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Manyika Kangai
China to temporarily impose zero tariffs on coal
China will impose provisional zero tariffs on coal imports from May to secure energy supply, according to an official statement from the Customs Tariff Commission of the State Council on Thursday. Over the next 11 months, starting on May 1, seven types of coal products, including coking coal and brown coal, will enjoy zero tariffs. Currently, the most-favoured-nation tax rates of those imports range between 3 percent and 6 percent.
China to raise fuel retail prices
China will raise retail prices of petrol and diesel from today, according to an announcement by the country’s top economic planner, the National Development and Reform Commission on Thursday.
Based on recent changes in international oil prices, the retail prices of petrol and diesel will be raised by 205 yuan (about US$31,24) and 200 yuan (US$30,48) per tonne, respectively. The move marks the eighth fuel price increase this year. Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan (about US$7,62) per tonne and remain at that level for 10 working days, the prices of refined oil products such as petrol and diesel in China will be adjusted accordingly.
China’s gold consumption down
Gold consumption in China shrank by 9,69 percent year-on-year to 260,26 tonnes in the first quarter (Q1) of this year, according to data released by the China Gold Association (CGA) on Wednesday. During Q1, consumption of gold jewellery dipped 0,19 percent from a year ago to 168,86 tonnes, while that of gold coins and bars plunged 27,71 percent year-on-year to 69,62 tonnes. Gold jewellery purchases saw a robust growth momentum in January and February, driven by holiday spending. However, consumers’ enthusiasm for the precious metal receded in March due to price fluctuations and a resurgence of Covid-19 cases, bucking the upward trend in the first two months. Gold consumption for industrial and other uses in the country totalled 21,78 tonnes, down 4,1 percent from a year earlier. The country’s Q1 gold output amounted to 83,4 tonnes, an increase of 8,96 tonnes or 12,04 percent year-on-year.
China gives taxi license to self-driving start-up
Pony.ai, a self-driving start-up in the southern city of Guangzhou, has become the first entity of its kind in China to receive a taxi licence. Beginning in May, the license allows the company to operate 100 autonomous vehicles as taxis in the city’s Nansha District over an area of more than 800 square km, according to an announcement by the company. It also has plans in the works to launch similar services in two other large Chinese cities next year.
China’s ex-vice minister of culture and tourism jailed
Li Jinzao, former Culture and Tourism Vice Minister of China, was sentenced to 15 years in prison on Tuesday for taking bribes. Li was found to have taken bribes worth about 65,5 million yuan (about US$10 million) by taking advantage of his various former positions between 1996 and 2020. He was also fined 6 million yuan (about US$916 000) and his illegal gains will be turned over to the state treasury, according to a statement by the Shenyang Intermediate People’s Court. The court said it granted Li a lenient sentence according to the law as he had confessed to his crimes and showed repentance, while all his illegal gains have been recovered.
*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: Muvambi SA (Pty) Ltd +27743487997/www.muvambi-sa.co.za
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