Five things that happened in China this week

24 Jun, 2022 - 11:06 0 Views
Five things that happened in China this week

The Sunday Mail

Manyika Kangai 

BRICS Business Forum Held in Beijing 

The 2022 BRICS Business Forum was held in an online plus offline format in Beijing on Wednesday. Chinese President Xi Jinping officially opened the BRICS Business Forum and delivered a keynote speech in Beijing via video link. South African President Cyril Ramaphosa, Brazilian President Jair Bolsonaro, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi attended and addressed the opening ceremony. About 1 000 economic and trade ministers, envoys to China and representatives from the business community were present at the ceremony. A panel discussion themed “Embrace the digital economy and advance the BRICS Partnership for the New Industrial Revolution” was held during the forum.

China Encourages Renminbi Settlement for Foreign Trade 

China’s central bank has ramped up support for Renminbi settlement in new forms and models of foreign trade. In a recent circular, the People’s Bank of China improved policies for cross-border Renminbi business in e-commerce and other new models of foreign trade. The business scope of payment institutions will be expanded from goods and services trade to current accounts, and risk prevention and control will be strengthened with clear requirements for authenticity verification and anti-money laundering work, among other issues. The new policies will be effective July 21.

China’s Green Bond Issuance Grows 

China’s green bond issuance saw robust growth this year amid the country’s push to reduce carbon emissions and advance green development. As of June 9, the country had issued green bonds worth 361,6 billion yuan (US$54 billion) in 2022, jumping 73,7 percent over the previous year, according to data from financial information provider Tonghuashun. At present, the funds raised through green bonds are widely used in green development projects in such fields as clean energy, green transportation, pollution prevention and control, and climate change response.

China’s Coal Output Up 

China’s raw coal output sustained steady growth in May as policy measures to ensure energy supply and stabilise prices have taken effect. The output rose 10,3 percent year-on-year to 370 million tonnes last month, according to the National Bureau of Statistics. The growth rate was 0,4 percentage points lower than that in April. Coal imports shrank last month. China imported 20,6 million tonnes of coal in May, down 2,3 percent year-on-year. In the January-May period, the country’s raw coal output rose 10,4 percent year-on-year to 1,8 billion tonnes, while imports dropped 13,6 percent to around 96 million tonnes.

China’s SOEs to Recruit More New Graduates 

China’s State-Owned Enterprises (SOEs) are set to recruit more new university and college graduates this year amid efforts to bolster employment, according to the State-Owned Assets Supervision and Administration Commission. At a recent meeting on graduate employment, the commission urged all centrally administered SOEs and local departments to expand their current recruitment and talent pool to create more job opportunities for new graduates. China is expected to see a record 10,8 million new graduates from the country’s universities and colleges in 2022, marking a year-on-year increase of 1,7 million. New graduates are deemed a key target of the country’s employment-first policy.

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

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