The Sunday Mail
Manyika Kangai
China’s Sets 2024 GDP Growth Target
At the opening of China’s 14th National People’s Congress on Tuesday, China’s Premier Li Qiang delivered his first Government Work Report, which set the key economic and social policies and targets for this year. The target for GDP growth is “around 5 percent”, with a central government budget deficit of 3 percent of GDP. China also plans to issue ultra-long special government bonds to support the budget; and an urban unemployment rate of around 5,5 percent with 12 million new jobs to be created. President Xi Jinping also stressed developing “new quality productive forces according to local conditions”.
China Foreign Trade, Forex Reserves Up
China’s total imports and exports of goods expanded 8,7 percent year-on-year in yuan terms in the first two months of 2024, according to official data from the General Administration of Customs (GAC). From January to February, the country’s foreign trade in goods stood at 6,61 trillion yuan (about US$930,96 billion). Exports grew 10,3 percent year-on-year to 3,75 trillion yuan (about US$528,16 billion), while imports rose 6,7 percent year-on-year to 2,86 trillion yuan (about US$402,81 billion). China’s forex reserves totalled US$3,2258 trillion as of the end of February, marking an increase of US$6,5 billion, or 0,2 percent compared to the end of January, according to data released by the State Administration of Foreign Exchange (SAFE).
China to Launch AI Plus Initiative
China will launch an Artificial Intelligence (AI) Plus Initiative to promote the innovative development of the digital economy, according to the Government Work Report submitted on Tuesday. China will promote the in-depth integration of AI and the real economy by deepening the research and application of AI technology and will build digital industry clusters with international competitiveness.
China Builds First EV Smart Zone
China has completed construction of its first smart Electric Vehicle (EV) charging and battery-swapping demonstration zone in Jiangsu. The zone covers nearly 500 square km in the cities of Suzhou, Wuxi, and Changzhou and has about 1 300 charging piles. It is expected to serve over 500 000 drivers and will shorten queuing time needed for EV charging. Battery swap facilities will allow vehicles to change batteries in just 80 seconds.
China’s Landmark Deep-Earth Borehole
The drilling of a superdeep borehole in northwest China’s Xinjiang Uygur Autonomous Region reached 10 000 metres at 2:48 pm on Monday marking a breakthrough in the country’s deep-Earth exploration. Located in the hinterland of the Taklimakan Desert in the Tarim Basin, the “Shenditake 1” is expected to reach a designed depth of 11 100 meters upon completion. It is China’s first scientific exploration borehole designed to exceed a depth of 10 000 meters. The deepest vertical well in the world today has a depth of 12 262 metres and is in Russia.
*Manyika Kangai is dedicated to helping African businesses and governments realise the full potential of the vast opportunities that China presents. He has over 18 years of experience facilitating and advising on China-Africa trade and investment deals
