The dramatic multi-national negotiations in Copenhagen were compared by Chinese netizens to a meeting of the rich and poor riding on "a sinking boat."

In a short Chinese satire widely spread online whose poster remained unknown, the emergency meeting ended with one only consensus -- "The boat is leaking and will sink," the participants agreed.

Political leaders in Copenhagen are expected to perform better, as many are still trying to rescue a last minute deal.

No matter what comes out of the summit, Chinese Premier Wen Jiabao said Friday at the conference that China is fully committed to achieving and even exceeding its 2020 greenhouse gases cuts targets.

China has announced that it will reduce carbon emissions per unit of its gross domestic product (GDP) in 2020 by 40 to 45 percent from 2005 levels.

"China has not attached any condition to its target for mitigating greenhouse gases emissions or linked it to the target of any other country. We will honor our word with real action," Wen said.

As a developing country, China is not obliged to accept any targets under the existing international mechanism. Its voluntary promise is not just a show of high moral ground, but crucial to the country's own long-term sustainable economic and social development, leading climate policy experts say in Beijing.

"The 40-45 percent reduction is the most the country can afford and I think western countries are very clear about that," said Qi Ye, a Tsinghua University climate policy expert. "Also, China is dealing with climate issues at its own pace, and there's no doubt about its green resolution."

"Even if the Copenhagen conference ends with no strong operational agreements, China will continue its carbon emissions reductions in a practical way," Qi said.

DEVELOPED COUNTRIES HELD RESPONSIBLE

The expected goal for the United Nations climate conference in Copenhagen was to renew targets for greenhouse gases emissions cut set by the Kyoto Protocol. The protocol, never ratified by the United States and whose first commitment period was to end in 2012, sets binding targets for 37 developed nations but no for any developing countries.

Sun Honglie, member of the Chinese Academy of Sciences, said developed countries should be responsible for three fourths of the industrialization-induced carbon dioxide that is already in the air.

"The carbon dioxide has always been accumulating in the air and won't disappear. That's why developed countries must take their due historical responsibilities and take the lead in dealing with the issue," said Sun, who is also a member of China's national climate change expert committee.

However, developed countries are still reluctant to act in the last minute of the talks, after they failed in forcing developing countries to accept their premeditated targets.

US Secretary of State Hillary Clinton on Thursday said the US would contribute to a climate change fund amounting to 100 billion US dollars a year by 2020 only if all major economies including China had transparency in mitigation actions.

Clinton's offer was a "good step," Qi said. "But as developing countries are not bound to targets, their voluntary commitments should not be subject to international process." Qi told Xinhua in an interview.

"China has always maintained that developed countries should provide financial support and technical transfer to developing countries. But so far their offers are disappointing," Qi said.

Chinese Vice Foreign Minister He Yafei told reporters Thursday voluntary mitigation actions should not be subject to international MRV (measurement, reporting and verification). Only those internationally supported should be.

In fact, China had its own mechanism to ensure implementation of a green economy, Qi said.

In as early as 2007, the State Council, or China's cabinet, had issued measures in the calculation, monitoring and performance evaluation of energy saving and emissions reductions progress, Qi said.

In its 11th five-year plan for national economic and social development, the country had proposed to cut carbon emissions intensity in 2010 by 20 percent from the 2005 levels.

As of the first half of this year, the carbon intensity has been reduced by 13 percent from the 2005 level, equivalent to reductions of 800 million tonnes of carbon dioxide.

The rest seven percent would be very likely to be realized on time, Qi said. "On the contrary, few developed countries given binding targets by the Kyoto Protocol got things done on schedule."

"So far it seems that China's domestic process is quite effective and significant," Qi said.

Experts agreed that cutting carbon emissions intensity was a must for China, yet a huge challenge.

"The energy intensity in China is several times higher than that of developed countries, resulting in serious energy waste and environmental pollution. China has to take the road of an energy-saving and eco-friendly economy," Sun said.

But Qi said that low-hung fruits had already been picked during the 11th five-year plan.

A lot more investment and extra costs would be needed in upgrading backward industries, adjusting industrial structures and exploring clean energy and renewable energy industries in the near future, Qi said.

"The Chinese government has been very careful about making and keeping promises," he said. "All in a sinking boat, China is not going to wait for others to act."