Global News Of Note: China Makes Big Climate Change Pledge

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• According to China’s General Administration of Customs, the country’s aluminum imports fell 20.7 percent between July 2021 and August 2021 and are now at their lowest level since May. Imports also were down 42.4 percent from August 2020. According to news sources, “[C]urbs on smelter output and electricity usage in several regions have sharply cut domestic aluminum supply in China.” There also is this fact: Russia, a large overseas supplier of primary aluminum to China, imposed a tax of 15 percent on aluminum exports from August.
• At the United Nations General Assembly (UNGA) on September 21, Chinese President Xi Jinping said his country would stop supporting coal-fired power plants abroad. China is the largest public financier of overseas coal plant construction. More than 70 percent of global coal-fired power plants rely on Chinese funding. Xi gave no other information on this plan. China’s announcement followed a pledge made by G7 nations and Korea earlier this year to end public financing for overseas coal plant development. Also at the UNGA: President Joe Biden said he intends for the United States to double its annual funding, up to $11.4 billion, to help developing nations deal with climate change.