Here are five things that happened in China this week 

13 May, 2022 - 09:05 0 Views
Here are five things that happened in China this week 

The Sunday Mail

Manyika Kangai 

China’s latest CPI, PPI 

China’s Consumer Price Index (CPI), a main gauge of inflation, rose 2,1 percent year-on-year in April, according to data released by the National Bureau of Statistics (NBS) on Wednesday. On a monthly basis, the CPI inched up 0,4 percent. Food prices went up 0,9 percent from the previous month, driving up monthly consumer inflation by about 0,17 percentage points. China’s Producer Price Index (PPI), which measures costs of goods at the factory gate, posted slower growth in April. The PPI went up 8 percent year-on-year in April. On a monthly basis, China’s PPI gained 0,6 percent in April, compared with the 1,1 percent increase in March.

China’s foreign trade slows 

In April, China’s foreign trade volume edged up 0,1 percent year-on-year to 3,16 trillion yuan (about US$472 billion), with exports up 1,9 percent year-on-year while imports dropping by 2 percent from a year ago. On a monthly basis, China’s foreign trade contracted 1,5 percent last month, with exports down 0,6 percent and imports declining 2,5 percent. The slowdown has been attributed to the resurgence of the pandemic in major export cities. Chinese Premier Li Keqiang has specified policy steps to stabilise foreign trade and has stated that dedicated efforts will be made to retain orders and stabilise imports and exports of key industries and labour-intensive processing industries to stabilise employment.

Shanghai port sees container throughput recover 

The container throughput of Shanghai Port exceeded 3,08 million 20-foot Equivalent Units (TEUs) in April, recovering to 82,4 percent of that of the same month last year, according to data released by the Ministry of Transport on Wednesday. During the first four months, the port handled 15,35 million TEUs, up 1,8 percent year-on-year. The port has seen its container throughput continue to recover this month. With its container throughput exceeding 47 million TEUs in 2021, the Shanghai Port has ranked as the world’s busiest port for 12 consecutive years.

China’s gold trading volume up 

Gold trading volume on the Shanghai Gold Exchange (SGE) went up 2,6 percent to 9 579,04 tonnes in the first quarter (Q1), according to a report released by the People’s Bank of China. Gold trading value on the exchange stood at 3,7 trillion yuan (about US$550,75 billion) in the first quarter, up 5,2 percent year-on-year. The price of gold of 99,99 percent pure or above on the SGE closed at 394.14 yuan (about US$58,8) per gramme at the end of March, up 5,4 percent from that at the end of 2021.The SGE was established in October 2002 and provides trading, clearing, delivery and vaulting services for gold, silver and platinum.

China to encourage foreign investment 

China will further expand the industry catalogue of sectors encouraging foreign investment, according to a notice issued by China’s National Development and Reform Commission and the Ministry of Commerce (MOC). The new list will add 238 more items, while up to 114 existing ones will be modified with expansion. The increase is particularly relevant to items related to manufacturing, producer services and those in the central and western regions. Foreign Direct Investment (FDI) into the Chinese mainland, in actual use, expanded 25,6 percent year-on-year to 379,9 billion yuan (about US$56,6 billion) in the first quarter of the year.

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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