As most of the world experienced economic contraction in 2020, China’s industrial-led recovery kept the nation in positive territory. As a result, China is also the only major economy to experience an increase in greenhouse gas (GHG) emissions last year.

This study seeks to illuminate the costs associated with a US decoupling from China, providing valuable perspective on the magnitude and range of economic effects that the Biden administration must consider as it shapes its policy agenda with China

Since the start of the pandemic, Rhodium Group has been tracking how the pandemic has impacted economic activity in the highest GHG emitting sectors of the world’s four largest emitters—the US, the EU, China, and India—and the degree to which their stimulus spending has been directed toward green measures.