The Sunday Mail
Shanghai’s major enterprises resume production
Over 70 percent of Shanghai’s 1 800-plus major enterprises have resumed work and production amid the city’s Covid-19 resurgence, according to a press conference on epidemic prevention and control held on Thursday. The industrial enterprises in Shanghai have made steady progress in resuming production, with the resumption rate of the first batch of more than 660 key enterprises exceeding 90 percent. Key industrial chains such as automobiles, integrated circuits and biomedicine continued to recover and increase production capacity, while leading enterprises have maintained stable production.
China EximBank issues special bonds
The Export-Import Bank of China (China EximBank), a state-owned policy bank, has issued special bonds worth 5 billion yuan (about US$755,6 million) to aid the anti-epidemic efforts and ensure daily supplies in Shanghai. The interest rate of the one-year bonds stood at 1,74 percent and the money raised will be used to support pandemic control and maintain supply chain production for enterprises in Shanghai.
China EximBank said it has provided a total of 19,4 billion yuan (about US$2,93 billion) of loans for enterprises in Shanghai since this wave of infections. Shanghai reported 788 confirmed locally transmitted Covid-19 cases and 7 084 local asymptomatic infection cases.
China’s power consumption to rise
China’s power consumption is expected to rise between 5 percent and 6 percent in 2022, according to a report from the China Electricity Council. Uncertainties such as the Covid-19 epidemic both at home and abroad, international situations and temperatures in the summer and the winter will affect the country’s power consumption. It is estimated that the country’s electricity consumption will increase by 3,5-4,5 percent year-on-year in the first half of the year. Consequently, if Covid-19 has less impact on the economy in the second half of the year, with the implementation of pro-growth measures and a low comparison base, electricity consumption is expected to grow faster in the second half than in the first half.
China’s beverage industry posts steady growth
China’s major beverage producers registered steady growth in output during the first quarter (Q1) of the year, according to official data from the Ministry of Industry and Information Technology. In Q1, major beverage producers saw their output rise 6 percent year-on-year to over 44,35 million tonnes. Major producers refer to companies with an annual revenue of more than 20 million yuan (about US$3,02 million).
China sets up world’s highest automatic weather station
Chinese scientific researchers established an automatic meteorological monitoring station at an altitude of over 8 800 metres, the world’s highest of its kind, on Mount Qomolangma on the China-Nepal border on Wednesday. It has replaced the station sitting at an altitude of 8 430 metres on the south side of the mountain, set up by British and US scientists in 2019, to become the world’s highest, according to the Institute of Tibetan Plateau Research (ITP), Chinese Academy of Sciences. The new comprehensive scientific expedition on Mount Qomolangma is part of China’s second scientific research survey on the Qinghai-Tibet Plateau.
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: Muvambi SA (Pty) Ltd+27743487997/www.muvambi-sa.co.za
