Last topic. I was worried about Evergrande huge debts may hamper the economic growth in China. Since China will attend National Climate Change Conference in November in Glassgow, that increases pressure on President XiJinping's government, as the meeting host, to show it sticking to emissions and energy efficiency targets. The leadership of this big country is obligated to submit their climate change agenda and schedule updated. China has vowed to cut energy density-the amount of energy consumed per unit of economic growth by around 3% in 2021 to meet climate goals. However, there are only 10 of 30 mainland of regions manages to achienve their energy goals in the first half of the year. In addition to the shortage of coal supplies, toughening emission standards and strong demand from manufacturers and industries have pushed coal prices to record highs.
Since from 27th of Sept, China residents in northeast are experiencing unannounced power cuts as an electricity shortage which initially hit factories spreads to homes. Some people have complained about the lack of heating, traffic lights not working. Our suppliers which produced in Suzhou is forced to reduce their production by about 30%. One power company expected that this power crunch may be extended until spring next year. This will change people's life habits. From my point of view, this is a great start to reducing carbon dioxide which is better for our planet. For sure, this will inhibit economic growth and increase the mounting fury of citizens. However, I think the ancient people can live in a place without electricity, the recent people now could adopt it for a while but still need some time.
Actually, I enjoyed the moment without electricity in my hometown, the place become very quiet and neighbours will come out from their home to chat with each other. People will feel more connected if they have more free time to chit chat.
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