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Aug 26, 2022 09:11 AM
CX DAILY

CX Daily: Four Things to Know About China’s Power Crunch

A resident rides a bicycle on the dried riverbed of Jialing River in Chongqing on Sunday. Photo: VCG
A resident rides a bicycle on the dried riverbed of Jialing River in Chongqing on Sunday. Photo: VCG

Power crunch /

Four things to know about China’s power crunch

The record heat wave in Sichuan is drying up reservoirs and crippling hydropower stations — the largest source of renewable energy — causing a power crunch and forcing electricity cuts to businesses and households across the southwestern province of 84 million people.

While Sichuan accounts for less than 5% of China’s economy, the situation has stoked concerns among analysts that the crisis would temporarily drag on industrial production and GDP. Economists are already downgrading the nation’s growth outlook for this year to less than 4%, well below the government’s 5.5% target.

Opinion: Why China’s regional power crunch won’t become a national problem

Covid-19 /

Trending in China: Police scorned online for punishing men attending funeral during lockdown

Social media users have slammed the police for punishing four men in East China for allegedly violating disease control measures to attend a relative’s funeral, saying that the handling of the incident was “unreasonable and callous.”

As of Thursday afternoon, a related hashtag #Local authorities respond to an incident in which four men were punished for violating control measures to attend a funeral #官方回应违反防疫规定参加葬礼被罚 has been viewed over 70 million times, receiving over 25,000 comments on China’s Twitter-like platform Weibo.

FINANCE & ECONOMY

 Pedestrians wearing protective masks walk through the Lujiazui financial district in Shanghai.

Economy /

China rolls out more measures to stabilize economy

China’s State Council is stepping up efforts to stabilize the economy with a raft of measures designed to improve market liquidity and encourage spending. Policymakers are fighting to support a recovery that’s been battered by a prolonged property crisis and repeated Covid outbreaks.

The cabinet issued 19 policies to bolster the economy, state broadcaster CCTV reported Wednesday after a meeting chaired by Premier Li Keqiang. The measures are expected to create synergies with policies already introduced and help stabilize the economy, the State Council said in a readout of the meeting.

Students /

Hong Kong provides aid for students stuck on their way to mainland colleges

Hong Kong’s Education Bureau announced a series of measures to help local higher education students facing tough Covid travel restrictions get to the Chinese mainland before the new school year begins.

The new measures, which are supported by Beijing and local governments on the mainland, include providing special border channels for students and putting on additional flights. They were announced after more than 1,000 frustrated students — who had failed to book quarantine hotel rooms and plane or bus tickets — asked lawmakers for help, the South China Morning Post reported.

Quick hits /

China sets stronger-than-expected yuan fix amid currency drop

BUSINESS & TECH

On July 12, 2020, in Yantai, Shandong Province, an EHang autopilot conducted a manned test flight. Photo: VCG 

Self-flying /

China charts course for self-flying cars

China’s aviation industry regulator is collecting feedback on a draft plan for the future use of unmanned aerial vehicles (UAVs), in a sign that policymakers are betting on the broad commercial and civilian uptake of self-flying drones and cars.

The outline — which was published Monday by the Civil Aviation Administration of China (CAAC) — provides a peek at how the government expects UAVs to be used in the following decade through the fleshing out of phased goals and targets.

By 2025, light-weight, low-speed UAVs will be widely used in inner-city short-haul logistics and UAV-enabled short-distance passenger transportation will begin to be tested, the outline predicts.

Entity list /

U.S. expands export sanction to seven more Chinese tech firms

The United States added seven Chinese state-affiliated companies in the aerospace and semiconductor sectors to its so-called Entity List for export controls, citing national security concerns.

According to a statement Tuesday by the U.S. Department of Commerce, the newly added entities include four research institutes under China Aerospace Science and Technology Corp., two under state-owned military technology firm China Electronics Technology Group Corp. and satellite company Zhuhai Orbita Control Systems.

M&A /

China to consolidate nautical diesel engine assets in $3.3 billion deal

China’s state-owned shipbuilding giant plans a $3.3 billion consolidation of diesel engine operations in a move to reduce internal competition and improve bargaining leverage for nautical power systems.

China State Shipbuilding Corp. (CSSC) subsidiary China Shipbuilding Industry Group Power Co. Ltd. will acquire diesel engine assets from other CSSC units for 22.63 billion yuan ($3.3 billion), the companies said Tuesday.

Quick hits /

Mexico launches state-owned lithium miner in nationalization push

BlackRock, UBS among funds cutting China property exposure

Long Read /

The valiant, tragic tale of an American missionary in Nanjing

GALLERY

Tropical storm batters South China

 

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