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The CBAM Impact on China
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2023-05-29
EU's carbon tax policy will have a more obvious negative impact on China. The reason is that China is the world's factory in global division of labor, producing a large number of products for the world market, and it is also a major exporter of industrial goods, exporting a large number of products to developed markets. EU had been China's largest trading partner for years, and only in recent years has it receded to become China's second largest trading partner. Such characteristics put China right under the constraints of the EU's carbon tariff policy. For China, it not only consumes a lot of energy and environmental resources to produce products for the international market, but also has to bear the resulting carbon costs.
Among the products currently covered by the EU carbon tax, steel and aluminum are the main targets. Among the countries covered by the EU carbon tax, the largest sources of both steel and aluminum are China. However, the proportion of steel and aluminum in China's total exports to Europe is not high. According to the data provided by the industry, in 2022, China's steel exports to Europe amounted to 15.1 billion euros, accounting for 2.4% of China's exports to EU; aluminum exports to Europe amounted to 4.5 billion euros, accounting for 0.7% of China's total exports to EU.
The EU launched the carbon tax in an attempt to protect local enterprises in the EU. As the world's largest carbon emitter, China needs to study and prepare in advance in these aspects, and strive to intervene as soon as possible in the rule-making stage.
歐盟
碳關稅
中國
碳排放
鋼鐵
鋁
EU
CBAM
China
carbon emission
steel
aluminum
