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China’s Premier Vows to Deepen Opening-Up
China’s Premier Li Keqiang attended the Special Virtual Dialogue with Global Business Leaders hosted by the World Economic Forum (WEF) in Beijing on Tuesday evening, vowing further efforts by China to deepen high-level opening-up and foster a market-oriented, world-class business environment governed by a sound legal framework. Premier Li delivered an address and exchanged views with business representatives. The dialogue was moderated by executive chairperson of the WEF Klaus Schwab, and nearly 400 business leaders from over 50 countries participated. Premier Li stated that China’s economy has been deeply integrated into the global economy and opening-up is China’s fundamental national policy because China cannot develop in isolation from the world, and the world also needs China for its development.
China’s Loan Prime Rates Remain Unchanged
China’s one-year Loan Prime Rate (LPR), a market-based benchmark lending rate, came in at 3,7 percent on Wednesday, unchanged from the previous month, according to the National Interbank Funding Centre (NIFC). The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4,45 percent. In May, the over-five-year loan prime rate was cut by 15 basis points to 4,45 percent, the largest reduction in this rate since the country revamped the LPR mechanism in 2019. Closely related to the LPR, the interest rate of the Medium-term Lending Facility (MLF) this month also remained unchanged. Last week, the People’s Bank of China injected 100 billion yuan (US$14,8 billion) into the market through a one-year MLF with an interest rate of 2,85 percent.
China’s Power Battery Output Surges
China’s output of power batteries surged 176,4 percent year-on-year to 206,4 GWh in the first half of the year, according to industry data released by China Automotive Battery Innovation Alliance. In the January-June period, the country produced 123,2 GWh of lithium iron phosphate batteries, up 226,8 percent from a year ago. The output of ternary lithium batteries stood at 82,9 GWh, up 125 percent year-on-year. A total of 110,1 GWh of batteries were installed in China’s electric vehicles during the period, up 109,8 percent year-on-year. In June alone, the output of power batteries was 41,3 GWh, up 171,7 percent from last year.
China’s Crude Oil Output Up
China’s crude oil output saw steady expansion, rising 4 percent year-on-year in the first six months, according to the National Bureau of Statistics. The output totalled 102,88 million tonnes from January to June. In the same period, China imported 252,52 million tonnes of crude oil, down 3,1 percent year-on-year. In June alone, China’s crude oil output went up 3,6 percent to 17,2 million tonnes, while crude oil imports fell 10,7 percent to 35,8 million tonnes.
China Adds 5G Base Stations
The amount of 5G base stations in use across China has exceeded 1,85 million, according to the Ministry of Industry and Information Technology on Tuesday. In the second quarter of the year, the country added nearly 300 000 5G base stations. By the end of June, the income of sectors including electronic information manufacturing, software, communication, and the internet totalled over 10 trillion yuan (about US$1,5 trillion). China will strive to add 600 000 5G base stations in 2022 and accelerate upgrading industrial internet.
*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: +27743487997/www.muvambi-sa.co.za
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