The country’s efforts to curb pollution – a severe issue in the world’s second largest economy – are expected to reach high gear after last month’s annual session of the National People’s Congress saw President Xi Jinping pledging to renew the fight.
Jinping promised during the yearly gathering that trespassers of the country’s environmental laws would be dealt with an “iron hand.” According to an official statement, China will seek to weigh down sulfur dioxide emissions by 3 percent, nitrogen oxide by 5 percent and ammonia nitrogen by 2 percent in 2015 alone. “We are going to punish, with an iron hand, any violators who destroy ecology or the environment, with no exceptions,” commented Xi during the legislative gathering.
The targets to free the country from pollution are expected to lift the prospects for numerous companies, including automakers and their suppliers. For example, the latest legislative promises are lifting the stock of BYD Co., a Chinese automaker devoted to producing electric vehicles. Additionally, across nine cities – including the nation’s capital Beijing – a recent Ministry of Environmental Protection report says 90 percent of all air pollution is sourced from vehicles, industrial production, coal burning and dust. The China Youth Daily further reports that vehicles are the primary source of pollution in Beijing, Guangzhou, Shenzhen and Hangzhou. China is also en route to introduce new standards for cleaner fuel by the start of 2017, one year ahead of the State Council’s original target, according to China Business News. The Beijing Daily website also recently posted a government statement that said the city would allow users of electric cars to drive the vehicles any day, absolving them of the restrictions set for traditionally-powered autos.