The Sunday Mail
Xi-Biden Meeting in Indonesia
Chinese President Xi Jinping and his US counterpart, Joe Biden, had a candid and in-depth in-person meeting on Monday ahead of the G-20 summit in Bali, Indonesia. The meeting that lasted more than three hours was the first in-person meeting between the heads of state of China and the United States in three years and the first in-person meeting between Xi and Biden since the latter became the US president. The two heads of state discussed five topics, including the domestic and foreign policies of their respective countries, China-US relations, the Taiwan question, dialogue and cooperation in various fields and the most pressing regional and global issues of the moment.
China’s FDI Inflow Up
Foreign Direct Investment (FDI) in the Chinese mainland, in actual use, expanded 14,4 percent year-on-year to nearly 1,09 trillion yuan in the first 10 months of 2022, according to data released by the Ministry of Commerce on Thursday. In US dollar terms, the inflow went up 17,4 percent year-on-year to US$168,3 billion. The service industry saw FDI inflow jump by 4,8 percent year-on-year, while that of high-tech industries surged by 31,7 percent from a year earlier. During this period, investment from the Republic of Korea, Germany, Britain and Japan climbed by 106,2 percent, 95,8 percent, 40,1 percent, and 36,8 percent, respectively.
China Breaks Ground on Major Iron Ore Mine
China’s major steelmaker Ansteel broke ground on a 22,9-billion-yuan (about US$3,3 billion) underground iron ore mine project in northeast China’s Liaoning Province on Wednesday. It is estimated that the Xi’anshan mine, located 7 kilometres southwest of Qianshan District in Anshan City, will produce an annual 30 million tonnes of iron ore and 10 million tonnes of iron ore concentrate. The project is scheduled to begin operations in 2027. With an iron-ore reserve of 1,3 billion tonnes, it will become the country’s largest underground single ore-body iron ore mine. China is the world’s largest importer of iron ore, with imports exceeding 917 million tonnes in the first 10 months of 2022.
China’s BYD Reaches New Milestone
China’s leading New Energy Vehicle (NEV) manufacturer BYD announced that it has reached three million NEVs that have rolled off its production line. From January to October, NEV sales of the Shenzhen-based carmaker surged 240 percent yearly to 1,39 million units. BYD ceased the production of traditional fuel-powered vehicles in March. BYD will reveal its first model of a new high-end brand in the first quarter of 2023 under the name Yangwang with a price tag of between 800 000 and 1,5 million yuan (US$113 696 and US$213 180). So far, BYD’s new energy buses have been sold to more than 400 cities in over 70 countries and regions globally, including Norway, Germany, Japan, Thailand and Brazil.
Tencent’s Q3 Results
Chinese internet giant Tencent raked in about 140 billion yuan (about US$19,9 billion) in revenue during the third quarter of 2022, according to a company financial statement released on Wednesday. During this period, the company’s net profit neared 32,3 billion yuan (about US$4,6 billion), up 2 percent year-on-year, ending a four-quarter decline. Tencent’s revenue in the third quarter was 140,1 billion yuan (about US$19,9 billion), down 2 percent year-on-year. Tencent’s R&D expenditure reached 15,1 billion yuan (about US$2,2 billion), a year-on-year increase of 9,8 percent. Sales and marketing spending fell 32 percent year-on-year to 7,1 billion yuan (about US$1,01 billion) in the third quarter. South Africa’s Naspers is the largest shareholder in Tencent, via its Dutch-listed e-commerce business, Prosus.
*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