Issue 281 - 23.06.2022
23.06.2022

China’s green objectives result in rigorous environmental regulations

Despite increasingly robust laws, proper implementation and compliance with China’s environmental regulations have often stood in the way of progress. That is expected to change as ambitious targets demand stricter regulatory standards, monitoring, and better policy implementation. These in turn mean that businesses can no longer stick with the status quo, and, depending on their industry and scope, must prepare to make necessary changes to avoid risks from a sudden transition.

Green compliance, or environmental compliance, refers to conforming to environmental laws, regulations, standards, and other requirements by businesses to legally operate in a specific jurisdiction.

Given the state’s determination to transform China into a green, low-carbon, and circular economy, green compliance will grow more important for companies doing business in the country.

While many green compliance requirements are currently limited in scope and implementation, recent regulatory trends demonstrate that the standards and implementation will soon become more detailed and stricter. Those who are better prepared will enjoy a comparative advantage.

In this article, we introduce China’s major green compliance obligations and provide tips for businesses to make necessary changes.

On July 16, 2021, China launched the world’s largest carbon trading market after several delays. At launch, the carbon market covered over 2,225 companies in the power generation sector, most of which are state-owned enterprises (SOEs). Together, these companies are responsible for about half of China’s energy-related emissions, and 10-14 percent of the world’s total.

Under the carbon trading scheme, each company is allowed by the government to emit a certain amount of CO2 emissions each year. If the company ends the year beneath its allotted limit, it can sell the difference on the market as a credit. Conversely, if the company exceeds its limit, it is required to buy additional credits to compensate.

Failure to pay quotas on time and in full is regarded as incompliance and will lead to penalties, such as fines and “name and shame”. As of May 2022, the Ministry of Ecology and Environment (MEE) has punished over 100 firms in the national carbon market for incompliance.

While the fine for non-compliant firms is currently limited to RMB 20,000-30,000 (US$2,960-4,450) each and the “name and shame” penalty will likely not hurt enough, it still provides a reason for businesses in China to integrate carbon pricing into their business and risk strategies. That is because the system can be expanded in the future to become more comprehensive, and the penalties made higher to speed up China’s decarbonization process. Eventually, China’s carbon market may cover a much broader set of companies, while the emergence of a global trading system also remains a possibility. Further, the price of carbon will likely be closer to RMB 180-200 (US$27.77-30.86) per ton by the end of the decade.

One way that companies can prepare for carbon trading requirements is to put an internal price on carbon. This can either be an internal tax to encourage emissions reductions within the company to fund green initiatives or a shadow price that allows the company to track its emissions.

ESG stands for environmental, social, and governance – which represents the three main criteria for investors to quantify and evaluate a company’s level of sustainability. While there is currently no legislation covering the ESG responsibilities of all companies in China, it has been trying to enhance ESG requirements by mandating major polluters and companies that finance them to submit annual reports detailing a range of environmental information.

For example, on February 8, 2022, the Measures for the Administration of Legal Disclosure of Enterprise Environmental Information (the Measures) released by the MEE came into effect, according to which:

Companies identified as being required to disclose environmental information must compile a yearly “Legal Disclosure Report of Environmental Information” and upload the report onto the “Enterprise Environmental Information Legal Disclosure System”, which was set up by the MEE and its local counterparts on the official government websites.

Companies may sometimes be required to file ad hoc reports throughout the year to disclose information, such as changes to company details, administrative licenses, updates on administrative penalties, changes to legal representatives, and other ad hoc information that arises throughout the year.

The annual report detailing the information of any given year (from January 1 to December 31) must be submitted by March 15 of the following year.

Companies required to disclose environmental information include:

Major dischargers of pollutants.

Companies that are required to undergo mandatory clean production audits under the Clean Production Audit Measures.

Publicly listed companies and bond-issuing companies (and their subsidiaries) – if they have been penalized for ecological or environmental violations in the previous year.

Failing to comply with the ESG reporting requirements listed in the Measures could make companies liable for penalties of RMB 10,000 (US$1,580) to RMB 100,000 (US$15,805). This will also be included in the company’s credit record.

While the fines proposed in the Measures are relatively small for large corporations, the potential negative impact on their corporate credit record could be much more damaging and could cause reputational damage, mandated suspension of production, or missing out on bids for government contracts.

