Pent-up demand for environmental protection has been unleashed in recent years amid the growing concern of the Chinese government and stricter scrutiny of environmental protection projects. At present, the demand for stronger environmental protections is not being met. Supply side reform is needed to help increase supply by removing outdated capacity and mechanisms.
As opposed to the manufacturing sector, where overcapacity is a major concern, the environmental sector is currently in desperate need of a sound pricing system.
For the past 30 years, China’s economy has rapidly grown at the expense of its environment, creating a huge need for environmental protection. Today, environmental costs are not taken into account when deciding the prices of products, and China has a long way to go in this regard.
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