There has rarely been an economy of the size of China that has been catapulted from a continent that represented old world and ancient philosophies, into a thriving, bustling modern world. The era of most of their citizens riding bicycles and shopping at community markets has made a dramatic shift to the industrial age and the heavy pollution and overpopulation of cars exemplifies this perfectly. Recognizing the problems that they have created, China has made some rather hefty commitments to establish an effort to being ‘green’. The question is, can they follow up with those promised or has it become a daunting task.
The industrial boom that China has experienced raised the standard of living for thousands that were previously poverty stricken. However, this came at a price as heavy metal poisoning has left thousands of children dying and sick and has created what is called ‘cancer villages’ that are over seventy percent polluted on land, rivers and lakes. The effects that China’s economy has expanded outside their own country and into areas on a global scale, including Southeast Asia, South America and Central Asia.
The drastic changes in China and the intensity of pollution and environmental degradation has promoted China’s regulatory commission to create the “Green Credit Directive”. The purpose of this unprecedented policy is to have the Chinese banks base social and environmental standards as the benchmark for evaluating candidates for bank loans. They updated the language of the policy in 2012 to match more closely to the adherence of international standards regarding safeguards.
It appears that the wording and the intensions of the Chinese government are at a high level of compliance for the directive, but the implementation is sorely lacking. Very little has been done to show that there will be actions that implement the words.
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