The Sunday Mail
China celebrated its Qingming Festival, also known as Tomb-Sweeping Day, when Chinese people mourn for their deceased family members and pay tribute to fallen heroes and martyrs. Qingming literally means “clear and bright” and is one of the 24 dates that divide the solar year and has been observed for thousands of years. As Qingming heralds in the warm weather and regular rainy showers, it presents an opportune time for ploughing and sowing. The Chinese term “Taqing” refers to a spring outing when people get out and enjoy the spring blossoms. It is one of the most important and long-lasting customs of Qingming. After families sweep tombs, they often take a moment to savour springtime. Activities like planting trees and flying kites are usually associated with this season.
China’s Gold and Forex Reserves
China’s gold reserves stood at 62,64 million ounces (about 1 776 tonnes) at the end of March, unchanged from that at the end of February, according to data released by China’s central bank on Thursday. Official data released also showed that China’s foreign exchange reserves fell to US$3,2 trillion at the end of March, down US$25,8 billion, or 0,8 percent, from the end of February.
China’s Rail Freight Volume Up
China’s rail cargo volume, a key indicator of economic activities, rose 2,8 percent year-on-year in the first quarter of the year, according to data from the China State Railway Group (China Railway). A total of 948 million tonnes of cargo was transported on China’s railways in the first quarter, which is 25,9 million tonnes more than that in the same period last year. The quarter also saw 43,8 million tonnes of seeds and agricultural materials transported, up 8,8 percent year-on-year. Coal used for power generation carried on railways totalled 350 million tonnes, up 6,5 percent year-on-year. Rail cargo transport through the New International Land-Sea Trade Corridor soared 56,5 percent to 170 000 twenty-foot equivalent unit containers, and the China-Laos Railway carried 260 000 tonnes of goods for import and export.
China’s Canton Fair Goes Online
China’s time-honoured trade fair, China Import and Export Fair, also known as the Canton Fair, will hold its 131st event online from the 15th of April to the 24th of April due to the Covid-19 pandemic, according to the Ministry of Commerce on Thursday. Held since 1957, the fair is held twice a year in south China’s Guangzhou City to facilitate global trade. It was held both online and offline for the first time in autumn last year. The 10-day spring session involving 25 000-plus domestic and overseas exhibitors, includes online exhibitions, market match-making and cross-border e-commerce. A specific zone showcasing products from once poverty-stricken areas will also be in place at the fair. No fees will be charged from participating exhibitors and cross-border e-commerce platforms.
China’s BYD Stops Production of Fuel-Powered Vehicles
China’s leading New-Energy Vehicle (NEV) manufacturer, BYD announced that it has already stopped the production of traditional fuel-powered vehicles starting from March. Going forward, BYD’s auto business will focus on pure electric vehicles and plug-in hybrid electric vehicles. BYD will continue to offer existing customers of traditional fuel-powered vehicles service and after-sales support, as well as the supply of spare parts throughout the life cycle. The latest data shows that in March, BYD sold a total of 104 338 passenger cars, consisting of 50 674 plug-in hybrid models and 53 664 pure electric models, and no traditional fuel-powered models were sold.
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
