The Sunday Mail
Manyika Kangai
China holds key financial policymaking conference
The Central Financial Work Conference was held in Beijing from Monday to Tuesday. Chinese President Xi Jinping delivered a speech in which he stated that China will remain committed to the path of financial development with Chinese characteristics, and boost the high-quality development of the financial sector to provide support for fully building China into a strong country and achieving national rejuvenation through Chinese modernisation. The conference resolved to comprehensively strengthen financial supervision, improve the financial system, optimise financial services, prevent and resolve risks, follow the path of financial development with Chinese characteristics, and promote high-quality financial development. The two-day conference, usually convened once every five years, is closely watched as it sets the direction for China’s financial policymaking for the following years.
China’s manufacturing PMI
The Purchasing Managers’ Index (PMI) for China’s manufacturing sector came in at 49,5 in October, down from 50,2 in the previous month, according to data from the National Bureau of Statistics (NBS) released on Tuesday. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The sub-index for large enterprises remained in the expansion zone at 50,7 in October, down from 51,6 in the previous month. The sub-index for production came in at 50,9, a drop from 52,7 a month earlier, affected by factors such as a high comparative basis in September and fewer working days in October due to the Mid-Autumn Festival and National Day holiday, according to NBS statistician Zhao Qinghe. Tuesday’s data also revealed that non-manufacturing activity dropped, but remained in expansion territory in October, with the PMI for this sector reaching 50,6, down from 51,7 in September.
China develops fast-charging lithium-ion battery
A team of Chinese scientists has developed a type of fast-charging lithium-ion battery capable of reaching a 90 percent charge on a cell phone within just 10 minutes. The graphite-based battery has an ultrathin phosphorus layer on its surface, which can in-situ convert to crystalline solid electrolyte interphase with high ionic conductivity, according to a study published recently in the journal Nature Energy. The researchers from Huazhong University of Science and Technology tested pouch cells with such a graphite anode and the battery capacity reached 80 percent in six minutes and 91,2 percent in 10 minutes, with a battery capacity retention of 82,9 percent for over 2 000 cycles. The battery, featuring excellent electrochemical properties, can be manufactured in a simple and cost-effective manner, thus holding huge market potential.
Evergrande’s last chance
A Hong Kong High Court judge has given crisis-hit Chinese property giant Evergrande one last chance to come up with a new deal over its huge debts or face liquidation. A winding-up hearing, initially scheduled for Monday, was adjourned to December 4. Justice Linda Chan said it would be the last hearing before a decision is made. Evergrande is the world’s most indebted property developer with more than US$325 billion of total liabilities. It defaulted on its debts two years ago, and has been working on a new repayment plan ever since. Justice Chan said Evergrande had to come up with a “concrete” proposal, otherwise it was likely the company would be wound up. A liquidator would still be able negotiate with creditors.
China issues panda coins
China’s central bank issued a set of 14 commemorative panda coins on Monday, according to a statement on the website of the People’s Bank of China. The front side of all the coins shows the Hall of Prayer for Good Harvests, the core structure of the Temple of Heaven, the country name and the year of issuance. A mother-and-son pair of giant pandas is on the reverse side, together with the face value, the weight and the percentage of gold or silver in the coin. All the coins are legal tender in China.
*Manyika Kangai has over 17 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback:+27743487997/ ww.muvambi-sa.co.za
