Feb 17, 2022 09:18 AM

CX DAILY

CX Daily: Provincial Plans Hint at Where China’s Economy Is Going in 2022

Economy /

In Depth: Provincial plans hint at where China’s economy is going in 2022

In less than a month, development goals and government priorities for the year will be announced at the annual session of the National People’s Congress (NPC), China’s top legislature.

But those who want an early peek at what plans the world’s No. 2 economy has for 2022 have another place to look: regional legislatures’ annual sessions.

Every one of the 31 provincial-level governments on the Chinese mainland announced growth targets and policy goals for the new year when delivering annual work reports to local legislatures.

China - U.S. /

Giant pandas join the list of China-U.S. flashpoints

A U.S. congresswoman recently proposed a bill to bar giant panda cubs born in the United States from being returned to China, challenging the so-called “Panda Diplomacy” ushered in 50 years ago to mark friendship between the two world powers.

South Carolina Republican Nancy Mace argued that China has attempted to “soften its image” by loaning the giant pandas to zoos around the world and said she hoped it would send a message to China during the Beijing Winter Olympic Games that pandas should not be used as window dressing. A state-backed newspaper in China called the move “absurd and ridiculous.”

FINANCE & ECONOMY

President Xi Jinping ordered Hong Kong’s government to make containing the city’s Covid-19 outbreak its current “overriding task” and ensure “overall social stability” amid record case numbers. Photo: Cpc.people.com

Hong Kong /

Xi orders Hong Kong government to make containing Covid its top priority

Xi told the city government to “take major responsibility” to mobilize all available resources and take all necessary measures to safeguard the life and health of the people of Hong Kong. He said the city will have Beijing’s full support in battling the disease, according to reports from Wen Wei Po and Ta Kung Po, two pro-Beijing news outlets in the city.

Fintech /

Ant Group founds software-as-a-service unit

Ant Group Co. Ltd. set up a new subsidiary to provide software services for financial institutions and other business clients, the fintech giant’s latest move to double down on tech services.

Sasi Digital Technology (Beijing) Co. Ltd. (萨思数字科技（北京）有限公司) was founded Monday with registered capital of 200 million yuan ($31.5 million), according to public business records.

Sasi Digital is a software-as-a-service solutions provider that offers software development, product design and tech consulting services.

Inflation /

China’s inflation slows, giving central bank room to ease

China’s inflation slowed in January, providing Beijing with more leeway to shore up the economy ahead of a key political leadership meeting later this year.

The producer price index (PPI) rose 9.1% from a year earlier, official data showed Wednesday, weaker than economists’ forecasts of a 9.5% increase and down from 10.3% in December. Consumer prices grew 0.9% last month from a year earlier, according to statements from the National Bureau of Statistics, slower than a projected 1% increase.

Quick hits /

Hong Kong to raise $770 million in first retail green bond sale

Ling Huawei: What’s behind state firms’ reckless capital games in Hong Kong

BUSINESS & TECH

A truck passes through a rare earths mine in Xinjiang Uygur autonomous region in 2016. Photo: VCG

Rare earth /

Rare earth prices hit record high in China

The prices of rare earths hit record highs this week as demand outpaced supply in China, the world’s top producer of the elements crucial to many cutting-edge products.

An index measuring the prices in China of 21 rare earth oxides and combination products published by the Association of China Rare Earth Industry rocketed 99% from about this time last year to reach 426.75, setting a record. On the first day this year for which the association gives a figure, Jan. 4, the index was around 340.

Rare earth minerals are used for products including electric-vehicle batteries, phone components, and military equipment.

Chips /

Suzhou chip plant halts production on worker’s positive Covid test

Taiwan contract chipmaker United Microelectronics Corp. (UMC) suspended production at its Suzhou factory after a worker tested positive for Covid-19, the company said Monday.

UMC said its unit Hejian Technology (Suzhou) Co. is assisting local authorities in screening all workers, after which full operations will resume.

Suzhou, in East China’s Jiangsu Province, turned up eight Covid-19 cases Monday, all from the Suzhou Industrial Park, home to more than 1,800 high-tech companies.

Batteries /

CATL considers building more factories outside China, including U.S.

The world’s largest electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd. (CATL) said it’s considering building more factories overseas, including in the U.S., to localize supplies of its products.

CATL, based in East China’s Fujian province, has been trying to ease investor concerns about the recent sell-off of its stock, which as of Friday was down about 29% from a December peak.

Electric cars /

China greenlights Audi-FAW’s $3.3 billion electric vehicle factory

Volkswagen AG’s Audi and Chinese state-owned automaker FAW Group Co. Ltd. got the green light to build an electric vehicle plant in Northeast China as the German luxury car brand ramps up production of battery-powered cars for the world’s largest auto market.

Construction of the 21 billion yuan ($3.3 billion) plant, which will be based in Jilin province’s capital city of Changchun, is scheduled to begin in April and be completed by December 2024, according to a government document.

Quick hits /

Mainland traders lift Tencent, Meituan stakes to 7-month highs

Opinion: How the Beijing Winter Olympics has changed the world map of winter sports

GALLERY

　Russian figure skaters pirouette to victory

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