Top 10 China News- September 23，WK 39

1# China to further improve baby formula tracking system?

China will continue to improve the traceability system of baby formula to cover more producers, according to the Ministry of Industry and Information Technology.?

Currently, 98 companies are in the system.They account for more than 90 percent of domestic baby formula production, said ministry official Zhang Xiaofeng at a press conference.?

The ministry has been urging the companies to apply digital technologies such as intelligent sensors, Zhang said. The ministry will continue to enhance the companies' quality control and consistency, said Zhang, adding that consumers will be guided to utilize the tracking system more frequently.?

2# China, ASEAN eye more opportunities brought by RCEP?

Business leaders from China and the Association of Southeast Asian Nations are looking to further strengthen their cooperation and take the business opportunities brought by the Regional Comprehensive Economic Partnership agreement.?

They made the remark in Nanning, Guangxi Zhuang autonomous region, during the ongoing 19th China-ASEAN Expo, which is themed on sharing new opportunities from the RCEP agreement and jointly advancing version 3.0 of the China-ASEAN Free Trade Area.?

China COSCO Shipping Corp, the country's largest shipping company by sales revenue, said that it has seen continuous growth in trade volume with ASEAN since the RCEP agreement took effect on Jan 1.?

"Shipping is a barometer of trade worldwide. The trade growth between China and ASEAN has been a highlight for us in a time when the global marine supply chain is greatly challenged by the COVID-19 pandemic," said Ge Heyue, deputy general manager of COSCO Shipping Lines Co.?

China has been ASEAN's largest trading partner for 13 consecutive years, and ASEAN became China's top trading partner in 2020, surpassing the European Union, according to the Ministry of Commerce.?

From January to August, the trade volume between China and ASEAN reached $627.6 billion, up 13.3 percent year-on-year, while trade between China and other RCEP members grew 7.5 percent on a yearly basis, according to the General Administration of Customs.

3# Energy China eyes BRI for bigger clean biz ?

China Energy Engineering Group Co Ltd vows to further expand its presence in the global clean energy market, especially in countries and regions participating in the Belt and Road Initiative, said its top official.?

Seeing tremendous potential in the clean energy market for years to come, the company, one of the world's largest advanced energy engineering conglomerates, will accelerate investment in solar, wind and hydropower in economies participating in the BRI, said Song Hailiang, chairman of the company, also known as Energy China.?

"The company has been strengthening technical cooperation with partners worldwide while actively exploring diversified cooperation methods, as we believe establishing a strong overseas presence is a key component in the company's business strategy to become a world-class clean energy group," Song said.?

The company currently sees its business spread across more than 140 countries and regions, with a contract value signed with economies participating in the BRI exceeding 500 billion yuan ($71.8 billion) in the past five years, he said.?

4# Asia emerging as new market for China's electric carmakers?

Asia is emerging as a new destination for China's electric carmakers, as they rev up efforts to explore and expand into global automotive markets.?

Last week, Chinese startup Neta handed over a Neta V model to its first-ever customer in Nepal, starting its foray into the South Asian country. Neta inked its deal with Nepalese company CG Motors in April. Besides the Neta V, the two plan to introduce models like the Neta S and the Neta U into the market.?

China's largest new energy vehicle maker BYD, is more ambitious. It announced earlier this month that it plans to produce vehicles in Thailand from 2024. They will be sold in the country and exported to neighboring markets in Southeast Asia. The wholly-owned plant, designed with an annual capacity of 150,000 vehicles, will be the company's first passenger vehicle manufacturing facility.?

Statistics from the China Association of Automobile Manufacturers show that carmakers in China exported a record 1.82 million vehicles from January to August, up 52.8 percent year-on-year, with over 340,000 being NEVs.?

5# China express delivery volume up in Jan- Aug?

China's courier service providers reported a steady increase in express delivery volume in the first eight months of 2022, data from the State Post Bureau showed Saturday.

From January to August, the country's courier companies handled a total of 70.3 billion parcels, up 4.4 percent year on year, the bureau said.?

