CX Daily: Fusion Sector Heats Up as China Pursues Next-Gen Nuclear Power
TOP STORIES
Nuclear?/
China is experiencing a different kind of nuclear race as everyone from government labs to private sector giants and startups seek to develop next-generation fusion energy.
It comes as the nation’s broader nuclear sector grows, with an installed capacity of 57 gigawatts (GW) by the end of 2023, according to the China Nuclear Energy Association. The country’s 55 operating nuclear reactors — which use conventional fission technology — contributed 4.86% of total power generation last year, the association’s data show, and that figure is expected to rise to 10% by 2035.
Ma Ying-jeou?/
Chinese President Xi Jinping called for joint efforts to pursue peaceful reunification between the two sides of the Taiwan Strait during a landmark meeting with former Taiwan leader Ma Ying-jeou in Beijing.
“There is no rancor that cannot be resolved, no issues that cannot be discussed, and no force that can separate us,” Xi said while meeting Ma Wednesday at the Great Hall of the People, according to the Xinhua News Agency. ?
FINANCE & ECONOMY
Personnel?/
Banking veteran Zhang Shouchuan is set to become a vice president at Industrial and Commercial Bank of China Ltd. (ICBC) (中国工商银行股份有限公司), as the world’s largest lender by assets continues to reshuffle its top brass, sources told Caixin.
Zhang has become a member of the bank’s Communist Party committee, sources with knowledge of the issue said, citing an internal announcement on Wednesday.
Ping An?/
China Ping An Trust Co. Ltd., a subsidiary of financial conglomerate Ping An Group, has delayed payment of a trust product backed by a property development project, highlighting the broader impacts of the country’s persistent real estate troubles.
Ping An Trust Wednesday apologized to investors for failing to repay the product on time, citing the “overall property market downturn.” ?
Property?/
Guangzhou has frozen the planning and approval of new commercial apartment projects. A memorandum from the Guangzhou Municipal Bureau of Planning and Natural Resources has put a firm halt on any new project, while existing projects with approvals can proceed unaffected.
The crackdown targets a longstanding loophole that allowed the development of residential apartments on land approved only for commercial or service properties. The practice has provided a backdoor for buyers to sidestep home purchase restrictions and benefit from the lower price of commercial apartments compared with residential properties.
Quick hit?/
BUSINESS & TECH
Hotels?/
A notable amount of hotel and related properties changed hands on the Chinese mainland last year as China’s cash-strapped real estate industry sought to offload assets to raise money.
Just shy of 24 billion yuan ($3.3 billion) of the assets were traded on the mainland in 2023, up 69.4% from the previous year, according to data from global real estate services firm JLL. The total amounted to 32.3% of the transaction volume for hotels in the Asia-Pacific region. ?
EVs?/
Chinese electric vehicle maker XPeng Inc. is venturing into the Hong Kong and Macao markets by launching its latest electric sport utility vehicle and other models in the markets.
XPeng President Gu Hongdi told Caixin that Hong Kong is known as the super connector between international investors and the Chinese mainland. “We are very much looking forward to introducing our products and technology to a broader global market through Hong Kong,” he said. ?
Batteries?/
Chinese manufacturers of batteries used in energy-storage projects should double down on their overseas expansion as they face a supply glut and fierce competition at home, according to a new white paper.
Companies can export more products or localize production overseas, according to the document jointly released by the China Energy Research Society and the China Energy Storage Alliance on Wednesday.
Quick hit?/
Daily Tech Roundup?/
Long Read?/
GALLERY
Xi meets former Taiwan leader Ma Ying-jeou
President Xi Jinping met with Ma Ying-Jeou in Beijing on Wednesday, their second meeting since their first face-to-face in Singapore in 2015. The two said both sides will take more effective measures to promote cross-Straits exchanges and communication. While in Beijing, Ma and his delegation visited the Great Wall, the Forbidden City, the China Academy of Space Technology, and the Museum of the War of Chinese People’s Resistance Against Japanese Aggression. Ma was scheduled to return to Taiwan on Thursday.