NEW: Here are five things that happened in China this week

26 May, 2023 - 12:05 0 Views
NEW: Here are five things that happened in China this week

The Sunday Mail

Manyika Kangai

China-Russia Business Forum held

The China-Russia Business Forum was held in Shanghai on Tuesday. Chinese Vice Premier He Lifeng and Russian Prime Minister Mikhail Mishustin attended and addressed the forum. The Chinese Vice Premier, who is also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, expressed expectations for in-depthexchanges between Chinese and Russian business communities and stated that China is ready to work with Russia to implement the consensus reached by the two heads of state to promote bilateral trade, deepen investment cooperation, upgrade connectivity and industrial cooperation, and strengthen agricultural cooperation.

China-US Political Party Leaders Dialogue held

The 13th China-US Political Party Leaders Dialogue was held on Tuesday via video link, and the two sides had in-depth and constructive communication under the theme of “China-US Mutual Understanding and Mutually Beneficial Cooperation”. Liu Jianchao, Head of the International Department of the Communist Party of China (CPC) Central Committee, attended the dialogue and delivered a keynote speech. According to a report by Xinhua News Agency, the two sides believe that the way China and the United States get along is very important, and both sides should work to push bilateral relations back on track, which meets the common expectations of the two peoples and the international community and will also benefit future generations. It is also their common belief that China and the United States must respect each other and co-exist peacefully and cannot engage in confrontation and conflict. The two sides agreed to continue the exchanges and dialogues between the CPC and the Democratic and Republican parties of the United States.

China’s Loan Prime Rate remains unchanged

China’s one-year Loan Prime Rate (LPR), a market-based benchmark lending rate, came in at 3,65 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 4,3 percent, according to the National Interbank Funding Centre. China lowered the one-year rate by 5 basis points to 3,65 percent in August 2022. The over-five-year rate was also slashed last year. The monthly data is a pricing reference rate for banks and is based on rates of the central bank’s open market operations, especially the Medium-Term Lending Facility Rate.

China’s power generation increases

Power generation from industrial enterprises, each with an annual main business turnover of at least 20 million yuan (about US$2,84 million) in China, rose 6,1 percent year-on-year in April, according to the National Bureau of Statistics (NBS). In the period, the total power generation of such enterprises reached 658,4 billion kilowatt-hours. Thermal power generation expanded 11,5 percent year-on-year, and nuclear power output increased by 5,7 percent from a year ago. Wind power generation rose 20,9 percent year-on-year, 20,7 percentage points higher than that of March. Solar power generation dropped 3,3 percent year-on-year last month, while hydropower output fell 25,9 percent. In the first four months of the year, total power generation rose 3,4 percent year-on-year to 2,73 trillion kilowatt-hours.

“China’s Silicon Valley” hosts Sci-Tech Forum

The 2023 Zhongguancun Forum is taking place in Beijing’s Zhongguancun, known as “China’s Silicon Valley,” from May 25 to 30. Themed “Open Cooperation for a Shared Future,” the event is hosting over 150 activities, including conferences, exhibitions, technology transactions, outcome news releases and competitions. The large gathering has attracted guests from more than 80 countries and regions, as well as the participation of almost 200 international organisations, institutions, and foreign government departments. Nearly 120 leading experts from China and beyond are scheduled to attend the event and deliver keynote speeches. This year, 55 parallel forums will be held, with 25 being led or co-hosted by national authorities, focusing on cutting-edge fields encompassing artificial intelligence, life sciences and clean energy, as well as other trending topics such as data governance and digital sports. Since its inception in 2007, 13 editions of the Zhongguancun Forum have been held.

 “To the mind that is still, the whole universe surrenders” – Lao Tzu

*Manyika Kangai has over 15 years of experience in facilitating and advising on China-Africa trade and investment deals. He is dedicated to helping African businesses and governments realise the full potential of the vast opportunities that China presents


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