In addition to the mandatory ESG reporting requirements, it is noticed that voluntary ESG reporting has increased significantly in China over the past decade. According to JPMorgan, 86 percent of companies listed on the CSI 300 Index – the top 300 stocks traded on the Shanghai and Shenzhen stock exchanges, produced ESG reports in 2020, up from just 49 percent in 2010, despite not being required to do so. A proactive stance on sustainability reporting can help future-proof businesses, not only against further regulation but also against changing attitudes of investors and stakeholders and facilitate funding easier in a climate-conscious world.

Greater emphasis on ESG reporting will require significant changes by companies, including hiring key staff and investing in systems to collect and manage the required information. On their part, smaller companies would likely need support from third-party professional services.

A clean production audit is conducted on the production processes and services according to certain procedures, to find out the cause of high energy consumption, high material consumption, and heavy pollution. This intelligence is then used to recommend and implement feasible technical and economic schemes to achieve cleaner production.

According to the Clean Production Audit Measures, the following companies have to undergo mandatory clean production audits:

Companies that discharge pollutants in excess of national or local standards.

Companies that exceed the prescribed energy consumption limit for unit production and hence constitute “high energy consumption”.

Companies that use toxic and harmful raw materials for production or discharge toxic and harmful substances during production.

The county-level environmental authority in charge will publish the list of companies that are subject to mandatory clean production audits upon the approval of provincial-level environmental departments. Within one month after the list is published, the identified companies must release relevant information on local media or on their respective company website. Further, such companies must launch a clean production audit within two months after the list is published and complete the audit within one year after the list is published.

The competent environmental authority in charge at or above the county level shall, within the scope of their respective functions and duties, organize clean production experts or entrust relevant agencies to evaluate and accept the results of these clean production audits.

Companies that fail to implement a mandatory clean production audit, falsify their clean production checks, or fail to properly report the result of the audit – shall be ordered by the competent environmental authority in charge at or above the county level to make the rectification within a prescribed time period. If the violating company refuses to make such rectification, it shall be fined between RMB 50,000 (US$7,400) to RMB 500,000 (US$74,000).

A pollutant discharge permit is an integrated permit that enables relevant entities to discharge pollutants into the environment. China has been gradually promoting the implementation of the pollutant discharge permit system for industries since the mid-2010s. Previously, entities had to obtain separate environmental permits for each aspect of the operation of a polluting entity or activity.

The Regulation on the Administration of Pollutant Discharge Permits (the Regulation) came into effect on March 1, 2021 and marked the establishment of a national pollutant discharge permit system in China. The regulation was designed to standardize the permit application procedures, improve discharge management, tighten supervision, and clarify the responsibilities of relevant discharging entities.

Now discharging entities are required to obtain a pollutant discharging permit prior to the launch of their production facilities or the actual discharge of pollutants, save for discharging entities that generate/discharge only a limited amount of pollutants and have only a minor environmental impact. The latter type of discharging entity is only required to complete a pollutant discharge registration, a much simpler process.

Whether an enterprise is subject to permit management or registration management is stipulated in the Inventory of Classified Management of Discharge Permits for Stationary Pollution Sources. For discharging entities subject to the permitting system, a tiered management system – key management and simplified management – is adopted based on factors including quantity of pollutant emissions and environmental impacts.

The main obligations for discharging entities include:

Carrying out self-monitoring and keeping the original monitoring records for at least five years.

Establishing a ledger record system for environmental governance.

Periodically reporting on pollutant discharge permit implementation.

Disclosing pollutant discharge information on the national pollutant discharge permit management platform as required.

For discharging units that are subject to key management, automatic pollutant discharge monitoring equipment is required to be installed, maintained, and connected to the monitoring equipment of the local ecological and environmental authority in charge.

Violations of the pollutant discharge permit system, such as discharges without a pollutant discharge permit, discharges that exceed applicable standards, or discharges made without a required permit re-application, will lead to fines that are up to RMB 1 million (US$148,000) and administrative sanctions, such as production or business restrictions or suspension, or even business shutdown. The main responsible person may also be held accountable for severe, continuous, and intentional violations.

China has been piloting programs to improve its ecological and environmental damage compensation system since 2015. Some top-level guidance was released in 2017 and 2020.

