China has decided to temporarily reduce its quotas designed to increase the production of electric cars with the aim of helping manufacturers make more gasoline and / or hybrid cars to revive a market that has been badly affected by the coronavirus pandemic. This measure will be in effect from 2021 to 2023.
When the coronavirus started spreading across the globe last month, Pakistan's foreign minister called his counterpart in Bejing to make an urgent request: the country's economy was plummeting, so the government needed to restructure thousands of millions of dollars in loans from China.
Beijing has received similar requests from Kyrgyzstan, Sri Lanka, and several African nations that want to restructure their debt, extend payments, or forgive tens of billions of dollars in loans due this year.
China's industrial production grew by 3.9% year-on-year in April, the first time that it has registered an increase so far in 2020, a period in which the Asian country's economy has been strongly affected by the coronavirus crisis. , reported today the National Statistical Office (ONE).
The figure is well above the forecasts of analysts, who pointed to a growth of about 1.5% in this period.
Four and a half months after the official announcement, after obtaining the permits from the Competition authorities, China Railway Construction Corporation (CRCC) has closed the purchase of 75% of the capital of Aldesa, a Spanish company owned by the Fernández Rubio family, which was in trouble financial. The Asian company, the second largest company in the construction sector, has decided to definitively seal the takeover of the Madrid company despite the impact that covid-19 is having on the world economy and on the brick sector in particular.
The profits of the main Chinese industrial companies plummeted 36.7% year-on-year in the first quarter of 2020 due to the impact of the SARS-CoV-2 coronavirus pandemic.
Data released today by the Chinese National Statistical Office (ONE) indicates that earnings in the first quarter of the year were 781.45 billion yuan (102.34 billion euros).
China and mega-constructions are often synonymous. For example, the Asian country has the longest bridge in the world ever built and now they are looking to repeat the feat with the highest capacity soccer stadium in the world. As if that were not enough, it will also have the shape of a gigantic lotus flower.
China has started 2020 with a boost to investment in Spain, after in 2019 the figure contracted by 95%, going from 1,170 million dollars (1,061 million euros to the current change) to 80 million dollars (72, 5 million euros), according to a report by Baker McKenzie. The state-owned China Energy Engineering Group, known as Energy China, recently signed the acquisition of several Iberdrola, Naturgy and Técnicas Reunidas engineering companies focused on the energy field and, especially, the nuclear one. Also, in the coming weeks, two other relief operations agreed to last December will be closed: the purchase, by two construction companies of the Asian giant, from Aldesa, on the one hand, and Bridges and Roadways, on the other.
China is effectively creating a new culture of consumption behind protectionist walls, as a tool of political control and an engine of economic growth.
Recently I landed in Shanghai and found myself in the middle of a remarkable technological revolution in terms of scope. The passport scanner automatically communicates with visitors in your language. Digital payment applications have replaced cash. Foreigners trying to use paper money meet the confused looks of shopkeepers.
China will lower tariffs on more than 850 products with the aim of "expanding imports and promoting coordinated trade development," state news agency Xinhua reported.
Among the products that will be affected by the rebate are frozen pork, high-tech components such as semiconductor test equipment and memory chips, and medicines to treat diabetes and asthma.
