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News from China

China's manufacturing PMI up in August

31st August 2022

The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.4 in August, up from 49 in July, data from the National Bureau of Statistics (NBS) showed Wednesday.

NBS senior statistician Zhao Qinghe said the majority of the manufacturing sectors reported improving business climate as PMIs rose in 12 of 21 surveyed industries. "Despite the impacts of COVID-19 and heatwaves, the Chinese economy has continued its recovery."

Some major industries kept expanding. The index of the consumer goods production rose from 51.4 in July to 52.3 this month, and that of the equipment and high-tech manufacturing sectors stood at 50.9 and 50.6, respectively.

A reading above 50 indicates expansion, while a reading below reflects contraction.

Source: Xinhua

China's green finance creates more opportunities for foreign institutions

30th August 2022

As China is expediting its green drive, global financial institutions will get a boost.

The People's Bank of China (PBOC) recently included two foreign-funded banks in a lending program designed for carbon emission reduction. Deutsche Bank (China) Co., Ltd. and Societe Generale (China) Ltd. became the first foreign institutions to get the okay to join the supporting tool for emission cut.

Under the program rolled out in November last year, lenders can apply for low-cost funding from the central bank after a green loan is made. The fund will be equal to 60 percent of a loan's principal at an annual interest rate of 1.75 percent.

The move will offer more opportunities for foreign lenders to take a part in and benefit from the country's low-carbon shift.

"Deutsche Bank is honored to be among the first banks to be selected for this program." This move shows China's "determination and firm commitment to strengthening its focus on sustainable development," Deutsche Bank China Chief Country Officer Rose Zhu said.

Recognizing China's crucial role in achieving global sustainability goals, the bank has set up a dedicated team in the country for green finance.

Green finance has witnessed robust growth in China over the past years driven by the country's long-term pursuit of low-carbon and sustainable growth.

China has announced that it aims to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. Solid steps have been taken in the expansion of green industries and low-carbon transformation of traditional sectors.

Outstanding green loans in yuan and foreign currencies reached 15.9 trillion yuan (about 2.31 trillion U.S. dollars) by the end of 2021, jumping 33 percent from the previous year. Specifically, green loans for projects with carbon-reduction benefits topped 10 trillion yuan.

The issuance of green bonds also boomed. With over 600 billion yuan issued in 2021, up 180 percent from a year ago, China has become the world's second largest green bond market.

China's green finance market is in full swing, said Li Jing, partner of climate change and sustainability services at Ernst & Young Greater China.

The industry specialist expects more overseas investments in green finance products in the country, such as green bonds and carbon-neutrality exchange-traded funds.

Analysts believe that with continued financial opening-up, the enormous and fast-growing green finance will bring tremendous opportunities to foreign institutions.

After the inclusion of the two foreign lenders in the supporting tool for carbon emission reduction, the PBOC said it will consider adding other ready and capable foreign financial institutions to the list.

China attaches great importance to green transformation, adheres to opening-up, treats foreign financial institutions as equals and supports their development in the country, it added.

Source: Xinhua

China sees growth in number of patent transfers

25th August 2022

China has witnessed growth in the number of patent transfers and licenses over the past year, the country's top intellectual property (IP) regulator said on Wednesday.

In 2021, the number of patent transfers and licenses nationwide reached 420,000, up 15 percent year on year. Among them, the growth rate in low-carbon industries such as green new energy is more than twice the national average, the National Intellectual Property Administration revealed at its monthly press conference.

The number of patent transfers and licenses in Chinese universities and research institutes reached 27,000, a year-on-year increase of 33.4 percent, of which 30 percent of the patents belonged to strategic emerging industries, a spokesperson for the administration said.

Lei Chaozi, head of the science and technology department of the Ministry of Education, attributed the progress to efforts in talent cultivation.

Many universities have set up secondary disciplines or interdisciplinary disciplines related to intellectual property, and over 100 Chinese universities have established IP undergraduate programs, with more than 12,000 students, said the official.

He also highlighted that university patent transfer and licensing agreements vaulted from 2,357 in 2012 to over 15,000 in 2021. The monetary value of patent commercialization amounted to 8.89 billion yuan (about 1.3 billion U.S. dollars) from 820 million yuan during the period.

"It is an achievement of both quantity and quality trending up simultaneously," Lei said.

Source: Xinhua

9 years on, economic ties closer among Belt and Road countries

18th August 2022

The ongoing Sixth Silk Road International Exposition that kicked off on Sunday in Xi'an, capital of northwest China's Shaanxi Province, has given foreign entrepreneurs a window into the broad Chinese market.

With closer Belt and Road cooperation high on the agenda, the expo has attracted participants from over 70 countries and regions, including Thailand and Singapore. Uzbekistan serves as the guest country of honor.

The National Development and Reform Commission and three relevant departments issued a guideline in March, saying that China will promote the green development of the Belt and Road and strengthen international cooperation in this regard.

At this year's expo, a variety of green and intelligent products are on display, from electric vehicle charging facilities to patrol robots. Among them, two pure electric drive assemblies have hogged the limelight.

"The newly-developed assembly can be equipped on wide-body mining trucks, heavy-loaded tractors and the like, which provides the same power as diesel but without noise and greenhouse gas emissions," said Xie Yuanxin, with Shaanxi Fast Auto Drive Group Co., Ltd., a producer of auto transmission and driveline systems.

Since the first batch of 300 light trucks equipped with such assemblies were exported to Colombia in 2019, the company has broadened its overseas market of green products to countries including Thailand, South Africa and Mexico.

While China is pursuing green development, more overseas investors see business opportunities here.

Established in Shanghai in 2020, Tera Energies, a French-funded company, aims to provide clean-energy and low-carbon solutions to Chinese partners from traditional industries.

"We saw business opportunities from China's carbon-cutting goals. Since our founding, we have carried out more than 10 projects with Chinese companies," said Fu Minxi of Tera Energies, adding that the expo is also a chance for the company to explore the market in northwest China.

Source: Xinhua

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