CX Daily: In China, Hydrogen’s Star Rises
TOP STORIES
Hydrogen /
In the quest for cleaner energy sources, hydrogen’s star is rising .
China is just one of a growing number of jurisdictions where policymaker and investor interest in the flammable gas is heating up. Once tarnished by its association with the fiery Hindenburg Zeppelin disaster that punctured the hubris of Nazi Germany, hydrogen has undergone something of a revival in recent years as a promising fuel for cells that power trucks, buses and even passenger cars. The advantage over their fossil-fuel-powered counterparts is distinct: they produce no tailpipe exhaust. ?
China-Vietnam?/
The leaders of China and Vietnam have agreed to “elevate” ties between their two countries and ruling parties, with President Xi Jinping saying that relations will enter a new stage of “greater political mutual trust and more substantive security cooperation.”
Xi made the remarks in a meeting with Nguyen Phu Trong, the general secretary of the Communist Party of Vietnam, in Hanoi on Tuesday as part of a two-day official visit to his southern neighbor, according to a statement from the Chinese foreign ministry. ?
FINANCE & ECONOMY
Meeting?/
China’s top policymakers emphasized economic growth and signaled stronger fiscal support when they met Monday and Tuesday to chalk out plans for the world’s second-largest economy in the coming year.
Policymakers at the annual Central Economic Work Conference?called for “efforts to pursue progress while ensuring stability” in 2024, according to a readout published by the state-run Xinhua News Agency. ?
BUSINESS & TECH
Wanda?/
Cash-strapped developer Dalian Wanda Group Co. Ltd. can breathe a temporary sigh of relief having reached an agreement with investors to avoid an immediate repayment of more than 40 billion yuan ($5.6 billion) for an unfulfilled flotation of its property management unit.
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Wanda faced having to repay a group of investors their 38-billion-yuan investments plus interest under a 2021 agreement if the developer failed to list its light-asset unit, Zhuhai Wanda Commercial Management Group Co. Ltd., by the end of this year. ?
Property?/
The stock of Poly Development and Holdings Group Co. Ltd. jumped 7.6% Tuesday after the leading developer unveiled an up to 2-billion-yuan ($279 million) share buyback aimed at arresting its sliding equity price.
Shares of Poly Development closed at 10.34 yuan in Shanghai Tuesday, compared with 9.61 yuan at Monday's closing. The stock has nearly halved from the 18.59-yuan peak in April 2022 after the persistent downturn in the property market.
Corruption?/
Sheng Guangzu, a former top official overseeing China’s vast railway system, was sentenced to 15 years in prison and fined 6 million yuan ($836,000) for taking more than 63 million yuan in bribes.
Sheng, 74, was sentenced Tuesday after a four-month trial in Baoji, northwestern China’s Shaanxi province. ?
Quick hits?/
Long Read?/
GALLERY
President Xi Jinping arrived in Hanoi on Tuesday for a two-day state visit at the invitation of General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and President Vo Van Thuong. Xi attended a welcome ceremony at the presidential palace that included a parade and honor guard inspection. The two sides met later to discuss deepening cooperation in areas including security, transportation, law enforcement, the Belt and Road, and the digital economy.