On April 26, 2022, 14 authorities, including the MEE and the Supreme People’s Court, jointly released the Rules on Compensation for Ecological and Environmental Damage, which clarified the responsibilities of the polluter for repairable and unrepairable damages. Damages that can be repaired should be so done by the polluter or an entrusted third party. Polluters that cause irreparable damage should compensate for the related losses according to law and bear the related expenses within the scope of compensation for ecological and environmental damage or conduct alternative repair to realize the equal restoration of the ecology and its service functions.

In addition to knowing and understanding the major green compliance requirements in China as mentioned above, the below tips could be useful:

Audit your facility and supply chain: To be compliant and retain a competitive advantage on green consumption practices, knowing where your business stands is the first step. Companies can begin by conducting regular green audits on their facilities and supply chains to gauge their distance towards achieving green compliance and thus make targeted improvements.

Invest in management tools, technology, and services: To fulfill green compliance responsibilities, polluters should first be able to monitor and measure the pollutants they discharge accurately and efficiently. Investing in management tools and technologies or hiring third-party professional services will be necessary to secure this goal. While larger companies may implement multi-dimensional solutions that combine two or more methods, the best choice for smaller companies might be seeking external professional assistance due to its cost-efficiency.

Pay close attention to future developments: With China serious about greening its economy, several regulatory updates and environment protection rules are expected to be issued within this decade. Companies are suggested to create a detailed plan for investments, changes to operational workflows, and exposure to incompliant links in the supply chain to effectively adapt to strengthening green compliance requirements. The sooner the process and planning are initiated, the better the organization will be prepared.

Fit sustainability into your risk management strategy: Along with factors like operational and labor costs, sustainability is becoming a mainstream consideration for risk management and business planning. In some industries and jurisdictions, investors and other stakeholders already expect sustainability practices from companies.

By Qian Zhou on June 20 2022 for the China Briefing.

China, Pacific

23.06.2022

Investing in Shanghai: industry, economics, policy explained

Shanghai is mainland China’s commercial capital and most populous city. Alongside Beijing, Chongqing, and Tianjin, it is one of four municipalities directly controlled by the central government.

With a storied history of foreign economic and cultural exchange, Shanghai is known as mainland China’s...

Shanghai is mainland China’s commercial capital and most populous city. Alongside Beijing, Chongqing, and Tianjin, it is one of four municipalities directly controlled by the central government.

With a storied history of foreign economic and cultural exchange, Shanghai is known as mainland China’s most international city. Today, it boasts significant finance, trade, and shipping industries,...

23.06.2022

Multinationals keep expanding in Chinese market with nearly 100 projects signed at summit

China remains a strong force in global supply chains, despite temporary COVID-19 disruptions, intensified China-US competition and a reconstruction of the global division of labour, multinationals and industry representatives said at a major multinational summit on Monday.

The discussion and remarks, which came from industry giants with global operations such as...

China remains a strong force in global supply chains, despite temporary COVID-19 disruptions, intensified China-US competition and a reconstruction of the global division of labour, multinationals and industry representatives said at a major multinational summit on Monday.

The discussion and remarks, which came from industry giants with global operations such as...

23.06.2022

Fair market, favourable policies sharpen China's edge as major global investment hub

A predictable environment, tax cuts, simplified procedures and even a green channel for children to go to school, among other favorable and preferential policies, are the ways that China attracts global giants and how it has remained one of the top spots for investors in recent years, multinationals from Japan,...

A predictable environment, tax cuts, simplified procedures and even a green channel for children to go to school, among other favorable and preferential policies, are the ways that China attracts global giants and how it has remained one of the top spots for investors in recent years, multinationals from Japan,...

23.06.2022

China's ports log container throughput growth in first five months

China's container throughput at ports recorded stable expansion in the first five months of the year, data from the Ministry of Transport showed.

During the January-May period, the container handling volume at China's ports rose 2.3 percent from one year earlier to 116.48 million twenty-foot equivalent units (TEUs), according to the...

China's container throughput at ports recorded stable expansion in the first five months of the year, data from the Ministry of Transport showed.

During the January-May period, the container handling volume at China's ports rose 2.3 percent from one year earlier to 116.48 million twenty-foot equivalent units (TEUs), according to the...

23.06.2022

World’s largest containership built by CSSC delivered in Shanghai

A ship able to carry 24,000 standard containers, built by China State Shipbuilding Corp (CSSC), was delivered to the client in Shanghai on Wednesday. It's the world's largest containership.

