Here are five things that happened in China this week

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

The Sunday Mail

Manyika Kangai

China Prepares for 20th CPC National Congress
The 19th Central Committee of the Communist Party of China (CPC) concluded its Seventh Plenary Session in Beijing on Wednesday. The plenary session presided over by the Political Bureau of the CPC Central Committee decided that the 20th CPC National Congress will open on October 16 in Beijing. A press centre for the upcoming congress was also officially opened to provide services for local and foreign journalists covering the congress. More than 2 200 delegates, representing more than 96 million CPC members across the nation, have arrived in Beijing to attend the congress.

PBOC and ECB Renew Currency Swap Deal
China’s central bank announced that it has renewed a bilateral currency swap deal with the European Central Bank (ECB). The deal has a scale of 350 billion yuan (about US$49,3 billion), or 45 billion euros. It will be valid for three years, according to a statement from the People’s Bank of China (PBOC). The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market. A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.

China Suspends Fuel Price Adjustment
China’s top economic planner, the National Development and Reform Commission, announced that it would keep domestic fuel prices unchanged due to the volatility of international oil prices. The international oil price has seen fluctuations since September 21, with an average price change in the subsequent 10 working days of less than 50 yuan (about US$7,04) per tonne. Therefore, the price of fuel on the Chinese market will not be adjusted at this juncture. Under the current pricing mechanism, if international crude oil prices change by at least 50 yuan per tonne on average within 10 working days, the prices of refined oil products in China will be adjusted accordingly.

China’s Auto Sales Up
China’s automobile sales rose 25,7 percent year-on-year to 2,61 million units in September, according to data from the China Association of Automobile Manufacturers. The country’s automobile production topped 2,67 million units last month, up 28,1 percent from the same period last year. On a monthly basis, China’s auto output and sales went up 11,5 percent and 9,5 percent, respectively. In the first nine months, 19,47 million automobiles were sold in China, up 4,4 percent year-on-year, with a pace 2,7 percentage points faster than the January-August period.

China Livestreams Class from Space Station
Taikonauts (Chinese Astronauts) aboard China’s Tiangong space station livestreamed a science lecture from the Wentian lab module for the first time, according to the China Manned Space Agency. The class began at 3.45 pm on Wednesday (Beijing Time). The Shenzhou-14 taikonauts Chen Dong, Liu Yang and Cai Xuzhe amazed audiences with their introduction of the lab module, micro-gravity performances of sci-tech experiments, and presentation of in-orbit plant growth research. The three space teachers also interacted with students on Earth during the class, which is aimed at popularising the knowledge of manned space flights and encouraging young people to develop an interest in science.

*Manyika Kangai is dedicated to helping 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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