CX Daily: Weak Link in China’s New Energy Plan: Weather

Energy /

In depth: the weak link in China’s energy plan for new energies: the weather

It’s catastrophic this summer lack of electricity in southwestern China’s Sichuan province revealed the biggest weakness in the country’s power generation decarbonization strategy: the weather.

Sichuan’s electricity problems are due to a 40% drop in rainfall in the upper Yangtze River watershed. This has dried up reservoirs and halved generation capacity in a province that is the country’s largest hydroelectric producer. Electricity supplies plummeted for businesses and households in the province of 84 million people and caused ripple effects forcing cuts in air conditioning as far as Shanghai, 2,000 kilometers to the east.

Sichuan /

Debate rages after residents were prevented from evacuating in the quake due to Covid curbs

The debate about what to do when emergencies occur in closed areas has again come to the spotlight after Sichuan residents said they were not allowed to leave their homes even as a major earthquake rocked the province.

As China battles its widest Covid-19 outbreak yet with more than 30 cities and about 65 million people placed under some sort of lockdown, a legal expert told Caixin that the right to life is the basis of a civilized society and an individual’s life should not be sacrificed to protect people. collective interests.

FINANCE & ECONOMY





President Xi Jinping. Photo: Xinhua


Policy /

Xi asks nation to rally for breakthrough in ‘core technology’

President Xi Jinping urged China to mobilize national resources advancing research in cutting-edge technologies and cultivating competitive advantages in key areas in a renewed call for technological autonomy amid growing tensions between Beijing and Washington.

Xi stressed the need to improve collaborative efforts between government, market and society to achieve breakthroughs in core technologies while enhancing China’s science and technology power at a committee meeting. high-level center on Tuesday.

Central bank /

Banking veteran Zhang Qingsong named PBOC deputy governor

Veteran banker Zhang Qingsong had been named a deputy governor of the People’s Bank of China (PBOC), according to an official statement.

Zhang’s appointment, announced by the Ministry of Human Resources and Social Security on Tuesday, filled a vacancy left by Liu Guipingwho left in April to become executive deputy mayor of Tianjin Municipality.

Reinsurers /

Asia’s largest reinsurer will have a new president

Chairman of China Reinsurance (Group) Corp. He Chunlei should be promoted to president after his appointment as Communist Party chief of the Hong Kong-listed company.

China Re was the largest reinsurer in Asia and the sixth largest in the world by reinsurance premiums in 2020, according to research firm AM Best Co. Inc. It is also the only state-owned reinsurance group in the country.

Quick shots /

The SEC tells auditors to consider new Chinese customers doing business in the United States

Gazprom will shift its gas sales to China in rubles, yuan from euro

Hong Kong finds first case of monkeypox in a quarantined traveler

COMPANY & TECHNOLOGY





Singaporean e-commerce platform Shopee has canceled the contracts of some new Chinese employees as it slows expansion amid pressure on profitability. Photo: CGV


Sea /

Waiver of job offers underscores Sea’s downturn

Southeast Asian conglomerate Sea Ltd. pumped the brakes over expanding its Shopee e-commerce unit, resorting to measures such as waiving job offers to Chinese employees at the last minute.

The change in strategy came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to cut costs to consolidate its results in a context of increasing losses. The red ink followed several years of aggressive expansion by Shopee, which has put pressure on its balance sheet this year, just as overseas fundraising challenges have multiplied.

Property /

Distressed R&F abandons Beijing hotel at a loss

Guangzhou R&F Properties Co.Ltd. sold a Beijing hotel at a loss to raise funds for debt repayment, underscoring the growing woes of the struggling developer amid the property industry’s protracted slump.

R&F has agreed to sell its entire stake in Wanda Realm Beijing, a five-star luxury hotel in the western part of the capital, to Beijing Yingxie Property Investment Co. for 550 million yuan ($79 million), a announced Monday R&F.

Quick shots /

Guangzhou Auto EV Unit Completes Property Overhaul

The Fitness Keep application is renewed Hong Kong stock sale plan

Long read /

Why the scientific revolution did not happen in china

GALLERY

The Lost Gibbons of Southwest China





 

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