The ship was independently designed by Hudong-Zhonghua Shipbuilding Co, a subsidiary of CSSC. Hudong-Zhonghua owns the ship's intellectual property rights, according to...

A ship able to carry 24,000 standard containers, built by China State Shipbuilding Corp (CSSC), was delivered to the client in Shanghai on Wednesday. It's the world's largest containership.

The ship was independently designed by Hudong-Zhonghua Shipbuilding Co, a subsidiary of CSSC. Hudong-Zhonghua owns the ship's intellectual property rights, according to...

23.06.2022

Logistics and storage gain boost from ACR

Automated logistics and warehousing systems, robots, and unmanned vehicles have played a vital role in ensuring the smooth operation of supply chains and improving delivery efficiency during this year's June 18 online shopping festival.

Shenzhen, Guangdong province-based warehousing logistics solution provider Hai Robotics said it has leveraged autonomous case-handling robots, or...

Automated logistics and warehousing systems, robots, and unmanned vehicles have played a vital role in ensuring the smooth operation of supply chains and improving delivery efficiency during this year's June 18 online shopping festival.

Shenzhen, Guangdong province-based warehousing logistics solution provider Hai Robotics said it has leveraged autonomous case-handling robots, or...

23.06.2022

China's road freight volume drops in first five months

China's road freight volume fell 4.6 percent year-on-year in the first five months of the year, data from the Ministry of Transport showed.

About 14.37 billion metric tons of road cargo were transported during this period, according to the ministry.

In May alone, China's road freight volume neared 3.26 billion tons, the...

China's road freight volume fell 4.6 percent year-on-year in the first five months of the year, data from the Ministry of Transport showed.

About 14.37 billion metric tons of road cargo were transported during this period, according to the ministry.

In May alone, China's road freight volume neared 3.26 billion tons, the...

23.06.2022

Trade between China and BRICS countries surges 12.1% y-o-y in January-May

Trade between China and BRICS countries stood at 1.31 trillion yuan ($196 billion) from January to May, surging 12.1 percent year-on-year, data from China's General Administration of Customs (GAC) showed on Tuesday.

The 12.1-percent growth was 3.8 percentage points higher than China's overall trade growth during the same period. In the...

Trade between China and BRICS countries stood at 1.31 trillion yuan ($196 billion) from January to May, surging 12.1 percent year-on-year, data from China's General Administration of Customs (GAC) showed on Tuesday.

The 12.1-percent growth was 3.8 percentage points higher than China's overall trade growth during the same period. In the...

23.06.2022

China’s electricity demand sets new records amid heat wave, work resumption

Demand for electricity in many Chinese localities has set new records amid searing heat and robust factory activity due to an accelerating economic recovery from recent COVID-19 outbreaks. 

During an inspection tour to North China's Hebei Province on Tuesday, Premier Li Keqiang urged tapping into advanced coal capacity, securing power supply...

Demand for electricity in many Chinese localities has set new records amid searing heat and robust factory activity due to an accelerating economic recovery from recent COVID-19 outbreaks. 

During an inspection tour to North China's Hebei Province on Tuesday, Premier Li Keqiang urged tapping into advanced coal capacity, securing power supply...

23.06.2022

China's central SOEs up investment in new infrastructure

China's centrally administered State-owned enterprises (SOEs) are ramping up investment in new types of infrastructure to facilitate industrial transformation, data from the country's top State-asset regulator showed.

In 2021, over 700 subsidiaries of nearly 70 central SOEs invested a total of 400 billion yuan ($59.6 billion) in new infrastructure, according to...

China's centrally administered State-owned enterprises (SOEs) are ramping up investment in new types of infrastructure to facilitate industrial transformation, data from the country's top State-asset regulator showed.

In 2021, over 700 subsidiaries of nearly 70 central SOEs invested a total of 400 billion yuan ($59.6 billion) in new infrastructure, according to...

23.06.2022

China calls for implementation of steps to stabilise economic performance

Premier Li Keqiang stressed on Tuesday the fundamental role of grain production and energy supply in stabilising commodity prices, saying that China has kept its prudent monetary policy in place to curb potential rises in inflation.

Speaking during a fact-finding tour of Hebei province, Li called for local authorities to ensure...

