIH LIN
Wealth Management Consultant
Finance & Insurance
LUXE TREASURES PTE LTD
MS
LYDIA LIM
Founder
Wholesale & Retail Trade
MEGAPAC MANUFACTURING PTE LTD
MR
EDWIN TAY
Managing Director
Manufacturing
NING ZHANG
MR
NING ZHANG
Member of HOERBIGER China Strategy Advisory Board
Professional, Business & Technical Services
NOZOMU ADVISORS PRIVATE LIMITED
MR
ANTHONY TAN
Director
Professional, Business & Technical Services
PARK HOTEL GROUP MANAGEMENT PTE LTD
MS
CHEN XINHUI
Director
Tourism & Hotels
PATAMYAR KHIN KHIN
MS
PATAMYAR KHIN KHIN
Production Coordinator
Manufacturing
PHUA YEE HIAN
MR
PHUA YEE HIAN
Managing Director
Wholesale & Retail Trade
PHYTO CORE PRIVATE LIMITED
MS
VIVIEN CHEN
Director
Professional, Business & Technical Services
REMEGO PTE LTD
MS
KRISTY LEE
Director
Information & Communications
SINOIF INTERNATIONAL CAPITAL (SINGAPORE) PTE LTD
MR
LUO FENG
Chief Executive Officer
Finance & Insurance
V GLOBAL PTE LTD
MS
PENNY YIN
Director
Wholesale & Retail Trade
VETERAN GROUP PTE LTD
MS
LISA PAN
Director
Professional, Business & Technical Services
YUSARN AUDREY
MR
CHIEW YU SARN
Co-Managing Partner
Professional, Business & Technical Services
ZHANG XIAOZHEN
MS
ZHANG XIAOZHEN
Chief Investment Officer
Professional, Business & Technical Services
华商 | C H I N E S E E N T R E P R E N E U R
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