Here are five things that happened in China this week

Manyika Kangai

China’s top legislature starts session

The Standing Committee of the 14th National People’s Congress (NPC), China’s top legislature, started its ninth session on Tuesday in Beijing. Zhao Leji, chairperson of the NPC Standing Committee, presided over the session’s first plenary meeting. Lawmakers reviewed a draft academic degrees law, a draft tariff law, a draft revision to the Law on National Defence Education, a draft energy and atomic energy law and a draft revision to the Anti-Money Laundering Law.

China’s loan prime rates unchanged

China’s one-year Loan Prime Rate (LPR), a market-based benchmark lending rate, came in at 3,45 percent on Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3,95 percent, according to the National Interbank Funding Centre. The monthly data is a pricing reference for banks that is based on the rates of the central bank’s open market operations, especially the medium-term lending facility rate.

China adds new urban jobs

China created a total of 3,03 million new urban jobs in the first quarter of the year, according to official data released by the Ministry of Human Resources and Social Security on Tuesday. In March, the country’s surveyed urban unemployment rate stood at 5,2 percent. The country set an annual target of creating more than 12 million new urban jobs for 2024. It aimed to keep the surveyed urban jobless rate at around 5,5 percent this year.

China’s health insurance e-certificates

More than 1,12 billion people enrolled in China’s basic health insurance programme have received electronic certificates from the government, according to an announcement by the country’s National Healthcare Security Administration. With the e-certificates, people only need to show the QR code instead of their physical health insurance cards for doctor appointments, hospital visits, medical tests, and reports, as well as medicine acquisitions. The e-certificate can be used in more than 800 000 healthcare institutions nationwide. Besides the e-certificate, the administration will also promote the use of electronic medical bills and prescriptions.

World’s largest Peppa Pig outdoor theme park

Asia’s first and the world’s largest Peppa Pig outdoor theme park will open in Shanghai in 2027, according to toy and game company Hasbro and Max-Matching Entertainments. With an investment of over 2,4 billion yuan (about US$338 million), the park will cover approximately 20 hectares in Changxing Island in the Chongming district of Shanghai, which is about 90 km north of Shanghai’s city centre. The park will boast innovative features, new themed areas, rides, an immersive show, and a themed hotel specifically designed for the Chinese market, especially with its three-generation family in mind.

*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