Here are five things that happened in China this week

Manyika Kangai 

Selected letters of Xi Jinping published 

The first volume of selected letters of China’s President Xi Jinping has been published by the Central Party Literature Press. Compiled by the Institute of Party History and Literature of the CPC Central Committee, the book includes 239 letters of Xi from May 2013 to December 2021. Some of the letters were made public for the first time. The content of the anthology of letters covers all fields and aspects of upholding and developing socialism with Chinese characteristics in the new era, and discusses important political principles, theoretical viewpoints, principles and policies, and party spirit training, thinking methods, working methods and learning methods.

China to raise fuel prices 

China’s top economic planner, the National Development and Reform Commission, announced on Thursday that China will raise retail prices of petrol and diesel from Friday. The price of gasoline will increase by 210 yuan (about US$33,16) per tonne, and the price of diesel will increase by 200 yuan (about US$31,58). Under the current pricing mechanism, when international crude oil prices change by more than 50 yuan (about US$7,90) per tonne and remain at that level for 10 working days, the prices of refined oil products such as petrol and diesel in China are adjusted accordingly. China’s three biggest oil companies – China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation – have been asked to maintain oil production and facilitate transportation to ensure stable supplies.

China’s insurance sector reports steady expansion 

China’s insurance sector maintained steady expansion and remained solvent last year, according to the country’s banking and insurance regulator, the China Banking and Insurance Regulatory Commission. The total assets of Chinese insurers amounted to 24,9 trillion yuan (about US$3,91 trillion) at the end of December, up 11,5 percent from the beginning of 2021. Specifically, the total assets of property insurance companies, life insurance companies and reinsurance companies went up 6 percent, 12,4 percent, and 22,2 percent, respectively. In 2021, insurers’ premium income increased 4,1 percent year-on-year to 4,5 trillion yuan (about US$706,6 billion). The comprehensive solvency adequacy ratio of insurers, a key metric to measure their ability to meet debt and other obligations, stood at 240 percent at the end of the third quarter of 2021 and the average core solvency ratio was 227,3 percent.

China’s gold consumption booms

China’s gold consumption boomed during the week-long Spring Festival holiday, up 13 percent year-on-year, according to data from the China Gold Association. Gold ornaments and bars were among the best-selling products during the holiday, a traditional peak season for gold consumption. Winter Olympic gold and silver bars as well as commemorative gold and silver badges were also popular among consumers. The country’s gold consumption totalled 1,120.9 tonnes last year, an increase of 36,5 percent from a year ago, or up 11,78 percent compared to that of 2019.

China issues new rules for SOE executives 

China’s top supervisory agency has issued a set of rules to handle the dereliction of duty by management personnel of State-Owned Enterprises (SOEs). The document was released by the Communist Party of China Central Commission for Discipline Inspection and the National Supervisory Commission (NSC).

The new rules deal with identification issues in cases of illegal personnel involvement in similar businesses, seeking benefits for others, and the negligence and abuse of power. The NSC said in a statement that the document is aimed at deepening anti-corruption work in SOEs and punishing relevant violations with a zero-tolerance stance to promote the high-quality development of SOEs.

Manyika Kangai helps African businesses realise the full potential of the vast opportunities China presents. He has over 15 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback: [email protected]/ +27743487997/www.muvambi-sa.co.za