Premier Li Keqiang stressed on Tuesday the fundamental role of grain production and energy supply in stabilising commodity prices, saying that China has kept its prudent monetary policy in place to curb potential rises in inflation.

Speaking during a fact-finding tour of Hebei province, Li called for local authorities to ensure...

23.06.2022

China keeps LPR unchanged in June as economic recovery gains momentum

China's central bank on Monday kept its market-based benchmark lending rate unchanged, showing confidence in the country's strong recovery momentum buoyed by existing policies to bolster growth and effective efforts to rein in recent COVID-19 outbreaks.

According to the People's Bank of China (PBC), the central bank, the one-year loan prime...

China's central bank on Monday kept its market-based benchmark lending rate unchanged, showing confidence in the country's strong recovery momentum buoyed by existing policies to bolster growth and effective efforts to rein in recent COVID-19 outbreaks.

According to the People's Bank of China (PBC), the central bank, the one-year loan prime...

23.06.2022

Renminbi takes another global step

China's latest move to encourage renminbi settlement in cross-border e-commerce will help stabilize the operation of foreign trade enterprises and boost internationalization of the currency, experts said on Tuesday.

The People's Bank of China, the nation's central bank, published a circular on Monday that improved policies for cross-border renminbi settlement in...

China's latest move to encourage renminbi settlement in cross-border e-commerce will help stabilize the operation of foreign trade enterprises and boost internationalization of the currency, experts said on Tuesday.

The People's Bank of China, the nation's central bank, published a circular on Monday that improved policies for cross-border renminbi settlement in...

23.06.2022

China stock markets strained as authorities stop short of full economic support

Mainland Chinese shares ended lower on Wednesday, as extreme weather in some parts of the country added uncertainty to economic recovery from COVID-19 shocks, while signs of fresh crackdown on tech firms and the platform economy hurt the Hong Kong market.

At the market close, the Shanghai Composite Index closed down...

Mainland Chinese shares ended lower on Wednesday, as extreme weather in some parts of the country added uncertainty to economic recovery from COVID-19 shocks, while signs of fresh crackdown on tech firms and the platform economy hurt the Hong Kong market.

At the market close, the Shanghai Composite Index closed down...

23.06.2022

China promises more financial support for stranded development projects

Beijing ratcheted up calls to boost China’s Covid-battered economy, with the nation’s finance minister saying more pro-growth policies are being studied and a newspaper affiliated with the Cabinet urging banks to step up lending for infrastructure projects.

The government will further accelerate fiscal spending as well as the sale of special...

Beijing ratcheted up calls to boost China’s Covid-battered economy, with the nation’s finance minister saying more pro-growth policies are being studied and a newspaper affiliated with the Cabinet urging banks to step up lending for infrastructure projects.

The government will further accelerate fiscal spending as well as the sale of special...

Eurasia

23.06.2022

Chinese, Russian companies pursue rising yuan trade settlements

Traders see a growing potential for local currency settlements in trade, especially between China and Russia under the BRICS (Brazil, Russia, India, China and South Africa) framework, as the countries are seeking alternatives to chip away at dollar dominance.While the US dollar hegemony continues to shadow world trade, closer economic...

Traders see a growing potential for local currency settlements in trade, especially between China and Russia under the BRICS (Brazil, Russia, India, China and South Africa) framework, as the countries are seeking alternatives to chip away at dollar dominance.While the US dollar hegemony continues to shadow world trade, closer economic...

23.06.2022

New China-Turkmenistan natural gas field put into operation

A new natural gas project between China and Turkmenistan has begun operations, which is set to further boost bilateral economic ties in areas including energy and infrastructure, help ensure China's energy supply amid rising energy prices and diversify China's sources of energy imports against the backdrop of global uncertainties.

A new...

A new natural gas project between China and Turkmenistan has begun operations, which is set to further boost bilateral economic ties in areas including energy and infrastructure, help ensure China's energy supply amid rising energy prices and diversify China's sources of energy imports against the backdrop of global uncertainties.

A new...

23.06.2022

Ningxia launches first intermodal freight train to Iran via Caspian Sea

Northwest China's Ningxia Hui Autonomous Region launched the first sea-rail intermodal freight train to Iran on Monday, forming a new international logistics channel via the Caspian Sea.

The new line, combined with other China-Europe freight rail routes, will contribute to building a global transportation network covering sea, rail and road transport.

