China's Energy Crisis: Impacts on the Global Economy
The soaring prices of thermal coal used to produce electricity caused the second-largest economy in the world, China, to suffer a significant energy crisis in the past few weeks, leaving many Chinese in the dark. Multiple businesses were forced to be closed, factories were told to reduce output, lifts and traffic lights were not working, many Chinese even complained on various social media platforms about the lack of heating. It was the worst electricity crisis China had faced in a decade. The timing for this energy crisis could not be any worse as China was rebuilding its economy after the COVID-19 pandemic while preparing to host the Winter Olympics game and fighting off the collapse of some of its largest companies . China's high voltage transmission tower Image Source: Business Standard The origin of China's energy crisis can be traced back to 2020, when China decided to ban coal imports from Australia due to the strained relationship between the two countries. After Aus