Tinaye Agere
Manyika Kangai
China launches military drills around Taiwan
The Eastern Theatre Command of the Chinese People’s Liberation Army (PLA) started joint military drills surrounding the island of Taiwan from Thursday morning. The drills are being conducted in the Taiwan Strait, the north, south and east of Taiwan Island, as well as areas around the islands of Kinmen, Matsu, Wuqiu, and Dongyin. Military services, including the army, navy, air force and rocket force of the Theatre Command were organized to conduct the joint drills, code-named Joint Sword-2024A, according to spokesperson for the Theatre Command, Li Xi. The spokesperson said the drills also serve as a strong punishment for the separatist acts of “Taiwan independence” forces and a stern warning against the interference and provocation by external forces.
China sanctions US companies
China announced that it had taken measures against 12 US companies involved in the US military-industrial complex and their senior executives, in response to the US arming of Taiwan and sanctions on Chinese companies. The US companies included units of Lockheed Martin, Raytheon, and General Dynamics, according to China’s foreign ministry. The measures, which include freezing assets in China and banning senior executives from entering the country including Hong Kong and Macau, took effect on Wednesday.
China moves to stabilise property market
China has unveiled an array of nationwide and city-specific policies that support homebuyers and property developers to stabilize the property market. Some of the measures include a lower down payment ratio and mortgage rate; cutting restrictions on the eligibility and quantity of property purchases, as well as the time limit for selling houses after purchase. They also include housing trade-in programs to incentivize families to swap their old houses for improved ones; a coordinated financing mechanism to help cash-strained property developers finish their projects; local governments buying reasonably priced commercial homes that have been completed to turn them into government-subsidized housing; land buyback and take-over by local governments.
China’s online retail sales
China’s online retail sales saw steady expansion in the first four months of 2024, according to official data released by the Ministry of Commerce. The country’s online retail sales rose 11.5 percent year-on-year to 4.41 trillion yuan (about 620 billion US dollars). Specifically, online retail sales of physical goods climbed 11.1 percent year-on-year to 3.74 trillion yuan (about 526 billion US dollars), contributing 23.9 percent of China’s retail sales of consumer goods. The country’s consumption of key online services monitored by the ministry jumped 25.1 percent year-on-year in the same period. In April, China’s online sales of home appliances and furniture increased 9.3 percent and 12.2 percent, respectively, supported by the country’s consumer goods trade-in policy.
China’s graduate employment promotion campaign
China’s Ministry of Education has announced the launch of a 100-day campaign to promote the employment of new university graduates. The campaign, which will last until August 2024, features activities at various universities around the country, such as large-scale campus recruitment, policy promotions, and visits to enterprises. The Ministry said greater effort will be directed to help students from families with financial difficulties and those with disabilities to find jobs. According to Chinese authorities, the number of new university graduates across the country this year is expected to reach 11.79 million.
Manyika Kangai has over 15 years of experience facilitating and advising on China-Africa trade and investment deals.
Online Reporter