U.S automotive and energy giant Tesla taps into China’s new-energy car market
U.S electric automaker and Energy Storage Giant Tesla Motors Inc, has stated that the company plans to establish at least 10 new stores across China this year. Zhu Xiaotong, president of Tesla China, further reiterated Teslas optimism regarding China, stating that he is “very confident about [Tesla’s] future in China”. Buoyed by strong policy support, and more welcoming public perceptions towards electric cars in China, the new-energy vehicles sector has witnessed phenomenal growth since last year, increasing 330 percent and 340 percent respectively, according to data from the China Association of Automobile Manufactures. Click here for the full article.
China relaxes gold trade regulations in 6 cities across China.
In a move to increase bullion imports, China has scaled down regulations for cross-border trading of gold in six cities. The People’s Bank of China and the General Administration of Customs stated yesterday that the relaxation of the regulations will allow Gold Companies to clear customs a maximum of 12 times using just one permit. Currently the regulations state that companies must apply for permits for every import or export of gold. Beginning June 1 the regulations will be rolled out across the cities of Shanghai, Beijing, Guangzhou, Nanjing, Qingdao and Shenzhen. The new regulations will ‘simplify approval procedures’ and help advance the ‘gold trading environment’ within China. Click here for the full article.
CNOOC construction of new LNG tanks begins
China National Offshore Oil Corp (CNOOC) has started the construction of two new storage tanks at Fujian LNG terminal. Located in Putian, the Fujian terminal, which has the largest storage capacity of liquefied natural gas in China, began work on Tuesday (May 3, 2016) – each new tank is able to hold 160,000 cubic meters of gas. The storage tanks are expected to provide additional capability for offshore gas transportation and the pipeline network. CNOOC expects that the LNG tanks will be completed by 2018. Click here for the full article.
Top Chinese coal producer reports fewer profits in Q1
China Shenhua Energy Company Limited has announced this week that its net profits have fallen 28.3 percent year on year in Q1, 2016, to 4.74 billion yuan. Q1 revenue itself fell 4.6 percent to 39.4 billion yuan. Based in both Shanghai and Hong Kong, Shenhua is a State-owned company. Prior to its announcement, Shenhua’s share price rose 1.8 percent to 14.78 yuan per share in Shanghai, but fell 0.15 percent in Hong Kong. The company has attributed its coal segment’s profits in particular to falling coal prices and the increasing cost of sale. Although China is the world’s largest producer of coal, oversupply has been a problem as industry demand stalls and coal prices decrease. Click here for the full article.