The Sunday Mail
Manyika Kangai
China ramps up flood relief and reconstruction
China’s Cabinet, the State Council, has outlined further flood relief and reconstruction measures in an executive meeting chaired by Premier Li Qiang, as torrential rainstorms and floods wreaked havoc in parts of the country in the past few days. The State Council vowed fast allocation of relief funds, more credit support for business entities (particularly for micro and small businesses and self-employed households), and quick compensation payments to minimise the economic and social development impact on people’s lives.
China condemns US restrictions on investments in China
China’s foreign ministry strongly condemned the rollout of restrictions on investments in China by the United States. US President Joe Biden signed an executive order on setting up screening mechanisms on outbound investments and restricting US entities’ investments in the semiconductor and microelectronic, quantum information technology and artificial intelligence sectors in China. China has called it an act that seriously violates the principles of a market economy and fair competition that is ‘de-globalisation and a move to phase China out’ and has vowed to follow events closely and safeguard its rights and interests.
China’s foreign trade
China’s total imports and exports expanded 0,4 percent year-on-year to 23,55 trillion yuan (about US$3,3 trillion) in the first seven months of the year, according to official data released by the General Administration of Customs. Exports grew 1,5 percent year-on-year to 13,5 trillion yuan (about US$1,88 trillion), while imports declined 1,1 percent from a year earlier to 10,1 trillion yuan (about US$1,4 trillion). In July alone, foreign trade dropped 8,3 percent year-on-year, with exports down 9,2 percent and imports down 6,9 percent. The Association of Southeast Asian Nations (ASEAN) remained China’s largest trade partner. China’s trade with ASEAN countries rose 2,8 percent year-on-year and accounted for 15,3 percent of the country’s total trade value.
China’s forex reserves
China’s foreign exchange reserves rose by 0,4 percent to close at US$3,2 trillion at the end of July, up about US$11,3 billion from US$3,2 trillion at the end of June, according to the State Administration of Foreign Exchange. In July, affected by monetary policies and expectations of major economies, world macroeconomic data and other factors, the US dollar index fell, and global financial asset prices generally rose. Due to the exchange rate translation and asset price changes, China’s foreign exchange reserves increased.
China’s NEV production and sales Increase
China saw a significant increase in the production and sales of New Energy Vehicles (NEVs) in July, according to data from the China Association of Automobile Manufacturers released on Thursday. The production of NEVs jumped 30,6 percent year-on-year to 805 000 units last month, and sales rose 31,6 percent to 780 000 units. NEVs occupied a market share of 32,7 percent in July. During the first seven months, NEV output was 4,6 million units, up 40 percent year-on-year, while sales reached 4,53 million units, rising 41,7 percent from a year ago. NEV exports skyrocketed 87 percent year-on-year to 101 000 units in July.
*Manyika Kangai has over 15 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback +27743487997/ www.muvambi-sa.co.za
