Here are five things that happened in China this week

22 Oct, 2022 - 09:10 0 Views
Here are five things that happened in China this week

The Sunday Mail

Manyika Kangai

Xi Jinping Delivers a Report to the Ongoing 20th CPC Congress
Xi Jinping delivered a report to the ongoing 20th CPC Congress that stressed the party’s commitment to socialism with Chinese characteristics and defended the party’s policies over the last decade while reiterating its “dedication to achieving lasting greatness for the Chinese nation, and commitment to the noble cause of peace and development for humanity”. The address also vowed that reunification of China must be realised by taking “all measures necessary” and called the fight against corruption, “the most thorough kind of self-reform there is”. The congress will close on October 22.

Hong Kong Leader Delivers First Policy Address
John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), delivered his first policy address to the HKSAR Legislative Council since taking office. The report covers a raft of policies and measures to boost growth and improve people’s livelihood. It aims to boost Hong Kong’s competitiveness and start a new chapter for the international financial hub. Lee highlighted that under the “one country, two systems” principle, Hong Kong has distinctive advantages of enjoying strong support of the mainland and being closely connected to the world. He added that having direct access to the huge mainland market and strong international connectivity at the same time makes Hong Kong serve as a bridge linking the mainland and the rest of the world.

China’s Loan Prime Rates Remain Unchanged
China’s one-year Loan Prime Rate (LPR), a market-based benchmark lending rate, came in at 3,65 percent, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4,3 percent, according to the National Interbank Funding Centre. The country had lowered the one-year rate by 5 basis points to 3,65 percent in August. The over-five-year rate had been slashed by 15 basis points twice this year, first in May and again in August to the current figure.

China’s Power Battery Output Surges
China’s installed capacity of power batteries registered rapid growth in September amid a boom in the country’s New Energy Vehicle (NEV) market, according to data from the China Association of Automobile Manufacturers.

Last month, the installed capacity of power batteries for NEVs rose by 101,6 percent year-on-year to 31,6 Gigawatt-hours (GWh). Specifically, about 20,4 GWh of lithium iron phosphate (LiFePO4) batteries were installed in NEVs, up 113,8 percent from a year earlier, accounting for 64,5 percent of the monthly total. China’s NEV market continued to maintain growth momentum in September, with the sales of NEV soaring 93,9 percent from a year earlier to 708 000 units.

China Spots Huge Atomic Gas Structure
The “China Sky Eye,” also known as the Five-hundred-metre Aperture Spherical Radio Telescope (FAST), spotted a huge atomic gas structure in the vicinity of a galaxy group. The find came as the world’s most sensitive radio telescope “cast its glance” at Stephan’s Quintet, a visual grouping of five galaxies of which four form a compact galaxy group. The linear scale of the atomic hydrogen structure reaches some two million light-years or 0,6 megaparsecs, the largest one of its kind ever discovered in the universe, according to the study published in the journal, Nature.

*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

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