The Sunday Mail
Manyika Kangai
Xi’s article on Chinese modernisation published
An article on Chinese modernisation by China’s President Xi Jinping was published in this year’s 16th issue of the Qiushi Journal, a flagship magazine of the CPC Central Committee, on Wednesday. The article says Chinese modernisation contains elements that are common to the modernisation processes of all countries, but is more characterised by features that are unique to the Chinese context. The article points out that the five unique features of Chinese modernisation are the modernisation of a huge population, common prosperity for all, material and cultural-ethical advancement, harmony between humanity and nature, and peaceful development. The article underscores that practice has proven that Chinese modernisation is the only correct path for building a strong China and achieving national rejuvenation.
China cuts interest rates
China’s central bank cut the interest rates of the Medium-Term Lending Facility (MLF) and the Standing Lending Facility (SLF), according to the People’s Bank of China on Tuesday. The central bank injected 401 billion yuan (about US$55,87 billion) into the market through a one-year MLF with an interest rate of 2,5 percent, down from 2,65 percent. The MLF tool helps commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral. The SLF overnight rate was cut by 10 basis points to 2,65 percent. The seven-day and one-month rates were each lowered by 10 basis points to 2,8 percent and 3,15 percent, respectively. The SLF, introduced by the central bank early in 2013, serves as a channel to meet the liquidity needs of financial institutions. These institutions can take out SLF loans from the central bank, using qualified bonds and other credit assets as collateral. The rate cuts aim to maintain reasonable and ample liquidity in the banking system to fully satisfy the needs of financial institutions.
China’s retail sales
China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, maintained stable growth in July, according to official data released by the National Bureau of Statistics (NBS) on Tuesday. The retail sales of consumer goods increased by 2,5 percent year-on-year last month to nearly 3,68 trillion yuan (about US$512,2 billion). In the January-July period, the figure increased 7,3 percent. In July, the catering sector reported a revenue increase of 15,8 percent from a year earlier. In the first seven months, online retail sales gained 12,5 percent and service sales surged 20,3 percent.
China’s anti-corruption drive targets medical sector
China has been embarking on an anti-corruption campaign across its medical sector over the past month, with multiple hospital heads and medical officials under investigation. According to a statement by the National Health Commission (NHC) on Tuesday, the NHC and nine other departments began the campaign in July and the aim is to rectify prominent malpractices such as using power to seek rent, favouritism in drug and equipment procurement, accepting kickbacks, and offering or accepting bribes. The campaign covers all aspects of the medical sector, including administration, medical societies and associations, medical and healthcare institutions, medical enterprises and medical insurance funds and focuses on individuals working in key positions in the sector. According to media reports, the list of those apprehended in the campaign keeps growing, with more than 160 people being investigated so far.
China to promote all-round green transformation
China will formulate policies and measures to promote comprehensive green transformation of economic and social development, according to a statement by Zheng Shanjie, head of the National Development and Reform Commission (NDRC) on Tuesday. The country will thoroughly implement a comprehensive conservation strategy, accelerate the transition towards energy conservation and carbon reduction in key sectors, build a waste recycling system, and promote green, low-carbon and high-quality development. The NDRC will accelerate the planning and development of a new energy system, continue to improve policies for green and low-carbon economic development, improve the system for market-based allocation of resources and environmental elements, and support innovation in green and low-carbon technologies.
*Manyika Kangai has over 15 years of experience 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 China presents
