Posts Tagged ‘reform’
“Seek truth from facts”*…
China’s property sector is enormous, under tremendous financial strain– and, as Jeremy Wallace explains, a very big contributor to climate issues (e.g., construction on China accounts for 5% of global energy consumption)…
China has ended zero-Covid. The resultant viral tsunami is crashing through China’s cities and countryside, causing hundreds of millions of infections and untold numbers of deaths. The reversal followed widespread protests against lockdown measures. But the protests were not the only cause—the country’s sagging economy also required attention. Outside of a few strong sectors, including EVs and renewable energy technologies, China’s economic dynamo was beginning to stutter in ways it had not in decades.
Whenever global demand or internal growth faltered in the recent past, China’s government would unleash pro-investment stimulus with impressive results. Vast expanses of highways, shiny airports, an enviable high-speed rail network, and especially apartments. In 2016, one estimate of planned new construction in Chinese cities could have housed 3.4 billion people. Those plans have been reined in, but what has been completed is still prodigious. Hundreds of millions of urbanizing Chinese have found shelter, and old buildings have been replaced with upgrades.
The scale of construction has been so prodigious, in fact, that it has far exceeded demand for housing. Tens of millions of apartments sit empty—almost as many homes as the US has constructed this century. Whole complexes of unfinished concrete shells sixteen stories tall surround most cities. Real estate, which constitutes a quarter of China’s GDP, has become a $52 trillion bubble that fundamentally rests on the foundational belief that it is too big to fail. The reality is that it has become too big to sustain, either economically or environmentally….
The “Chinese real estate bubble” is the world’s problem: “The Carbon Triangle,” from @jerometenk in @phenomenalworld. Eminently worth reading in full.
Analogically related (and at the risk of piling on): “China must stop its coal industry“
* Chinese maxim, popularized by Mao, then Deng Xiaoping
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As we get real about real estate, we might spare a thought for Deng Xiaoping; he died on this date in 1997. A Chinese revolutionary leader, military commander, and statesman, he served as the paramount leader of the People’s Republic of China from December, 1978 to November, 1989. Deng led China through a series of far-reaching market-economy reforms, earning him the reputation as the “Architect of Modern China”.
The reforms carried out by Deng and his allies gradually led China away from a planned economy and Maoist ideologies, opened it up to foreign investments and technology, and introduced its vast labor force to the global market, thus turning China into one of the world’s fastest-growing economies.
But China’s real estate bubble is a reminder that every solution can all-too-easily turn into the next problem.
“A nation that destroys its soils destroys itself”*…
The cliché, avidly promoted by Moscow, is that Russia, one of the world’s largest petro-states, will be a relative winner in climate change; but a new book argues that the country will find itself in deep trouble. Sophie Pinkham unpacks the lesson’s in Thane Gustafson’s Klimat: Russia in the Age of Climate Change…
Thane Gustafson, a longtime specialist on Russian energy, wrote Klimat: Russia in the Age of Climate Change before the [Ukraine] invasion, when the Covid pandemic seemed the great unexpected event complicating every prediction. Yet with its focus on the future of Russia’s energy, grain, and metals markets, all of which have been reconfigured by the war and the new sanctions, Klimat could hardly be more timely. Gustafson argues that Russia’s days of hydrocarbon-funded might are numbered. Unfortunately, the end of this era will not come soon enough for Ukrainians, or for the planet.
Russia is warming 2.5 times as fast as the world on average, and the Arctic is warming even faster. The cliché, avidly promoted by Moscow, is that the country will be a relative winner in climate change, benefiting from a melting and accessible Arctic shipping route, longer growing seasons, and the expansion of farmland into newly thawed areas. Gustafson counters, with a dry but persuasive marshaling of facts, that in the redistribution of wealth and power that will result from climate change, Russia is doomed. After reading Klimat, Russia’s attack on Ukraine begins to look like the convulsion of a dying state.
About two thirds of Russia is covered in permafrost, a mixture of sand and ice that, until recently, remained frozen year-round. As permafrost melts, walls built on it fracture, buildings sink, railways warp, roads buckle, and pipelines break. Anthrax from long-frozen reindeer corpses has thawed and infected modern herds. Sinkholes have opened in the melting ground, swallowing up whole buildings. Ice roads over frozen water, once the only way to travel in some remote regions, are available for ever-shorter periods. The Arctic coast is eroding rapidly, imperiling structures built close to the water…
Russia’s forests are the largest in the world, accounting for a fifth of Earth’s trees, but they are being grievously damaged by fire, drought, and disease, all of which are caused or exacerbated by climate change. Smoke has choked Siberian cities. During the 2019 fires that burned about 10,000 square miles of forest in Siberia, the Internet lit up with protest, and Russian singers and actors took part in a flash mob called “Siberia Is Burning.” President Putin sent in military units to help extinguish the fire, but he was soon rescued by rain. The problem was forgotten. As burning, dying, clear-cut forests become carbon producers rather than carbon sinks, they make the problem of climate change even worse. The same is true of melting permafrost, which releases methane, another potent greenhouse gas…
Imperialism originates in a struggle for resources; the ideology justifying the brutality of conquest and control is secondary. Oil has been one of the most coveted resources of the modern era, but the oldest and most essential resource is food. Ukraine’s famously fertile “black earth,” desired by many invaders and colonizers over the course of the country’s history, may also be among the motivations for Russia’s new aggression. According to recent reports, Russia has been commandeering or destroying Ukrainian grain stores and making off with Ukrainian agricultural equipment, smuggling the stolen grain to Syria for sale in the Middle East. Gustafson points out that as shortages become more frequent, food will become an increasingly significant tool of geopolitical influence…
Eminently worth reading in full: climate change is coming for Russia: “A Hotter Russia,” from @sophiepinkhmmm on @ThaneGustafson in @nybooks.
Lest American readers feel complacent: “The challenging politics of climate change,” from @BrookingsInst.
* Franklin D. Roosevelt
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As we get serious, we might send imperial birthday greetings to the man Vladimir Putin seems to wish he was: Pyotr Alekséyevich, also known as Peter I, and best known as Peter the Great; he was born on this date in 1672. But even as Putin is trying to turn back the cultural clock, Peter was the Tsar who modernized Russia and grew it into an empire, capturing ports at Azov and the Baltic Sea, laying the groundwork for the Imperial Russian Navy, ending uncontested Swedish supremacy in the Baltic, and beginning the Tsardom’s expansion into a much larger empire that became a major European power.
Peter led a cultural revolution that replaced some of the traditionalist and medieval social and political systems with ones that were modern, scientific, Westernised, and based on the Enlightenment. His reforms had a lasting impact on Russia, and many institutions of the Russian government trace their origins to his reign. He adopted the title of Emperor in place of the old title of Tsar in 1721, and founded and developed the city of Saint Petersburg, which remained the capital of Russia until 1917.
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