Caixin
Oct 28, 2021 09:55 AM
CX DAILY

CX Daily: China Outlines Actions Needed To Peak Carbon Emissions By 2030

Wind turbines in Yongzhou, Central China’s Hunan province, on Aug. 16 . Photo: VCG
Wind turbines in Yongzhou, Central China’s Hunan province, on Aug. 16 . Photo: VCG

Carbon /

China outlines actions needed to peak carbon emissions by 2030

China’s cabinet released a new action plan to bring the country’s carbon emissions to a peak by 2030, listing key tasks that need to be carried out to achieve the phased targets to cut carbon intensity.

The State Council plan highlights 10 fields where actions need to be taken, including green and low-carbon energy transition and the industry sector, while reiterating the targets of an 18% cut in carbon dioxide emissions per unit of GDP — also known as “CO2 emissions intensity” — by 2025 from the 2020 level, and a 65% cut in such intensity by 2030 compared with the 2005 level.

Full Text: China’s roadmap for emission peak, carbon neutrality

China Carbon Watch: Trading price hits record low

FINANCE & ECONOMY

Property /

China’s property developers told to pay their international debts on time

China’s regulators are stepping up efforts to ensure property developers and other companies can repay the interest and principal on their offshore bonds on time after a string of missed and late payments triggered turmoil in the bond markets, fueling concerns about a potential liquidity crunch and more defaults.

The National Development and Reform Commission (NDRC), which oversees offshore corporate bond issuance, and the State Administration of Foreign Exchange (SAFE) called companies “in certain major industries” to a meeting in Beijing to discuss their offshore bonds, according to an official statement (link in Chinese) released Tuesday.

Opinion: Why China is trying out a property tax

Debts /

Two wealthy Chinese regions vow to wipe out implicit government debt

Two of China’s wealthiest regions vowed to eliminate off-balance-sheet government debt as policymakers continue their years-long campaign to clean up local government borrowing.

On Monday, the Shanghai local government announced a pilot program to achieve “zero hidden (government) debt” within the city. Guangdong province kicked off the same program earlier this month.

Futures /

China moves to blunt power of futures market over coal prices

China’s commodity exchange raised margin requirements on thermal coal futures as Beijing steps up measures to tame coal prices in response to a nationwide power shortage.

The trading margin on thermal coal futures contracts for near term delivery will be raised to 40% from 30%, and on longer-term delivery contracts to 20% from 16%, as of Wednesday, the Zhengzhou Commodity Exchange said Monday.

Quick hits /

Tencent, Ant rebrand NFTs after Beijing’s crypto crackdown

Goldman backs China bulls with 50 ‘common prosperity’ stocks

China’s booming exports mean yuan’s yearlong rally far from over

BUSINESS & TECH

TSMC’s headquarters in Hsinchu, Taiwan, in July 2020. Photo: VCG 

TSMC /

Top chipmaker TSMC rebuffs U.S. request for supply chain information

Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), the world’s largest contract chipmaker, said that it will not hand over “confidential client information” to the U.S. government in response to a Washington request to share supply chain data amid the global semiconductor shortage.

The U.S. Department of Commerce issued a Request for Information (RFI) Sept. 24 asking American and foreign companies in the semiconductor supply chain — including producers, consumers and intermediaries — to voluntarily fill out a questionnaire within 45 days providing “information about inventories, demand and delivery dynamics.”

Diesel /

Chinese gas stations ration diesel amid shortage

Gas stations in many parts of China started rationing diesel supplies amid surging costs and falling supplies of the fuel used for heating, generating electricity and powering cars and trucks.

The diesel situation adds to energy pressures on the world’s second-largest economy. The country is already struggling with shortages of coal and natural gas that caused widespread power brownouts. The shortage of fuel for trucks threatens to further complicate the global supply-chain nightmare.

Beauty /

Market watchdog reveals how and why it punished bad beauty clinics

China’s market watchdog fined beauty clinics 3.55 million yuan ($556,387) for a variety of dishonest or dangerous practices in the first nine months of 2021 as the booming industry came under new regulatory pressure.

The State Administration of Market Regulation (SAMR) Monday published a list (link in Chinese) of 10 examples of medical cosmetology companies that it punished for making exaggerated claims about treatments, lying about their staff’s qualifications and faking online reviews.

Super rich /

Venture capital firm co-founder says super rich should help to curb inequality

Horizons Ventures’ co-founder Solina Chau called on super rich Asians to play a bigger role in contributing to society and helping in eliminating all kinds of inequality.

Chau shared her views in a speech at the Asia Philanthropy Forum 2021 last week, which was organized by U.S. investment bank Goldman Sachs Group Inc. She said that countries with different systems across the world are facing increasing inequality, and the problem is breeding increasing populist sentiments.

Quick hits /

BYD to raise battery price 20% as lithium costs soar

U.S. ban on China Telecom signals broad concern over Beijing

China suffers first widespread air pollution of the season

GALLERY

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