The...

Northwest China's Ningxia Hui Autonomous Region launched the first sea-rail intermodal freight train to Iran on Monday, forming a new international logistics channel via the Caspian Sea.

The new line, combined with other China-Europe freight rail routes, will contribute to building a global transportation network covering sea, rail and road transport.

The...

Europe

23.06.2022

Two-thirds of European companies see revenues grow in China last year

Two-thirds of European businesses operating in China saw their revenues grow 24 percent in 2021, compared with the previous year, a European business community report showed on Monday, while also listing challenges ranging from the pandemic, domestic economic slowdown to changes in global environment, which they said could make their...

Two-thirds of European businesses operating in China saw their revenues grow 24 percent in 2021, compared with the previous year, a European business community report showed on Monday, while also listing challenges ranging from the pandemic, domestic economic slowdown to changes in global environment, which they said could make their...

23.06.2022

German exports to China rise by 10.5 pct in May

Germany exported goods worth 9.3 billion euros (9.8 billion U.S. dollars) to China in May, an increase of 10.5 percent year-on-year, the Federal Statistical Office (Destatis) said on Tuesday.

China remained Germany's second most important export partner after the United States, according to Destatis. German exports to the United States recovered...

Germany exported goods worth 9.3 billion euros (9.8 billion U.S. dollars) to China in May, an increase of 10.5 percent year-on-year, the Federal Statistical Office (Destatis) said on Tuesday.

China remained Germany's second most important export partner after the United States, according to Destatis. German exports to the United States recovered...

23.06.2022

Bulgaria eyes EU-China trade via Azerbaijan

The southern European Union nation of Bulgaria has expressed keen interest in developing trade ties with Azerbaijan in order to access the southern route for goods traffic to and from China and South Asia.

Huseyn Huseynov, Azerbaijan’s ambassador to Bulgaria, has stated that

“Transport is another priority area of cooperation between (Bulgaria...

The southern European Union nation of Bulgaria has expressed keen interest in developing trade ties with Azerbaijan in order to access the southern route for goods traffic to and from China and South Asia.

Huseyn Huseynov, Azerbaijan’s ambassador to Bulgaria, has stated that

“Transport is another priority area of cooperation between (Bulgaria...

South Asia, Middle East

23.06.2022

ASEAN-China cooperation viewed mutually beneficial

The cooperation between the Association of Southeast Asian Nations (ASEAN) and China has provided mutual benefits and greatly contributed to regional peace, stability and development, Cambodian deputy prime minister and defense minister Gen. Tea Banh said here on Wednesday.

Gen. Banh made the remarks while co-chairing the ASEAN-China Defense Ministers' Informal...

The cooperation between the Association of Southeast Asian Nations (ASEAN) and China has provided mutual benefits and greatly contributed to regional peace, stability and development, Cambodian deputy prime minister and defense minister Gen. Tea Banh said here on Wednesday.

Gen. Banh made the remarks while co-chairing the ASEAN-China Defense Ministers' Informal...

23.06.2022

Pakistan signs $2.3-bn loan facility agreement with China

Pakistan on Wednesday signed a 15 billion yuan (USD 2.3 billion) loan facility agreement with a Chinese consortium of banks to help the country's cash-strapped economy in the wake of depleting foreign exchange reserves and depreciation of its local currency.

Pakistan Finance Minister Miftah Ismail in...

Pakistan on Wednesday signed a 15 billion yuan (USD 2.3 billion) loan facility agreement with a Chinese consortium of banks to help the country's cash-strapped economy in the wake of depleting foreign exchange reserves and depreciation of its local currency.

Pakistan Finance Minister Miftah Ismail in a tweet said that the "Chinese consortium of banks...

23.06.2022

China-Laos electricity supply achieves two-way transmission for the first time

The Nam Tha River Hydropower Station in Laos delivered electricity to Southwest China's Yunnan Province on Monday, marking the first two-way transmission in 12 years since the China-Laos electricity connection in a new chapter of bilateral cooperation between China and Laos.

To help Laos address the problem of redundant power supply...

The Nam Tha River Hydropower Station in Laos delivered electricity to Southwest China's Yunnan Province on Monday, marking the first two-way transmission in 12 years since the China-Laos electricity connection in a new chapter of bilateral cooperation between China and Laos.

To help Laos address the problem of redundant power supply...

