Caixin
May 28, 2021 07:37 AM
ENERGY INSIDER

Energy Insider: Cabinet Vows to Tackle Commodity Price Hikes; State Asset Manager Sets Up $11 Billion SOE Restructuring Fund

China’s State Council pledged to support micro, small and private businesses with measures to counter the effects of increases in the prices of raw materials.
China’s State Council pledged to support micro, small and private businesses with measures to counter the effects of increases in the prices of raw materials.

In today’s Caixin energy news wrap: China issues new guidelines to regulate the cement industry; Beijing plans massive hydrogen fuel cell project; state asset manager sets up $11 billion fund to support SOE restructuring, and the cabinet pledges to tackle raw materials price hikes.

Cabinet pledges to address raw materials price jumps

China’s State Council, the cabinet, pledged to support micro, small and private businesses with measures to counter the effects of increases in the prices of raw materials. The cabinet will use market-oriented measures to ensure sufficient supply and stable pricing and will coordinate the upstream and downstream of industrial chains. It also vowed to crack down on hoarding, profiteering and price gouging.

Ningxia tightens grip on projects with high environmental risks

The Ningxia Hui Autonomous Region in northwest China imposed stricter requirements for local industrial parks to build new projects with high pollution and heavy energy consumption. All new industrial projects should be built within industrial parks, and no new projects involving hazardous chemicals will be approved except in a special chemical industrial zone, according to a document issued by five local authorities.

Guidelines issued to regulate cement industry

Seven central government departments outlined requirements for the cement industry on product quality and market operations in a set of guidelines issued Thursday. The documents encourage companies to adopt advanced technologies to reduce energy consumption and emissions to meet the industry’s goal of peaking carbon dioxide emissions by 2030.

Beijing to build a 1 million-kilowatt hydrogen energy base

Beijing will build a hydrogen fuel cell project in its southwest district of Fangshan into a massive research and development complex with capacity to produce more than 1 million kilowatts of hydrogen energy a year, the China News Service reported. The first phase of construction started last year and is set to be completed this year with 2,000 square meters of hydrogen fuel cell production facilities.

China Reform Holdings sets up $11 billion SOE overhaul fund

China Reform Holdings Corp., a Chinese state-owned asset manager, set up a 70 billion yuan ($10.9 billion) fund to support restructuring of state-owned enterprises (SOEs). The first phase of the fund will total 35 billion yuan.

More than 10 million kilowatts of offshore wind power capacity goes online

As of the end of April 2021, China’s offshore wind power capacity connected to the national grid reached 10.42 million kilowatts, according to the National Energy Administration. From January to April, China’s offshore wind power generation totaled 9.94 billion kilowatt-hours, accounting for 0.39% of the national total.

Zijin Mining’s Congo copper mine in partial operation

The Kamoa-Kakula copper mine jointly developed by Zijin Mining Group Co. Ltd. (601899.SH) and Canada’s Ivanhoe Mines Ltd. in the Democratic Republic of the Congo started partial operation ahead of schedule, the Chinese mining giant said. The ore-selecting plant with 3.8 million tons of annual processing capacity in the first phase of the project started operation May 25. The whole project is set to produce 80,000–95,000 tons of copper concentrate this year.

Contact editors Han Wei (weihan@caixin.com) and Bob Simison (bobsimison@caixin.com)

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