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Here are five things that happened in China this week

China appoints new foreign minister and central bank governor

Here are five things that happened in China this week

China appoints new foreign minister and central bank governor

China’s top legislature voted to appoint Wang Yi as foreign minister and Pan Gongsheng as central bank governor, as it convened a session on Tuesday. Qin Gang was removed from the post of foreign minister, while Yi Gang was removed from the post of governor of the People’s Bank of China, according to a decision adopted at the fourth session of the Standing Committee of the 14th National People’s Congress (NPC). President Xi Jinping signed a presidential order to put the decision into effect.

China unveils measures to encourage private investment

China’s top economic planner the National Development and Reform Commission (NDRC) unveiled detailed measures to encourage private investment. The NDRC said it would particularly recommend that private investment go into a selected number of industries with great market potential and in line with national strategies and industrial policies such as transport, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern facility agriculture. A catalogue of recommended investment projects will be created, and a platform will be set up to introduce such projects to private investors. The NDRC also pledged to improve financial assistance for private investment projects and ensure the support of other resources like land supply. Private investment projects are also encouraged to issue Real Estate Investment Trust (REIT) products.

China’s agricultural products foreign trade up

China’s foreign trade of agricultural products rose 6,4 percent year-on-year in the first half of this year (H1), according to the Ministry of Agriculture and Rural Affairs. The country’s imports and exports of agricultural products totalled US$171,8 billion during the period. China’s exports of agricultural products went up 1,7 percent year-on-year to US$47,7 billion. Imports reached US$124,1 billion, climbing 8,3 percent from the same period last year. China’s trade deficit for agricultural products stood at US$76,3 billion in the same period, up 12,9 percent year-on-year.

China’s gold output and consumption rise

China’s gold output and consumption both saw stable growth in the first half of this year. The country produced nearly 178,6 tonnes of gold during the period, an increase of 2,24 percent year-on-year. In the January-June period, gold consumption in China reached 554,88 tonnes, surging 16,37 percent year-on-year. The consumption of gold jewellery in China stood at 368,26 tonnes, up 14,82 percent from a year earlier, while that of gold coins and bars soared by 30,12 percent year-on-year to 146,31 tonnes in the first six months. During the same period, gold consumption for industrial and other uses shrank by 7,65 percent from a year earlier to 40,31 tonnes. Released data also showed that in the first half of 2023, investors reduced their holdings of gold-backed Exchange-Traded Funds (ETFs) by 1,26 tonnes from the end of 2022 to 50,16 tonnes at the end of June 2023.

China issues commemorative coins

China’s central bank issued a set of commemorative coins on July 25 featuring five of China’s treasured artefacts. The set of five coins, all legal tender in China, consists of two gold coins and three silver coins. The gold coin with a denomination of 200 yuan (about US$28) features a jade dragon on the reverse side, while the other gold coin, with a denomination of 50 yuan, is adorned with an image of a jade axe-head. The silver coins, with denominations of five yuan apiece, feature a pottery cauldron in the shape of an eagle, a white pottery liquor pitcher and a plate with a dragon emblem, respectively, on the reverse side.

*Manyika Kangai has over 15 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback/‪+27743487997‬/

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