Friday, October 30, 2020

Biz China Weekly: Auto market, energy, special bonds, BeiDou

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BEIJING, June 27 (Xinhua) — The following are the highlights of China’s business news from the past week: — AUTO MARKET China’s automobile imports and exports fell 10 percent month on month in May. The import and export volume totaled 8.33 billion U.S. dollars last month, down 36.9 percent year on year. Imports plunged 47.2 percent year on year to 3.78 billion dollars, while exports decreased 24.6 percent from a year earlier. — ENERGY Amid an accelerated push for green development, China decided to cap its annual energy consumption at five billion tonnes of standard coal equivalent this year. The country planned to reduce the proportion of coal in its energy mix to around 57.5 percent this year. It also planned to produce 193 million tonnes of oil and 181 billion cubic meters of natural gas in 2020, while adding 900 million kilowatts of installed non-fossil power generation capacity. — SPECIAL BONDS The bidding for the third batch of special government bonds for COVID-19 control was completed amid efforts to balance epidemic control with economic and social development. The 10-year fixed-rate bonds, worth 70 billion yuan (about 9.91 billion dollars), will become tradable on June 30, with the weighted average interest rate standing at 2.77 percent. — BEIDOU China will further expand the use of its indigenous BeiDou Navigation Satellite System in the transport sector, as it completed the system’s construction with the launch of the final satellite. It will further expand the application of the system in traditional sectors and foster its use in new areas such as automated ports and autonomous driving. Over 6.6 million of the country’s commercial vehicles, 51,000 vehicles belonging to postal or courier firms and 300 general aviation aircraft have used the system so far.

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