From Professor Garnaut's 7 February, 2011 report from Update Paper 2: Progress towards effective global action on climate change.

Christiana Figueres, the head of the UN Framework Convention on Climate Change, said at the recent World Economic Forum in Davos, “China is going to leave all of us in the dust... They’re committed to winning the green economy race” (Associated Press 2011). According to the World Economic Forum (2010), China last year boosted spending on low-carbon energy by 30 per cent to US$51.1 billion, ‘‘by far the largest figure for any single country.’’ Global accounting firm Ernst & Young (2010) said in September that China for the first time overtook the United States in its quarterly index of the most attractive countries for renewable energy projects.
The Review’s calculations indicate that China’s targets are consistent with what is required under its notional allocation of emissions entitlements within a global agreement to achieve 450 ppm.

http://www.garnautreview.org.au/update-2011/update-papers/up2-key-points.html