China Business Now

CBN丨China‘s power supply tightens as winter dawns, affecting productions and regular households

China’s power supply crisis ratcheted up a notch over the past week with more than half of the country enduring power cuts, making it one of the most extreme examples of energy rationing in the nation’s history. Several key Apple and Tesla suppliers have halted production at some of their Chinese facilities, putting supply-chain continuity at risk during a peak season for electronics goods including the latest iPhones.

CBN丨2021 World Internet Conference Wuzhen Summit kicked off, theming “a shared future in cyberspace”

The digital economy in China reached 39.2 trillion yuan (about $6.07 trillion) in 2020, accounting for 38.6 percent of the country's GDP with a yearly growth of 9.7 percent, according to the annual Blue Book for WIC. Meanwhile, China has built the world's largest standalone 5G network with over 70 percent of the world's total number of 5G base stations.

CBN丨Meng Wanzhou back in China after 3 years of detention in Canada

On the same day of Meng’s return to China, Huawei launched the openEuler operating system (OS), another self-developed OS after the HarmonyOS, as it tries to "solve the domestic stranglehold problem of lacking its homegrown OS in basic technology," and build a full-scenario covered ecosystem to prepare for more US bans.

CBN丨China to stop building new coal-fired power projects abroad

Coal power is one step further to be “consigned to history.” China will not build new coal-fired power projects abroad, President Xi Jinping announced at the UN General Assembly on Tuesday, as he promised more support for other developing countries in green and low-carbon energy. The promise could impact some $50 billion worth of investment in 44 projects in Asia and Africa, as China being one of the biggest foreign financiers of coal-fired power plants.

CBN丨Losses in major overseas indexes unlikely to affect A-share market

A “Black Monday” hit the Hong Kong stock market, as it plummeted to a one-year low right before the mid-autumn festival. The Hang Seng Index shed 3.3 percent on Monday, weighed down by property, insurers and tech companies, as the benchmark index retreated to the lowest level in nearly a year. 

CBN丨New Beijing bourse opens for investor registration; Tencent opens WeChat to rivals’ links

Beijing’s new stock exchange is ready for potential investors to file trading registrations, a step forward to the launch of the third national bourse. The newly planned exchange issued guidelines Friday outlining criteria for qualified participants. Retail investors need to have at least 500,000 yuan ($77,458) in securities assets and investment records of more than 2 years to access the new marketplace.

CBN丨China to control high-emission projects amid power cost hiked; Shenzhou 12 returns home

Your electricity bill may go up soon. Recently, several southern China provinces including Guangdong, Guangxi and Guizhou have adjusted up electricity prices during the peak consumption hours, in response to operating pressure of coal-fired power plants, some of which are on the verge of bankruptcy. 

CBN丨The southbound Bond Connect to open next Friday; Rise of home prices slowed in August

Two weeks after the grand opening of the Wealth Management Connect in the Greater Bay Area, mainland China’s investors will soon be able to buy and sell offshore debt through Hong Kong in a widening of the Bond Connect trans-border investment channel, a step sure to attract more capital to the Asian financial hub.

CBN丨China to ramp up new plastic recycling push; HK will start operations of new airline

China will boost its plastic recycling and incineration capabilities, promote "green" plastic products and take action against the overuse of plastic in packaging and agriculture, the National Development and Reform Commission (NDRC) said in a 2021-2025 "five-year plan" published on Wednesday. 

CBN丨China to consolidate overcrowded electric vehicle industry

China, which built its electric-car industry into the world’s biggest, is putting a new focus on making bigger and stronger makers, after a decade-long nurturing of the sector led to the emergence of too many players, which has ballooned to about 300. Regulators are considering setting a minimum production capacity utilization rate for the industry, and provinces that aren’t meeting it won’t be allowed to approve new projects until surplus capacity comes online.