What’s happening in China this week? (October 14-18, 2024)

1. The world's largest floating offshore wind turbine rolls off the production line in China

The world's most powerful floating offshore wind turbine, with a generating capacity of 20 megawatts, has rolled off the production line in Yancheng city, east China's Jiangsu Province, according to the country's leading train maker CRRC Corporation Limited.

The wind turbine, independently developed by China, features a wind wheel with a diameter of 260 meters and a swept area of 53,100 square meters, roughly the size of seven standard soccer fields.

The turbine can generate 62 million kWh of electricity annually, enough to power about 37,000 households, saving 25,000 tons of coal while cutting carbon dioxide emissions by 62,000 tons.

The turbine offers customizable options for various water depths, providing optimized solutions for deep-sea wind power resources.

China's renewable energy sector is gaining traction as the government strives to increase the proportion of electricity from non-fossil fuels in its energy structure. In 2023, the country's renewable energy capacity surpassed thermal power for the first time to constitute more than half of the country's installed power generation capacity.

2. Giant pandas make their way to the US capital

Giant pandas Bao Li and Qing Bao embarked on a special flight to the National Zoo in Washington, D.C., on Tuesday, marking the beginning of their 10-year stay. According to the China Conservation and Research Center for the Giant Panda, Chinese keepers and veterinarians will accompany them to help them acclimate to their new environment.

Bao Li, a male giant panda, was born in August 2021, while Qing Bao, a female, was born in September 2021. According to the Giant Panda Center, both pandas recently turned three years old and display lively characteristics and a fondness for climbing.

Earlier this month, the National Zoo in Washington dispatched four keepers and veterinarians to China to participate in the care and disease prevention work for the two giant pandas, in preparation for their journey to the US.

Chinese experts have also conducted multiple assessments in the US on aspects such as the giant pandas' living environment, care management, food supply, and health care, as confirmed by the Giant Panda Center.

In anticipation of their arrival, the National Zoo in Washington, under the guidance of Chinese experts, has established a dedicated care team, ensured an abundant food supply, and enhanced the living quarters of the giant pandas.

3. China's foreign trade is up 5.3 pct in the first three quarters

China's total goods imports and exports expanded 5.3 percent year on year in yuan terms in the first three quarters of this year, maintaining stable growth, official data showed Monday.

The goods trade volume expanded to 32.33 trillion yuan (about 4.57 trillion U.S. dollars) in the January-September period, according to the General Administration of Customs (GAC).

Exports rose 6.2 percent year on year to 18.62 trillion yuan, while imports climbed 4.1 percent year on year to 13.71 trillion yuan in the first three quarters, the GAC data showed.

4. Eli Lilly to expand medicine production in China

US pharmaceutical company Eli Lilly and Co. recently announced a roughly $200 million expansion of its manufacturing site in Suzhou, Jiangsu province, enabling it to increase the production of innovative medicines for type 2 diabetes and obesity.

The new investment, which will bring the company's cumulative investment in China to exceed 20 billion yuan ($2.81 billion), aims to boost the production of such innovative therapies in the country and support the company's future product pipeline.

The company said that the expansion of the company's sole manufacturing site in China will also support exports to the European market.

The National Medical Products Administration approved Lilly's tirzepatide injections for the treatment of type 2 diabetes and obesity in May and July, respectively.

Tirzepatide represents the company's inaugural chronic weight management treatment approved in China, and so far the world's first and only product that activates both GLP-1 and GIP — two receptors playing key roles in regulating blood sugar and energy balance in the human body.

The synergistic effect of GLP-1 in suppressing appetite and reducing food intake and GIP in affecting blood sugar levels and aiding in fat splitting provides a scientific basis for weight management and fat loss.

London-based data analytics and consultancy GlobalData predicts that by 2029, global sales of tirzepatide may exceed $34 billion, expected to surpass Novo Nordisk's Ozempic and become the world's largest-selling blood sugar-regulating medicine.

According to the International Diabetes Federation, China has about 140 million individuals diagnosed with diabetes. The country has also the largest number of overweight and obese people in the world.

According to a study published in The Lancet Diabetes and Endocrinology in 2021, more than one-third of Chinese were overweight, and around one in six Chinese were obese, and the trend was growing.

