China at a crossroads
China’s cement industry stands at a crossroads as the country embarks on its 14th Five-Year Plan (2021-25) and the country confirms its goal for peak carbon by 2030 and carbon neutrality by 2060. Restructuring efforts continue to transform the cement sector and the industry is now setting its sights on ‘double-carbon’ ambitions and actions. By Fei Chen and Bailin Chen, China Cement Association.
China’s cement sector is at a crossroads as the country aims for peak carbon by 2030 and carbon neutrality by 2060
Since 2016, China’s economic development has entered a ‘new normal’, featuring a medium-high rate of growth and a higher economic aggregate. During the country’s 13th Five-Year Plan (2016-20), China made great strides towards developing its economy and contributing over 30 per cent to global economic growth.
The early days of 2020 proved devastating for the world’s second-largest economy due to the impact of COVID-19. However, after a quarter-long lull in economic activity, the resumption of business forged ahead with resolute and targeted virus containment measures in place.
Beating pessimistic expectations with a 6.5 per cent advance in the 4Q20, China’s full-year GDP expanded by 2.3 per cent in 2020, exceeding the CNY100trn (US$15.42trn) threshold for the first time. This achievement made China the only major economy to post growth in 2020.
