Wednesday, March 13, 2024
Saudi Aramco, the world's largest oil and gas producer, is looking at further opportunities to invest in China, where oil demand has been robust and is growing, according to the company's top executive. Aramco has been ramping up its presence in China, the world's largest crude oil importer and the second-largest crude oil consumer, in a series of refining and petrochemicals deals, some of them with crude offtake agreements attached. "In the early part of 2024, demand has been healthy and is growing in China," Amin H. Nasser, president and CEO of Aramco, said on a media call following the announcement of its full-year 2023 financial results, which revealed the second-highest-ever net profit at $121.3 billion.
Wednesday, March 13, 2024
Chinese tech company Xiaomi's first electric vehicle, the SU7, will be formally launched. Xiaomi unveiled its plan to build vehicles in 2021 and displayed the first EV at pre-news conference on Dec 28. However, the car price, a factor that catches the public's attention, was not announced. The company has spent over 10 billion yuan ($1.4 billion) on the first model, with over 3,400 engineers involved.
Wednesday, March 13, 2024
China's top anti-graft authorities have launched an investigation into Li Jiping, a former vice president of China Development Bank (CDB), for suspected severe violations of disciplines and law. The move marks the latest in a series of efforts by China to tackle corruption in its financial system. Li's investigation follows that of two other former vice presidents of CDB. Wang Yongsheng was probed in July 2023 and arrested on January 11 on suspicion of accepting bribes. Similarly, another CDB vice president, Zhou Qingyu, was investigated in May 2023 and arrested on December 14 for suspected bribery and using influence to accept bribes.
Tuesday, March 12, 2024
The announcement by Hungary related to issuing 5-year, multiple-entry visas for Chinese citizens on business trips is another example of the high-level development of China-Hungary ties, and China welcomes the move," said Foreign Ministry spokesperson Wang Wenbin. After China implemented a pilot policy which include visa-free entry for Hungarian tourists and business people, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto recently announced that Hungary would issue long-term visas to Chinese citizens visiting the country for investment and business cooperation.
Tuesday, March 12, 2024
Financial risks are generally under control and the country has ample conditions and resources to address the risks, said Li Yunze, head of the National Financial Regulatory Administration, after the closing of the annual national legislative session. Development, particularly high-quality development, is fundamental to forestalling and defusing risks, he stressed, adding that the administration will remain firm in following the path of financial development with Chinese characteristics. With forestalling and defusing financial risks as the primary task, regulators will be more forward-looking in carrying out oversight and regulation in a more targeted, effective and coordinated manner, so as to ensure no systemic risks arise, Li said.
Tuesday, March 12, 2024
China aims to accelerate research and development of key core technologies and application-oriented technological innovations this year, with a focus on developing a faster bullet train capable of traveling at 450 kilometers per hour and intelligent high-speed rail technologies, said Liu Zhenfang, the president of China State Railway Group, which operates the national railway system. "Technological innovation can foster new industries, new models and new momentum," he said. "It is the core element for developing new quality productive forces. The group plans to unveil a more advanced bullet train, the CR450-with a top operating speed of 400 km/h and an experimental speed of up to 450 km/h by next year. It plans to complete a prototype this year and begin testing.
Tuesday, March 12, 2024
With a focus on emerging industries in Northwest China's Xinjiang Uygur Autonomous Region from 2024 to 2026, the investments will be dedicated to new technologies, new tracks and new markets, striving to create a forward-looking and strategic "incubator," and cultivating new quality productive forces, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). The projects are expected to create 32,000 new jobs for the residents of Xinjiang during the three-year period.