CX Daily: Local and National Interests Clash in China’s New Green Power Market
June 29, 2022
China relaxes quarantine requirements for inbound travelers.?The country will ban over 1 million “fake” foreign stock investors. Plus, an overseas creditor files suit in Hong Kong demanding the liquidation of China Evergrande Group. If you haven’t already, click?here?to sign up for this briefing.
By Kevin Guo
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TOP STORIES
Green power?/
In late April, a unit of the state-owned Chinese oil major?Sinopec Group?made the first purchase?of electricity in Hubei province through a national green power trading system that is under evaluation.
Sinopec Jianghan Petroleum Administration Bureau Co. Ltd., a Sinopec Group power generation subsidiary that purchases green power,?committed to buying nearly 60 million kilowatt-hours (kWh) of electricity generated by certain renewable sources this year?— all for a lower price than what the company would’ve paid for power from a more traditional polluting source.
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Rebound?/
China’s economy is?showing gradual signs?of recovery as the lifting of Covid-19?lockdowns?spurs demand for travel and leisure, with bookings for airline tickets, hotels and movie theaters all jumping on a week-on-week basis, industry data show.
The number of domestic passenger flights rose 10.6% to 56,166 last week from the previous week,?the fourth consecutive week-on-week increase, according to VariFlight, an aviation industry data provider, although flights are still 27% lower than a year earlier, the data show.
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Stocks?/
China?will ban more than 1 million?mainland investors from trading onshore shares via the stock connect programs with Hong Kong?as authorities act on a new regulation to crack down on “fake foreign capital.”
Under rules taking effect July 25,?domestic investors with Hong Kong accounts can no longer purchase A shares through the northbound trading links,?according to the China Securities Regulatory Commission. Brokers in Hong Kong must stop giving new trading permits to mainlanders, while investors already in violation will be given a one-year grace period.
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Covid-19?/
China?shortened the time?inbound travelers must quarantine to?seven days of mandatory isolation?at a centralized facility followed by?three days of observation at home.
The State Council, China’s cabinet, released an updated version of Covid-19 disease control rules Tuesday, relaxing the requirements from two weeks of isolation and seven days of home observation.
Quick hits?/
领英推荐
Chips?/
Chinese automakers are likely to?continue suffering?a semiconductor shortage that has cost them billions of dollars of lost production, executives at one of the country’s top automakers said.
“The chip (shortage) is not a short-term issue for us,” said Yuan Feng, general manager of GAC Capital Co. Ltd., the investment arm of state-owned Guangzhou Automobile Group (GAC).?“There is likely to be a shortage of chips even in 2023 and 2024,”?Yuan said Sunday at a semiconductor industry forum.
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Evergrande?/
An overseas creditor?filed suit?in Hong Kong demanding the liquidation of?China Evergrande Group?as the indebted developer races to develop a restructuring plan for its $300 billion of liabilities.
The Samoan Islands-registered creditor, Top Shine Global Ltd. of Intershore Consult (Samoa) Ltd., filed the petition with Hong Kong’s high court to wind down China Evergrande, according to a release on the website of the Hong Kong judiciary.?A preliminary hearing is scheduled for Aug. 31.
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5G?/
State-owned?China Radio & Television Network Co. Ltd.?launched the country’s?fourth major 5G?mobile service as Beijing strives to become a dominant force in the technology’s development worldwide.
China Radio & Television, established by a hodge-podge of state-owned companies and Alibaba Group Holding Ltd. to run a 5G wireless service as its main business, announced the news at an event Monday,?three years after it was granted a license to run the business.
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Quick hits?/
Tech Insider?/
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