The Sunday Mail
Manyika Kangai
China’s top legislature concludes Standing Committee session
The Standing Committee of the 14th National People’s Congress (NPC), China’s top legislature, concluded its second session on Wednesday in Beijing. Lawmakers voted to adopt a revised Counter-Espionage Law and a law on ecological conservation on the Qinghai-Tibet Plateau. President Xi Jinping signed two presidential orders to promulgate the laws. Lawmakers also voted to adopt a set of revised codes of conduct for the chairperson, vice chairpersons, the secretary-general, and members of the NPC Standing Committee, a list for the chairperson, vice chairpersons, as well as members of the credentials committee of the NPC Standing Committee, among other bills. Lawmakers also discussed reports from the State Council on the state of the environment and the fulfilment of environmental protection targets for 2022, and proposed legislation on the protection of the rights and interests of Chinese nationals overseas.
RMB’s global payment share up
The Chinese currency, renminbi (RMB) or the yuan, saw its share in global payments rise in March, according to the Society for Worldwide Interbank Financial Telecommunication, a global provider of financial messaging services. The RMB’s global share was up from 2,19 percent in February to 2,26 percent last month, as the currency remained the fifth most active currency. In March, the RMB payments value gained 25,04 percent from a month ago, higher than the 21,46 percent increase of all payment currencies. In terms of international payments excluding the Eurozone, the RMB ranked seventh with a share of 1,67 percent.
China’s gold output up
China produced 84,9 tonnes of gold in the first quarter of this year, an increase of 1,57 tonnes or 1,88 percent from the same period last year, according to data from the China Gold Association. From January to March, gold consumption in the Chinese market jumped 12,03 percent year-on-year to 291,58 tonnes. Consumption of gold jewellery in China stood at 189,61 tonnes in the first quarter, up 12,29 percent year-on-year. Due to rising safe-haven demand, consumption of gold coins and bars also went up 20,47 percent year-on-year to 83,87 tonnes during the period. In the first quarter, gold consumption for industrial and other uses came in at 18,1 tonnes, down 16,9 percent from last year. Holdings of gold-backed Exchange-Traded Funds (ETFs) in China decreased by 0,82 tonnes in the first quarter. By the end of March, total holdings of gold ETFs in the Chinese market were about 50,6 tonnes.
China’s coal output up
China’s raw coal output posted stable expansion in March, according to official data released by the National Bureau of Statistics. The country produced 420 million tonnes of raw coal in March, up 4,3 percent year-on-year. In the first three months of 2023, the output was 5,5 percent higher than a year earlier at 1,15 billion tonnes. China’s coal imports stood at 100 million tonnes in the January-March period, up 96,1 percent from a year ago.
China celebrates its Space Day
China celebrated its Space Day this year on Monday with a series of activities and events. As part of the festivities, the country released global colour images of Mars obtained from its first Mars exploration mission. A launch ceremony of the Space Day was held in Hefei, capital city of east China’s Anhui Province, with this year’s theme of “Investigate things to extend knowledge, exploring the firmament”. About 1 200 guests from over 40 countries were invited to participate in this year’s Space Day of China. Starting in 2016, China designated April 24 as the Space Day of China to mark the launch of its first satellite “Dongfanghong-1” into space on April 24, 1970.
*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
