华商 Chinese Enterpreneur Issue 13 2022

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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