5. UK has no plans for EU-style tariffs on Chinese EVs: official

British Trade Secretary Jonathan Reynolds has said that the United Kingdom (UK) has no plans to follow the European Union's (EU) decision to impose tariffs on Chinese electric vehicle (EV) imports.

Reynolds said that there had not been any complaints from the UK automotive industry to the Trade Remedies Authority (TRA), and he would not seek to follow the EU in pursuing tariffs, Reuters reported on Monday.

"We keep it under close analysis, but I think it's important our industry is different, and as of yet industry itself hasn't asked for that referral to the TRA," Reynolds told reporters on the sidelines of the International Investment summit in London.

Britain was an "outlier" in how little it had done in terms of building trade links with China, and engagement was a good thing, Reynolds added.

Reynolds had made similar remarks at the G7 Trade Ministers' Meeting in Italy in July, reaffirming that the UK would not impose punitive tariffs on Chinese EVs like the EU.

China and the EU are yet to reach a mutually acceptable solution on the issue, despite important progress in certain areas, China's commerce ministry said on Saturday.

6. Chinese display panel maker unveils new flexible OLED

On Tuesday, Chinese display panel maker BOE Technology Group Co Ltd rolled out its latest flexible organic light-emitting diode, or OLED screens, in collaboration with smartphone manufacturers Oppo and OnePlus, as the company is doubling down on the next-generation display technologies.

The OLED screens, which boast significant improvements in terms of picture quality, performance, and eye protection, will be used as the new flagship products of OnePlus, BOE said.

Data from market research firm Omdia showed that BOE secured the top position nationwide in the shipments of flexible OLED panels in the first half of the year, and ranked second across the globe. Its OLED panels have been applied in various fields, such as high-end smartphones, laptops, vehicle-mounted devices, and wearable equipment.

Compared with traditional liquid crystal displays, OLED is a relatively new technology and part of the latest innovation in displays, and it owns great improvements in terms of image contrast, brightness, and color spectrum.

Currently, BOE owns three flexible active-matrix OLED production lines in Chengdu and Mianyang, Sichuan, as well as in Chongqing. It has announced plans to build a new AMOLED production line in Chengdu. The products will mainly be high-end touch screens such as those used on mid-sized laptops and tablets.

7. China mulls hiking levies on fuel vehicles

China is studying measures to raise import tariffs on large-displacement fuel vehicles, and will make a cautious decision after considering all factors comprehensively, the Ministry of Commerce said on Thursday.

This move follows the European Commission's recent announcement of imposing import tariffs of up to 36.3 percent on electric vehicles produced in China. If implemented, these potential measures would remain in effect for five years, although a final decision has yet to be made.

In response to the negotiation process between China and the EU regarding the imposition of tariffs on electric vehicles, China has shown the greatest sincerity and flexibility, and both sides have made important progress in some areas, He Yadong, a spokesman for the ministry, said during a news conference in Beijing.

"Still, the EU has not actively responded to the core concerns of industry players in China and Europe, and there are still some significant differences in the negotiations," He said.

He added that China has officially invited the European technical team to come to China as soon as possible to continue the next stage of negotiations. China has made all the preparations and is waiting for the European side's response.

The automotive industry chains in China and Europe are interdependent and have broad prospects for cooperation, said the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

"We hope that the European side will uphold an open and cooperative attitude and support comprehensive cooperation between the Chinese and European automotive industries," said Shi Yonghong, vice president of the chamber.

News source recommended to understand what's happening in China:

Government Channel:

1). State Council of the People’s Republic of China

2). National Development and Reform Commission (NDRC)

3). General Administration of Customs of the People’s Republic of China (GACC)

4). National Bureau of Statistics of China (NBS)

Chamber of Commerce:

1). The European Union Chamber of Commerce in China

Media channels:

1). China Internet Information Center, CIIC

2). South China Morning Post

3). China Daily

4). XINHUANET

Hi, I am Sunny from China. As a native Chinese speaker bilingual in English, I have navigated small and medium-sized businesses globally through challenges in China since 2015 as an independent China business consultant and solution provider. Please email: [email protected] to let me know your issues and see how I can help with your problems in China.????