23.06.2022

Malaysia’s Petronas continues to provide energy to China as country diversifies imports

Malaysia's state-owned oil and gas giant Petronas said that it will continue to provide flexible solutions to meet the rapidly growing clean energy needs of its Chinese partners.

The remarks came at a recent media event where the company reaffirmed its commitment to being a key energy provider in the nation’s...

Malaysia's state-owned oil and gas giant Petronas said that it will continue to provide flexible solutions to meet the rapidly growing clean energy needs of its Chinese partners.

The remarks came at a recent media event where the company reaffirmed its commitment to being a key energy provider in the nation’s...

23.06.2022

China links Belt & Road Initiative expenditure to Egypt’s 2030 Vision Development Plan

China, which pledged investments of US$400 billion over the next ten years to Muslim nations at the Organisation of Islamic Cooperation in March, has stated it will ‘align’ its BRI expenditure with Egypt’s Vision 2030 development scheme.

Wang Di, China’s Director-General of the Department of West Asian and North African...

China, which pledged investments of US$400 billion over the next ten years to Muslim nations at the Organisation of Islamic Cooperation in March, has stated it will ‘align’ its BRI expenditure with Egypt’s Vision 2030 development scheme.

Wang Di, China’s Director-General of the Department of West Asian and North African Affairs at the...

Africa, Americas

23.06.2022

First China-Horn of Africa peace conference concludes with call for shared aspirations

The First China-Horn of Africa Peace, Good Governance and Development Conference concluded on Tuesday in Addis Ababa, the capital of Ethiopia, with a joint call for the realization of shared regional aspirations.

The high-level regional peace and development conference brought together ministers and senior government officials of Horn of Africa (HOA)...

The First China-Horn of Africa Peace, Good Governance and Development Conference concluded on Tuesday in Addis Ababa, the capital of Ethiopia, with a joint call for the realization of shared regional aspirations.

The high-level regional peace and development conference brought together ministers and senior government officials of Horn of Africa (HOA)...

23.06.2022

BRICS helps Africa focus on security, development amid challenges

The BRICS Summit serves as a platform for developing countries, including African countries, to focus on security and development amid reverse globalization and the Ukraine crisis, analysts said, as a China-led peace conference for the Horn of Africa (HoA) wrapped up on Tuesday with China vowing to support regional development. 

At...

The BRICS Summit serves as a platform for developing countries, including African countries, to focus on security and development amid reverse globalization and the Ukraine crisis, analysts said, as a China-led peace conference for the Horn of Africa (HoA) wrapped up on Tuesday with China vowing to support regional development. 

At...

23.06.2022

Cainiao opens China-US sea freight service

Cainiao Network has introduced an international logistics service promising "port-to-warehouse" delivery between China and the United States within 30 days, the latest move to facilitate cross-border transportation and bolster exports by Chinese merchants.

The China-US sea-freight package ensures that Chinese manufacturers who transport goods from domestic plants to overseas warehouses in...

Cainiao Network has introduced an international logistics service promising "port-to-warehouse" delivery between China and the United States within 30 days, the latest move to facilitate cross-border transportation and bolster exports by Chinese merchants.

The China-US sea-freight package ensures that Chinese manufacturers who transport goods from domestic plants to overseas warehouses in...

23.06.2022

US industrial material giant sees greater potential unleashed by beneficial moves

China's remarkable economic resilience and efficient policies will support the nation in shaking off the current COVID-19 impact and add more impetus to global recovery, according to a senior executive of PPG, the world's second-largest paints, coatings and specialty materials company.

Raymond Siu, chief financial officer and interim president of the...

China's remarkable economic resilience and efficient policies will support the nation in shaking off the current COVID-19 impact and add more impetus to global recovery, according to a senior executive of PPG, the world's second-largest paints, coatings and specialty materials company.

Raymond Siu, chief financial officer and interim president of the...

Markets

23.06.2022

Decoupling of US and China found against economic interest of either side

Any decoupling of the US and China is not in the economic interest of either side, as China remains an attractive investment destination and the top priority market for nearly two-thirds of member companies in the American Chamber of Commerce in China, Colm Rafferty, president of the chamber, said.

He made...

Any decoupling of the US and China is not in the economic interest of either side, as China remains an attractive investment destination and the top priority market for nearly two-thirds of member companies in the American Chamber of Commerce in China, Colm Rafferty, president of the chamber, said.

