What's happening in China this week? (Wk49,2023)
Sunny Shen Juan 沈娟🇨🇳☀️
I support business growth in and out of China by bridging the gap between China and the world. || Founder @ Sunny Business Consultation, China Business Consultant / Chinese-English Interpreter.
1). China's central bank to support the real economy, and guard against financial risks further
The central bank will ramp up support for the real economy, guard against systemic financial risks, and deepen financial opening-up, according to People's Bank of China (PBOC) Governor Pan Gongsheng. More.
On Saturday, China is ready to work closely with other developing countries to build a green and low-carbon future, Chinese Vice-Premier Ding Xuexiang said.
Ding, also Chinese President Xi Jinping's Special Representative and a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when addressing the Group of 77 (G77) and China Leaders' Summit, which is held during the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP28) held in Dubai, the United Arab Emirates (UAE). More.
3). Number of Hainan duty-free shoppers top 6.23 million in Jan-Nov
South China's island province of Hainan recorded 6.23 million duty-free shoppers in the first 11 months of this year, surging by 59.6 percent year-on-year, said the Haikou Customs. More.
4). Novartis to set up a new drug plant
On Friday, multinational pharmaceutical company Novartis said it would invest more than 600 million yuan ($84 million) in a new radiopharmaceutical production site to accelerate the introduction of innovative radioligand therapy that will benefit cancer patients in China. More.
5). Vice-premier calls for building green, low-carbon future at COP28 events
Vice-Premier Ding Xuexiang has called on developed countries to beef up financial, technological, and capacity-building support to developing nations amid the global crisis of climate change. More.
6). Chinese automakers revving up their presence in overseas markets
SAIC, China's largest carmaker by sales, has partnered with Indian conglomerate JSW Group to bolster its MG marque's performance in India, one of the vastest automotive markets in Asia.
JSW will acquire a 35 percent stake in MG India for an undisclosed amount, according to the deal the two inked last week in London, the United Kingdom.
The partnership, which marks JSW's first foray into the automotive industry, will enable MG to expand operations in the local market. More.
7). Plans unveiled for emission control across 18 Chinese regions
18 regions across China have hammered out their working plans on synergizing the emission control of traditional air pollutants and heat-trapping gases, said Zhao Yingmin, vice-minister of ecology and environment. More.
8). Country aims to shine in space-based solar power tech to boost clean energy
Amid global efforts to replace fossil fuels with clean energy, Chinese scientists and engineers are working on a bright idea — soaking up abundant energy from the sun and then beaming it back to Earth.
Multiple teams in China are currently focused on technologies needed for building and running a space-based solar power facility, which will allow the sun's energy to be captured nonstop, something that isn't possible from Earth, said Hou Xinbin, a senior researcher at the China Academy of Space Technology in Beijing and a member of the Committee of Space Solar Power of the Chinese Society of Astronautics. More.
9). Marintec China 2023 opens in Shanghai
The Marintec China 2023 opened in Shanghai on Tuesday, attracting over 2,000 renowned companies from shipbuilding and marine engineering sectors across more than 30 countries and regions.
The four-day event focuses on the latest achievements in applying new technologies such as green, low-carbon initiatives and unmanned navigation in these sectors.
10). Nvidia ensures new chips for China are compliant with export curbs
Nvidia Inc. is working closely with the US government to ensure new chips for the Chinese market are compliant with export curbs, as the company works hard to navigate the geopolitical uncertainties that increasingly weigh on its business.
Jensen Huang, CEO of Nvidia, said on Wednesday: "Our plan now is to continue to work with the government to come up with a new set of products that comply with the new regulations that have certain limits," according to a report from Reuters.
Nvidia is a dominant supplier of AI chips to the Chinese market, but the US' latest export controls will likely leave room for the emergence of competitive Chinese rivals.
Huang said Huawei Technologies Co is among a field of "very formidable" competitors to Nvidia in the race to produce the best AI chips.
11). BOE plans major investment in high-tech for growth
BOE Technology Group Co Ltd, a major Chinese display panel maker, will increase investments in technological innovation, especially in fundamental and cutting-edge technologies, and is doubling down on new-generation semiconductor displays represented by organic light-emitting diodes and micro/mini LED displays, a top company executive said.
BOE is also betting big on next-generation semiconductor display technologies, including OLED and micro/mini LED displays, which boast immense application potential in various fields such as smartphones, televisions, vehicle-mounted displays, and wearable gadgets.
China will ratchet up resources to further expand the application of new-generation display technologies in fields such as 5G, AI, IoT, new energy vehicles, and the metaverse, as part of a broader push to build a modern industrial system, said the Ministry of Industry and Information Technology.
The country will speed up industrialization in emerging display technologies, and spur fiscal support to promote the development of innovation in the new display industry.
Official data showed the output value of China's new display industry exceeded 490 billion yuan in 2022, ranking tops worldwide and accounting for 36 percent of the global total.
12). Xi stresses the key role of ties with the EU
President Xi Jinping emphasized on Thursday the "strategic importance" of relations between China and the European Union for global peace, stability, and prosperity, and called on both sides to strengthen strategic communication, enhance understanding, and manage differences through constructive dialogue.
Xi made the remarks during a meeting in Beijing with President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen, both of whom are in Beijing for the 24th China-EU Summit, which was held on Thursday.
He underlined the need for both sides to have a correct perception of each other, enhance mutual trust, and honor commitments in developing China-EU relations.
Trade between China and the EU reached $847.3 billion in 2022, a 2.4-percent increase over the previous year, according to statistics from the Ministry of Commerce.
China and the EU are each other's second-largest trading partners, with rapid growth in trade in lithium batteries, electric vehicles, photovoltaic modules, and other green products. Two-way investment amounts to more than $230 billion.
13). Sino-Thai EV battery plant starts operations
Thailand's first domestic electric vehicle battery pack production plant went into operation on Thursday. The plant, run jointly by Chinese battery cell manufacturer Gotion High-tech and Thai company Nuovo Plus, is expected to give Southeast Asia's EV industry a boost.
Focused on the import, assembly, and distribution of battery modules and battery packs for energy storage systems and EVs, the plant will deliver high-quality lithium-ion batteries with an initial production capacity of 2 gigawatt-hours per year.
Production capacity will expand to 8 gigawatt-hours per year in the future, which can meet the power demand of 200,000 EVs. Batteries from the plant will be available in the market as soon as this month.
Other channels recommended to understand the latest business policies and trends in China:
Govt Channel:
1). State Council of the People’s Republic of China
2). National Development and Reform Commission (NDRC)
3). General Administration of Customs of the People’s Republic of China (GACC)
4). National Bureau of Statistics of China
Chamber of Commerce:
1). The European Union Chamber of Commerce in China
Media channels:
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