China’s Congress to Chart Course for Global Commodities Prices
- Slip on energy targets threatens the country’s climate goals
- Overcapacity in focus with another shakeup for steel possible
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China’s annual congress meets against a backdrop of industrial overcapacity, a still-floundering property market and the prospect of a worsening trade war with the US. Decisions on all these challenges by the world’s biggest consumer of raw materials could be decisive for global commodities markets.
This year also marks Beijing’s last chance to meet the goals laid out in the five-year plan that began in 2021. At present, the scorecard for key metrics around energy and emissions is mixed at best.