He made...

23.06.2022

Currency markets take fresh swing at greenback’s expense

The euro and sterling fell on Wednesday as concerns resurfaced that interest rate hikes from major central banks to contain inflation run the risk of a sharp global growth slowdown or recession.

Data showing British consumer price inflation hit a new 40-year high at 9.1% sent sterling down almost 1% to...

The euro and sterling fell on Wednesday as concerns resurfaced that interest rate hikes from major central banks to contain inflation run the risk of a sharp global growth slowdown or recession.

Data showing British consumer price inflation hit a new 40-year high at 9.1% sent sterling down almost 1% to...

23.06.2022

Stock markets step back into red zones

European shares turned sharply lower on Wednesday after two days of gains, as a fall in oil and metal prices and another rise in UK inflation hit investor sentiment.

"The fragile nature of this week's rebound has been laid bare today, with a sharp slide in oil prices in Asia, spilling...

European shares turned sharply lower on Wednesday after two days of gains, as a fall in oil and metal prices and another rise in UK inflation hit investor sentiment.

"The fragile nature of this week's rebound has been laid bare today, with a sharp slide in oil prices in Asia, spilling...

23.06.2022

Brent drops below $110/b threshold on US downstream state intervention

Oil prices tumbled by more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to cut fuel costs for drivers in the latest episode to aggravate relations between the White House and the U.S. oil industry.

Brent crude futures were down $5.10, or 4.5%, to $109.55...

Oil prices tumbled by more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to cut fuel costs for drivers in the latest episode to aggravate relations between the White House and the U.S. oil industry.

Brent crude futures were down $5.10, or 4.5%, to $109.55...

23.06.2022

Thin Norwegian, Russian supplies stick bulls to Eurasian natural gas benchmarks

British and Dutch wholesale gas prices edged higher on Wednesday morning on lower flows from Norway while overall the European market is starting to settle amid steady, albeit curbed, Russian supply.

The British day-ahead contract rose by 11.50 pence to 209 pence per therm by 0856 GMT, with the weekend contract up by...

British and Dutch wholesale gas prices edged higher on Wednesday morning on lower flows from Norway while overall the European market is starting to settle amid steady, albeit curbed, Russian supply.

The British day-ahead contract rose by 11.50 pence to 209 pence per therm by 0856 GMT, with the weekend contract up by...

23.06.2022

Bullion regains glitter on monetary contradictions

Gold rose on Wednesday as renewed fears of a recession bolstered bullion's allure as a safe haven and countered pressure from a firmer dollar, while investors awaited monetary policy cues from the Federal Reserve.

Spot gold reversed initial declines to rise 0.4% to $1,839.86 per ounce by 1145 GMT, while U.S....

Gold rose on Wednesday as renewed fears of a recession bolstered bullion's allure as a safe haven and countered pressure from a firmer dollar, while investors awaited monetary policy cues from the Federal Reserve.

Spot gold reversed initial declines to rise 0.4% to $1,839.86 per ounce by 1145 GMT, while U.S....

23.06.2022

Non-ferrous base metals take fresh blow on recession fears

Copper prices slumped to their lowest level in over a year on Wednesday on increasing fears that rapid interest rate hikes would topple the global economy into recession as China grapples with COVID-19 lockdowns, hitting demand for metals.

Aluminium and other industrial metals joined the selloff in risky assets, which also...

Copper prices slumped to their lowest level in over a year on Wednesday on increasing fears that rapid interest rate hikes would topple the global economy into recession as China grapples with COVID-19 lockdowns, hitting demand for metals.

Aluminium and other industrial metals joined the selloff in risky assets, which also...

23.06.2022

US wheat benchmark veers up on Black Sea gun smoke

Chicago wheat regained ground on Wednesday after tumbling nearly 6% in the previous session as a Russian strike on the Ukrainian port city of Mykolaiv revived supply fears.

Signs of renewed demand from importers also encouraged the wheat market to steady after touching its lowest since late March, traders said.

Corn was...

Chicago wheat regained ground on Wednesday after tumbling nearly 6% in the previous session as a Russian strike on the Ukrainian port city of Mykolaiv revived supply fears.

Signs of renewed demand from importers also encouraged the wheat market to steady after touching its lowest since late March, traders said.

Corn was...