CX Daily: Local and National Interests Clash in China’s New Green Power Market
China relaxes quarantine requirements for inbound travelers. The country will ban over 1 million “fake” foreign stock investors
A photo taken on April 9 shows a photovoltaic power plant in Dalian, Liaoning province. Photo: VCG
Green power /
In Depth: Local and national interests clash in China’s new green power market
In late April, a unit of the state-owned Chinese oil major Sinopec Group made the first purchase of electricity in Hubei province through a national green power trading system that is under evaluation.
Sinopec Jianghan Petroleum Administration Bureau Co. Ltd., a Sinopec Group power generation subsidiary that purchases green power, committed to buying nearly 60 million kilowatt-hours (kWh) of electricity generated by certain renewable sources this year — all for a lower price than what the company would’ve paid for power from a more traditional polluting source.
Rebound /
China sees rebound in travel, leisure sectors as Covid-19 lockdowns end
China’s economy is showing gradual signs of recovery as the lifting of Covid-19 lockdowns spurs demand for travel and leisure, with bookings for airline tickets, hotels and movie theaters all jumping on a week-on-week basis, industry data show.
The number of domestic passenger flights rose 10.6% to 56,166 last week from the previous week, the fourth consecutive week-on-week increase, according to VariFlight, an aviation industry data provider, although flights are still 27% lower than a year earlier, the data show.
FINANCE & ECONOMY
A public screen displays an image of Chinese flags in Shanghai, China, on Wednesday, Aug. 18, 2021 Photo: Bloomberg
Stocks /
China to ban over 1 million ‘fake’ foreign stock investors
China will ban more than 1 million mainland investors from trading onshore shares via the stock connect programs with Hong Kong as authorities act on a new regulation to crack down on “fake foreign capital.”
Under rules taking effect July 25, domestic investors with Hong Kong accounts can no longer purchase A shares through the northbound trading links, according to the China Securities Regulatory Commission. Brokers in Hong Kong must stop giving new trading permits to mainlanders, while investors already in violation will be given a one-year grace period.
Covid-19 /
China relaxes quarantine requirements for inbound travelers
China shortened the time inbound travelers must quarantine to seven days of mandatory isolation at a centralized facility followed by three days of observation at home.
The State Council, China’s cabinet, released an updated version of Covid-19 disease control rules Tuesday, relaxing the requirements from two weeks of isolation and seven days of home observation.
Analysis: More Chinese cities drop regular Covid testing as cost concerns mount
China’s Covid Shift Adds Fuel to World-Beating Stock Rally
Quick hits /
China’s central bank signals stimulus to prioritize credit growth over rates
Opinion: How China could address its green finance challenges
BUSINESS & TECH
The short supply partly reflects a surge in chip demand as the auto industry shifts to electrification and intelligence.
Chips /
Chinese automakers face persistent chip shortage
Chinese automakers are likely to continue suffering a semiconductor shortage that has cost them billions of dollars of lost production, executives at one of the country’s top automakers said.
“The chip (shortage) is not a short-term issue for us,” said Yuan Feng, general manager of GAC Capital Co. Ltd., the investment arm of state-owned Guangzhou Automobile Group (GAC). “There is likely to be a shortage of chips even in 2023 and 2024,” Yuan said Sunday at a semiconductor industry forum.
Evergrande /
Evergrande faces creditor petition in Hong Kong for liquidation
An overseas creditor filed suit in Hong Kong demanding the liquidation of China Evergrande Group as the indebted developer races to develop a restructuring plan for its $300 billion of liabilities.
The Samoan Islands-registered creditor, Top Shine Global Ltd. of Intershore Consult (Samoa) Ltd., filed the petition with Hong Kong’s high court to wind down China Evergrande, according to a release on the website of the Hong Kong judiciary. A preliminary hearing is scheduled for Aug. 31.
5G /
China’s fourth 5G service launches, with a tough road ahead
State-owned China Radio & Television Network Co. Ltd. launched the country’s fourth major 5G mobile service as Beijing strives to become a dominant force in the technology’s development worldwide.
China Radio & Television, established by a hodge-podge of state-owned companies and Alibaba Group Holding Ltd. to run a 5G wireless service as its main business, announced the news at an event Monday, three years after it was granted a license to run the business.
Quick hits /
Weilong Delicious to revive $500 million Hong Kong IPO
Biotech startup Mirxes weighs $300 million Singapore IPO
Tech Insider /
Auto chip crunch drags on, Alibaba to test driverless truck
GALLERY
Missiles strike packed Ukrainian shopping center
