China Reduces Its Target Growth; Aims for More Green

China reduced its targeted economic growth rate for the calendar year 2011. A surprise to some, given the booming Asian marketplace, China is aiming to achieve more envrionmentally-friendly expansion.

The growth rate was reduced by half a percentage point to 7%. Producing a low-carbon-based economy is top priority for Chinese development, members of the government's climate and economic offices said on Wednesday. With this decreased carbon output is a plan for delivering one billion people from poverty.

As the world's second largest economy, China hopes to reduce its energy intensity - its consumption per unit of GDP - by 16%. The government there also wants to cut carbon intensity by 17%. Xie Zhenhua, President Hu Jintao's special representative on climate change, says that achieving these targets will require businesses and consumers in China to utilize a full-range of financial, investment, and technical skills -- skills that will enable the government to provide tax and financing incentives to those that save energy and reduce carbon emissions.

Speaking at a recent climate change forum in Canberra, Australian Climate Change Minister Greg Combet noted: "China is rapidly positioning itself to take advantage of the opportunities presented by a low carbon world and leads the world in uptake of renewable power."

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