Their business revenue came in at 676.44 billion yuan (about $97.6 billion) during this period, rising 3.9 percent from a year ago.?

In August alone, the sector's revenue rose 5.2 percent year on year to 88.39 billion yuan.?

6# Not just a big market but an innovation source?

When Canada's Alex Zhavoronkov established drug discovery company Insilico Medicine in 2013 with artificial intelligence as the driver of its operations, he based the company's major research and development facility in Shanghai. Its key corporate offices are based in both Hong Kong and New York.?

The business-friendly climate of Shanghai, China's coastal economic hub, he figured out, will aid the high-tech startup's growth and development.?

With an initial investment of $1 million in the Shanghai R&D facility, Insilico had increased the facility's registered capital to $20 million by the end of July.?

Insilico is a fine example that China remains one of the preferred destinations of foreign investors despite myriad challenges and uncertainties.?

More such examples shone brightly at the 22nd China International Fair for Investment and Trade, which concluded on Sept 11 in Xiamen, Fujian province.?

More than 480 project deals with a combined investment value of 342 billion yuan ($49.11 billion) were signed at the fair.?

The four-day event attracted more than 800 industrial and trade groups, more than 4,000 enterprises and about 60,000 business people from over 90 countries and regions online and offline, a record in terms of the combined number of participants and visitors.?

The latest data from the Ministry of Commerce showed foreign direct investment in China was worth 798.33 billion yuan in the first seven months of the year, up 17 percent year-on-year.?

7# Top 10 Chinese cities by economic power?

The Wharton Economic Institute released its "2022 Top 100 Cities in China" ranking, categorizing 110 cities at the prefectural level or higher by their soft and hard economic power. This is the eighth year for the institute to release its ranking. Let's take a look at the top 10.?

No 1 Beijing No 2 Shanghai No 3 Shenzhen

No 4 Guangzhou No 5 Hangzhou No 6 Nanjing

No 7 Suzhou No 8 Wuhan No 9 Chengdu

No 10 Tianjin?

8# Smart technologies fuel booming fitness campaign?

Fitness enthusiasts in China are experiencing a change in sports habits thanks to the fast development of online platforms and the use of smart technologies.?

These enthusiasts now wear smart gadgets to track body reaction during workouts, they make personalized fitness plans on smart apps, and familiarize themselves with smart fitness equipment.?

A newly opened smart running track at Beijing's Olympic Forest Park, a favorite destination for local running enthusiasts, is a good example how smart technologies are upgrading the public's sports experience.?

9# Secondhand cooking oil takes to skies?

China's large-scale production of aviation fuel derived from used cooking oil will be utilized in flights soon, with the first batch of it produced by China Petrochemical Corp to be supplied to Airbus' Tianjin plant this month.?

The first batch of large-scale production of aviation fuel derived from used cooking oil has recently obtained an airworthiness certificate in China, said China Petrochemical Corp (Sinopec), the world's largest refiner.?

The aviation fuel is produced by Zhejiang-based Sinopec Zhenhai Refining & Chemical Co, a subsidiary of Sinopec, which has the capacity to produce 100,000 metric tons of aviation biofuel from secondhand cooking oil each year, it said.?

10# China's free trade area network contributes significantly to total foreign trade?

China has been expanding its free trade area network since its accession to the World Trade Organization in 2001, Shu Jueting, spokeswoman for the Ministry of Commerce, said Thursday.?

So far, China has signed 19 free trade agreements with 26 countries and regions, with partners covering Asia, Oceania, Latin America, Europe and Africa, Shu told a regular media conference.?

The volume of trade between China and its free trade partners accounts for about 35 percent of the country's total foreign trade, the spokeswoman said.?

The country will further increase the proportion of trade in goods with zero tariffs, ease market access for trade in services and investment, take an active part in negotiations on new rules for the digital economy and environmental protection, and develop new systems for an open economy at a higher level, Shu said.?

China will also ink more free trade agreements with willing partners, and work to enhance the effectiveness of these agreements to benefit businesses and people better and faster, Shu added.