CBN丨China pledged to ensure power supply during summer peak period




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CBN丨China pledged to ensure power supply during summer peak period
发布日期:2023-01-25 11:42    点击次数:114

Hi everyone. I’m Stephanie LI.


Coming up on today’s program.


The NEA vowed not to cut power during the summer peak season as heat wave persists;

HKMA raises interest rate by 75 basis points after Fed hike.

Here’s what you need to know about China in the past 24 hours 


China’s energy regulator vowed on Wednesday to ensure power supply and said it would not cut power during peak usage periods in summer. 

The National Energy Administration (NEA) will firmly hold the bottom line of not cutting power, and will resolutely ensure electricity for people's livelihoods, He Yang, an official from the NEA said on Wednesday. 

Despite the recent heatwave and the power requirements reaching new highs, the national power supply and demand is still stable, He said.

Amid the rebound in China's economy and the high temperatures seen globally in recent weeks, China's electricity consumption has been growing rapidly. From July 12 to 15, power use across the country repeatedly hit new highs. On July 15, the highest power load reached 1.26 billion kilowatts, and the daily power generation reached 28.5 billion kilowatt-hours, according to the NEA. 

The NEA expected China’s power consumption to climb further, as a sustained heat wave lingered across most parts of the country since the start of July. From July 11, one-third of the country has been hit with readings above 35 degrees C, including North China, the majority of Northwest China, eastern parts of Southwest China, and East and Central China.

The energy regulator is promoting the construction of major power projects, and new power sources with a total capacity of 70 million kilowatts were put into production nationwide in the first half of this year. Since summer last year, 180 million kilowatts of new power sources have been put into production nationwide. 

Meanwhile, green energy’s share of the total consumed in China will increase at an average annual rate of 1 percentage point over the next eight years, the NEA said, helping the country reach its targets for carbon neutrality by 2060.

Non-fossil energy’s share of China’s overall energy use rose 0.7 point to 16.6 percent last year, Zhang Jianhua, director of the NEA, said at a press conference on Wednesday. 

Annual power production from green energy sources reached 2.5 trillion kilowatt-hours, accounting for about 30 percent of all electricity used in the country, Zhang said. 








China’s Ministry of Public Security has dismantled 15 dens of swindlers and made over 170 arrests in eight provinces during a recently launched campaign to crackdown on two criminal gangs committing fraud targeting the elderly, according to the ministry on Thursday. The money involved in these cases is estimated to reach over 100 million yuan.


Moving on to regional highlights


Shenzhen’s economy shows a stable and positive growth in the first half of 2022 with total GDP standing at 1.5 trillion yuan, up 3 percent from the same period last year, according to data released by the southern manufacturing hub on Tuesday. Notably, the manufacturing and retail sales of high-tech products are booming, among which the output of new energy vehicles and charging piles jumped by 174 percent and 164 percent, respectively. As the city rolled out a 30-measure consumption stimulus package recently, retail sales in June hit a yearly new high by increasing 13 percent year-on-year, with car sales up by 36.2 percent.


Some 85 percent of exhibition areas has been reserved for the fifth China International Import Expo, kicking off in Shanghai in just 100 days, according to the organiser on Wednesday. The expo in Shanghai has attracted many Fortune Global 500 companies to join for the first time, more than 270 of them are industry leaders. 


Next on industry and company news


Zhengzhou in Henan Province, held a meeting with seven major real estate enterprises to help address their current difficulties, further ensuring house delivery, normal production as well as legal rights of home buyers, media learned from an involved firm on Wednesday. The enterprise said that during the meeting, the city’s housing security and real estate administration gave preferential support for the seven property companies, including mergers and acquisitions, bankruptcy reorganization as well as secured housing leasing. 

郑州开会助房企纾困:7月27日媒体消息称,郑州市政府组织市房管局、各区政府召开“7家重点企业(建业、鑫苑、世贸、康桥、绿地、正商、融创)在郑项目情况汇报”会议,主要汇报内容是结合市政府6月15日下发《郑州市房地产良性循环发展相关模式和建议》的文件通知,市房管局就7家重点企业项目的选择模式(棚改统贷统还、收并购、破产重组、保障性租赁住房模式)在会上向市政府、各区政府进行相关汇报。 and Chinese engineering giant Sany Heavy Truck are joining forces to produce driverless heavy-duty trucks and first deliveries should be ready before the end of the year, the Chinese self-driving tech startup said today. The pair will set up a joint venture for the research and development, production and sales of Level-4 unmanned heavy-duty trucks, which small-scale deliveries will begin this year and mass production in 2024, said.


Alibaba-backed fintech giant Ant Group established a new committee under its board to oversee risk management and consumer protection, the company said in a report Wednesday. The creation of the panel is a key step to enhancing corporate governance and strengthening the functioning of the board, Ant said. 


Chinese steelmakers’ profits continued to drop in June to 2.41 billion yuan, down 93.8 percent from the same month last year, data from the National Bureau of Statistics showed Wednesday. In the first six months, steelmakers’ profit declined 68.7 percent from the same period a year ago, and revenue dropped 3.6 percent, the data showed. 


China Fangda Group is not withdrawing from struggling Hainan Airlines Holding, which the Chinese chemicals and steel manufacturer took over in December last year, Fang Wei, its chairman said recently in response to rumours that it is planning to pull out soon. “We hope to solve Hainan Airlines' debt issues by bringing in more capital,” Fang said, and start renting and purchasing planes in the second half.


Earnings reports express


New Oriental Education & Technology Group Inc. on Wednesday reported a wider loss of $189 million in its fiscal fourth quarter, the Beijing-based company said late Wednesday. The educational services provider posted revenue of $524 million in the period, mainly due to the cessation of K-9 academic after-school tutoring services in compliance with the government policies in China. For the fiscal year 2022, New Oriental reported net revenues of $3.1 billion, representing a 27.4 percent decrease year over year, while net loss attributable stood at $1.18 billion.


Switching gears to financial news


The Hong Kong Monetary Authority on Thursday raised its base rate by 75 basis points to 2.75 percent, hours after the US Federal Reserve delivered a rate hike of the same margin. Speaking after the HKMA's rate hike, Financial Secretary Paul Chan Mo-po said as the United States begins its rate hiking cycle, interest rates in Hong Kong are expected to rise, increasing the financial burden for homebuyers. Hong Kong’s interbank liquidity have halved to HK$165 billion in the past two months, as the city’s de-facto central bank has bought a total HK$172 billion of local currency since May 11 to defend its currency.


Country Garden slumped 15 percent on Wednesday after the firm revealed plans to sell shares at a discount of 12.6 percent to Tuesday's closing price to raise a total of HK$2.83 billion. China's top developer by sales said some of the proceeds will be used to repay offshore debt, helping spur gains in the company's dollar bonds.


Wrapping up with a quick look at the stock market


Chinese stocks rose on Thursday, buoyed by low market rates in the country amid tightening monetary policies worldwide. By the market close, the Shanghai Composite edged up 0.21 percent and the Shenzhen Component closed 0.23 percent higher, with total turnover reaching 1 trillion yuan. Hong Kong stocks ended with losses as the benchmark Hang Seng fell 0.23 percent, while the TECH index added 0.35 percent.


Biz Word of the Day


Interbank liquidity refers to the availability of funding for borrowing (to meet short-term payment obligations) or lending (to temporarily dispose of surplus funds productively) in the interbank market. 


Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin

Sound Editor: JIA Yuxiao

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

编委:  于晓娜






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