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Here are five things that happened in China this week 

19 Aug, 2022 - 10:08 0 Views
Here are five things that happened in China this week 

The Sunday Mail

Manyika Kangai 

China Experiences Extreme Weather 

Sudden heavy rainfall on Wednesday night in northwest China’s Qinghai Province triggered flash floods and mudslides and caused rivers to change course, affecting a total of 6 245 residents in six villages. Sixteen people were killed and 36 others were missing as of Thursday afternoon, according to local officials. China has also been hit by the strongest regional heatwaves since 1961 when the country started to keep complete meteorological records. As of August 15, China had seen 64 days of regional heatwaves, topping the previous record of 62 days in 2013, according to the National Climate Centre.

China’s Consumption Down 

China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, totalled around 3,6 trillion yuan (about US$532,6 billion) in July, according to data from the National Bureau of Statistics (NBS) released on Monday. The July total was down from the June total of 3,9 trillion yuan (about US$573 billion).

China Cuts Interest Rates 

China’s central bank has cut the interest rates of its Medium-term Lending Facility (MLF) loans and reverse repos by 10 basis points for the second time this year. Specifically, the People’s Bank of China lowered the rate of 400 billion yuan (about US$59 billion) worth of one-year MLF to financial institutions to 2,75 percent from the 2,85-percent rate it opted for on the previous occasion. It also injected 2 billion yuan (about US$295 million) of funds into the market via seven-day reverse repos at an interest rate of 2 percent, down from 2,1 percent.

China’s Fiscal Revenue Falls 

China’s fiscal revenue dropped 9,2 percent year-on-year during the first seven months of 2022, according to official data from the Ministry of Finance released on Wednesday. The country’s fiscal revenue amounted to approximately 12,5 trillion yuan (about US$1,84 trillion) during the period. The central government collected about 5,7 trillion yuan (about US$845 billion) in fiscal revenue, down 11,2 percent, and local governments collected 6,8 trillion yuan (about US$ 994 billion), down 7,6 percent. Tax revenue came in at nearly 10,3 trillion yuan (about US$1,51 trillion) in the January-July period, down 13,8 percent year-on-year. Fiscal spending rose 6,4 percent year-on-year to hit 14,68 trillion yuan (about US$2,2 trillion) during the period.

China Develops Bio-based Degradable Shoes 

Chinese researchers have developed and produced bio-based degradable shoes which are suitable for everyday use and can degrade quickly under composting conditions, according to China Science Daily. The research team from the Beijing University of Chemical Technology first developed a bio-based polyester rubber and used it as the material for the sole of the shoes, with other parts made from hemp fibre, bamboo fibre and corn stalk latex. The team, headed by Zhang Liqun, an academician at the Chinese Academy of Engineering, has completed a 1 000-tonne pilot test production of the polyester rubber, which can also be used to produce bio-based degradable tyres and oil-resistant seal rings. The team has started small-scale production of the shoes and will work with enterprises for mass production.

*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/www.muvambi-sa.co.za 

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