CX Daily: Why China’s Lithium Firms Have Their Sights Set on Bolivia

Lithium /

In Depth: Why China’s lithium firms have their sights set on Bolivia

The South American country’s president said as much when he attended the Jan. 20 signing in the capital La Paz of an agreement between Bolivia’s state lithium company and a consortium led by Chinese battery giant Contemporary Amperex Technology Ltd. (CATL) to collaborate on the mining, refining, processing, and sale of the country’s lithium reserves.

“This is a historic day,” Bolivian President Luis Alberto Arce Catacora said, according to an official video of the event. “Today begins the era of industrialization of Bolivian lithium.”

Covid-19 /

China eases requirement of negative preflight Covid tests for some countries

Starting March 1, travelers from certain countries will no longer be required to provide negative nucleic acid test results before flying to China, but they will still need to show a negative rapid antigen test result upon arrival.

Chinese customs may randomly conduct nucleic acid tests among international arrivals, Chinese embassies including those in New Zealand, South Africa, Malaysia and Cambodia said in a notice. Those who test positive will be required to quarantine at home or in hospitals, the embassies said.

FINANCE & ECONOMY

PMI /

China’s factory activity gets back to growth, Caixin PMI shows

China’s manufacturing activity climbed back into expansionary territory in February after six straight months of contraction, with supply, demand and employment all picking up as Covid-19 infections subsided, a Caixin-sponsored survey showed Wednesday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 51.6 in February, up from 49.2 the previous month. Readings greater than 50 signal expansion.

Yuan /

Yuan popularity grows as go-to currency for international settlements with China

China’s yuan is increasingly becoming a go-to currency for international settlements, with 42.1 trillion yuan ($6.1 trillion) of the country’s cross-border payments and receipts using the redback in 2022, up 15% from the previous year and marking the fifth straight annual increase.

Almost half of the total value of China’s cross-border payments and receipts last year was settled in yuan, the People’s Bank of China said in a February report.

BUSINESS & TECH

Two women look at an artist impression of a residential property development on Feb. 10 in Weifang, Shandong province. Photo: VCG　

Property /

China’s local officials balk at releasing presale funds to developers

A new program aimed at helping China’s struggling property developers finish stalled projects by letting them tap homebuyers’ presale payments being held in escrow is running into obstacles as cities hesitate to execute over fears such funds will be insufficient to complete the projects, industry insiders said.

In November, China’s financial regulator issued a policy allowing developers to access presale funds deposited in escrow accounts by allowing banks to guarantee those funds would be repaid. That program is part of a much broader series of efforts Beijing has made to prop up the nation’s struggling property market.

China’s richest woman takes father’s seat at head of Country Garden’s board

Batteries /

Mercedes-Benz shifts into EV battery recycling in China

Mercedes-Benz joined the drive into electric vehicle (EV) battery recycling in China, teaming up with the nation’s top battery maker and a recycling specialist as the world’s largest EV market faces the prospect of millions of batteries that will be discarded in the years ahead.

The German carmaker signed a memorandum of understanding with GEM Co. Ltd. and battery giant Contemporary Amperex Technology Co. Ltd. (CATL) to set up a closed-loop recycling project, GEM said Monday in a stock exchange filing. GEM will extract nickel, cobalt, manganese and lithium from discarded Mercedes-Benz EV batteries in China, and CATL will use the materials in new batteries for the German auto giant.

Aluminum /

Yunnan whacks power supply for aluminum again

Southwestern China’s Yunnan province ordered aluminum producers to further dramatically slash production to cut energy consumption as the province faces a severe shortage of hydroelectricity output.

This is the second round of production cuts in six months. Starting Sept. 10, the provincial government told businesses to lower their use of electricity by 10% over five days after a record heat wave disrupted production and economic activity across the region. Companies were then told to reduce electricity use by an additional 15% to 30% starting Sept 15.

Quick hits /

Beijing court battle puts spotlight on China’s carbon emissions trading legal framework

Apple suppliers race to exit China, AirPods maker says

Long Read /

How China’s military gearheads are driving a new trend in toys

GALLERY

Hybrid power on the high seas

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