Here are five things that happened in China this week

19 Apr, 2024 - 15:04 0 Views
Here are five things that happened in China this week

The Sunday Mail

Manyika Kangai

Canton Fair kicks off

The China Import and Export Fair, also known as the Canton Fair, kicked off its 135th edition on Monday in Guangzhou, Guangdong province, and is scheduled to run through May 5. Themed “Serving High-Quality Development, Promoting High-Level Opening-up,” this edition is held offline in three phases with exhibition venues covering 1,55 million square meters. This year’s event features around 28 600 companies participating in the export section, including more than 4 300 first-timers. In addition, 680 companies will participate in the import section. Chinese Premier Li Qiang held a symposium with foreign buyers attending on Wednesday. Since 1957, the Canton Fair has been held twice a year without interruption.

China’s GDP expands

China’s gross domestic product (GDP) grew 5,3 percent year-on-year in the first quarter of 2024, according to data from the National Bureau of Statistics (NBS) released on Tuesday. The country’s GDP reached 29,63 trillion yuan (about US$4,17 trillion) during this period. On a quarterly basis, the economy increased 1,6 percent in the first three months.

China’s industrial output up

China’s value-added industrial output went up 6,1 percent year-on-year in the first quarter of this year, according to data from the National Bureau of Statistics (NBS) released on Tuesday. By category, output of the manufacturing sector grew by 6,7 percent. The high-tech manufacturing sector registered a growth of 7,5 percent, accelerating by 2,6 percentage points from the fourth quarter of 2023. In March, the value-added industrial output increased by 4,5 percent year-on-year.

 Tesla’s new mega factory project

US carmaker Tesla Inc will break ground in May on its new mega factory project capable of producing 10 000 megapacks a year in Shanghai, the company has announced. As Tesla’s first energy storage mega factory project outside the US market, it is expected to go into mass production in the first quarter of 2025. The factory will initially produce 10 000 megapack units every year, equal to nearly 40 GWh of energy storage. Megapack is a powerful battery that provides energy storage and support, helping to stabilise the grid and prevent outages, according to details on Tesla’s website.

Beijing launches reading season

The city of Beijing kicked off its 14th annual “Reading Season” on Monday, with nearly 300 activities planned over several months to spark residents’ enthusiasm for reading. At the launch ceremony, 23 types of books were awarded “Books of the Year” for 2023. Interactive experience activities were also held at the launch event. During the reading season this year, the city will organise various forms of activities including a second-hand book market, a teenager reading festival, and community reading booths.

*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

 

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