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Here are five things that happened in China this week 

01 Jul, 2022 - 09:07 0 Views
Here are five things that happened in China this week 

The Sunday Mail

Manyika Kangai 

China Celebrates the 25th Anniversary of Hong Kong’s Return

Chinese President Xi Jinping arrived in Hong Kong by train on Thursday afternoon to attend a meeting celebrating the 25th anniversary of Hong Kong’s return to China and the inaugural ceremony of the sixth-term government of the Hong Kong Special Administrative Region (HKSAR) on Friday. Xi stressed that as long as “one country, two systems” is upheld, Hong Kong will have an even brighter future and make new, greater contributions to the great rejuvenation of the Chinese nation. The transfer of sovereignty over the then colony of Hong Kong from the United Kingdom to the People’s Republic of China at midnight on July 1, 1997 ended 156 years of British rule in the former colony.

 

China’s PMI Bounces Back

China’s factory activities returned to expansion territory in June after three consecutive months of contraction, according to data from the National Bureau of Statistics (NBS) released on Thursday. The Purchasing Managers’ Index (PMI) for China’s manufacturing sector came in at 50.2 in June, up from 49.6 in May. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The sub-index for production stood at 52.8 in June, up 3,1 percentage points from the previous month, and the sub-index for new orders stood at 50.4, up 2,2 percentage points from May. The sub-index measuring suppliers’ delivery time rose 7,2 percentage points to 51.3, suggesting a significant improvement in supply logistics. Data also showed that the PMI for China’s non-manufacturing sector came in at 54.7 in June, up from 47.8 in May.

 

China Cuts Fuel Prices

China cut the retail prices of petrol and diesel on Wednesday, following an announcement by the country’s top economic planner, the National Development and Reform Commission. The prices of petrol and diesel went down by 320 yuan (about US$47,81) per tonne and 310 yuan (about US$44,72) per tonne, respectively. The move marks the second fuel-price decrease since the beginning of this year. China’s three biggest oil companies – China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation – have have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

 

China to Subsidise Oil Refiners

China will subsidise its oil refiners and suspend the raising of domestic fuel prices if global oil prices surpass US$130 a barrel, according to an official notice released jointly by the Ministry of Finance and the National Development and Reform Commission on Wednesday. The move aims to safeguard the stable supply of fuels, alleviate the burden on downstream enterprises and consumers, and lower the operating costs of the real economy. The policy will initially last for two months, while further notices will be issued if oil prices consistently exceed US$130.

 

China’s Private Enterprises Quadruple

The number of Chinese private enterprises quadrupled in the past decade amid efforts to optimise the business environment, according to the country’s top economic planner the National Development and Reform Commission. China’s private enterprises increased from 10,9 million in 2012 to 44,6 million last year. The private sector contributes more than 50 percent of the tax revenue, more than 60 percent of the GDP, and over 70 percent of the technological innovations. It also provides more than 80 percent of urban employment and accounts for more than 90 percent of market entities in China.

 

 

*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/ www.muvambi-sa.co.za 

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