The Sunday Mail
Manyika Kangai
Hong Kong Financial Summit Returns
The Hong Kong Monetary Authority (HKMA) hosted a three-day Global Financial Leaders’ Investment Summit that hosted 250 financiers from 120 global firms. The summit marked the opening-up of Hong Kong after the relaxation of Covid-19 restrictions in September that had been in place for about two-and-a-half years. Three of China’s financial regulators spoke in pre-recorded messages with HKMA’s chief executive Eddie Yue Wai-man, where they reiterated the Beijing government’s commitment to develop and enhance Hong Kong’s role as China’s financial centre. Many top bankers at the event saw the gathering as a closing chapter of the Covid-19 era and the start of their expansion plans in the city. The HKMA said it’s considering organising the event again next year to celebrate its 30th anniversary.
China’s Power Generation Up
China’s power generation rose 2,2 percent year-on-year to 6,3 trillion kilowatt-hours in the first three quarters of the year, according to the National Bureau of Statistics. In September alone, the country’s power generation totalled 683 billion kilowatt-hours. Specifically, thermal power generation climbed 6,1 percent year-on-year last month, while wind power generation went up 25,8 percent from a year earlier. During this period, solar power generation surged 18,9 percent from the same period last year, up 8 percentage points from August. Hydropower output, however, shrank 30 percent year-on-year in September, while the output of nuclear power edged down 2,7 percent from the previous year.
China’s Agriculture Products Trade Grows
China’s agriculture products maintained steady growth momentum in foreign trade in the first three quarters of this year. The trade volume of the country’s agriculture products totalled US$248,5 billion in the first nine months of 2022, up 10,4 percent year-on-year, according to the Ministry of Agriculture and Rural Affairs. Exports jumped 21,5 percent over the same period last year, while imports rose 6,4 percent.
China’s Listed Companies Increase Profit
China’s listed companies raked in 4,8 trillion yuan (about US$659 billion) of net profit in the first three quarters of this year, up 2,5 percent year-on-year, according to data from the China Association for Public Companies compiled from third-quarter financial statements of 4 945 companies listed on the Shanghai, Shenzhen and Beijing stock exchanges. Their total business revenue grew 8,5 percent over a year ago to 52,4 trillion yuan (about US$ 7,3 trillion). Non-financial listed companies posted higher revenue growth than financial companies during the period. Firms on the Beijing Stock Exchange led the revenue growth, while those on Shanghai Stock Exchange’s sci-tech innovation board posted the highest net profit expansion. In the third quarter (Q3) alone, the revenue and net profit of the 4 945 companies rose 7,1 percent and 0,7 percent, respectively.
China Unveils VR Development Plan
China unveiled a plan to boost the development of the Virtual Reality (VR) industry. By 2026, the total scale of China’s virtual reality industry, including related hardware, software and applications, will exceed 350 billion yuan (about US$48,6 billion), according to the plan jointly issued by the Ministry of Industry and Information Technology and four relevant departments. The plan also aims to cultivate 100 enterprises with a strong innovation ability and industry influence, while the sales of VR terminals is aimed to top 25 million units. China also plans to build 10 leading VR industrial clusters with regional influence and 10 industrial public service platforms to foster the sector’s development.
*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
