Andrew
Manyika Kangai
China Adopts Additional Policies to Stabilise Economy
China’s State Council executive meeting chaired by China’s Premier Li Keqiang adopted 19 additional follow-up policies on top of the policy package rolled out earlier this year to stabilise China’s economy. The meeting decided to increase the quotas of policy-based and development-oriented financial instruments by 300 billion yuan (about US$43,9 billion), approve and launch a set of infrastructure projects, send taskforces to supervise and assist provinces to promote policy implementation at a faster pace and beef up support for drought relief.
China Strives to Ease Power Shortage
China’s National Energy Administration stepped up efforts to ease the power supply shortage in Sichuan and Chongqing where power supply was strained by heatwaves. Since July, many provinces have seen higher-than-normal temperatures, with some parts of the country logging record-high temperatures during heatwaves that enveloped much of China’s southern regions. High temperatures and sparse rains have led to dropping water levels at key hydroelectric plants, putting more pressure on coal power. China has ramped up efforts to increase coal production this year. During the first seven months, the country’s coal output was 2,6 billion tonnes, up 11,5 percent year-on-year. China also expanded coal imports to meet rising demand. In July, coal imports reached 23,5 million tonnes, up 23,9 percent from June.
China Vows to Protect Chinese Firms
China’s Ministry of Commerce pledged necessary measures to protect the legitimate rights and interests of Chinese enterprises and institutions after the United States added seven Chinese entities to its export control list. Ministry spokesperson Shu Jueting told a press conference that China firmly opposes the US move and urged the US to immediately put a stop to its erroneous practice. He added that the move has seriously damaged the normal economic and trade exchanges and cooperation between Chinese and US enterprises, undermined market rules and international economic and trade order, and threatened the stability of global industrial and supply chains, which does no good for either country or the world at large.
China to Boost NEV Charging Infrastructure
China’s authorities released an action plan to facilitate the construction of charging infrastructure along highways in a bid to bolster the development of New-Energy Vehicles (NEV). The plan was jointly issued by the Ministry of Transport, the National Energy Administration, the State Grid Corporation of China, and the China Southern Power Grid. By the end of 2022, basic charging services for NEV will be provided at expressway service areas nationwide. By 2023, basic charging services will be provided in the service areas of state and provincial highways. The government will extend financial support to the construction of the charging infrastructure, and power grid enterprises will step up investment to ensure charging capacity.
Typhoon Hits South China
Typhoon Ma-on, the ninth typhoon of the year, hit China with wind speeds of up to 118,8 km per hour around 10.30 am on Thursday on the coast of Maoming City in south China’s Guangdong Province, according to the provincial meteorological station. Ma-on moved north-westward at a speed of about 25 km per hour and passed through the city of Maoming then entered Guangxi Zhuang Autonomous Region.
*Manyika Kangai helps African businesses realise the full potential of vast opportunities China presents. He has over 15 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback: 27743487997/
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