Briefly

Nation to lift cap on insurance AMCs

China will lift the foreign ownership cap on insurance asset management companies, said the China Banking and Insurance Regulatory Commission on Friday. The regulator is soliciting public opinions on the draft regulations on the administration of insurance asset managers. According to the draft regulations, China will also set the same criteria for domestic and overseas shareholder qualifications, with the aim of attracting quality international insurers and asset managers to participate in the development of insurance asset management in China. This is an important move to deepen China's supply-side structural reform in the financial sector and further open up its financial markets to foreign investors.

Largest fuel cell vehicle cluster

South China's Guangdong province has attracted more than 300 hydrogen energy enterprises with the total value of its hydrogen energy industry surpassing 10 billion yuan ($1.57 billion), local authorities said. The province is taking the lead in China's burgeoning fuel cell-powered vehicle industry and has formed the country's largest fuel cell vehicle industry cluster. The province is a major automobile manufacturing base in China and has strived to develop the eco-friendly fuel cell vehicle industry over the years.

Coffee trading platform launched

A coffee trading platform has been launched in Shanghai, a city at the forefront of China's boom in coffee consumption and related businesses. The platform is expected to become an integrated service provider for the development of China's coffee industry, with a wide variety of products, multiple transaction patterns and third-party supporting services. It is expected to achieve a transaction volume of 3.5 billion yuan ($549 million) in 2022, with 8,000 domestic and foreign dealers by 2025 pushing transactions above 15 billion yuan. Official institutions abroad, international traders, coffee exporters and coffee growers from countries including Singapore, Ethiopia, Ghana, Brazil, Colombia, and Indonesia have expressed their willingness to join the platform.

Tesla plant delivers 400,000 e-cars

Tesla's Shanghai plant had delivered over 400,000 vehicles as of November 2021, the US electric car maker said. Deliveries at Tesla's Shanghai Gigafactory came in at 413,283 vehicles in the first 11 months of this year, up 242 percent from the same period last year. According to the company, it has built more than 1,000 supercharging stations, 8,000 supercharging piles and 700 destination charging stations on the Chinese mainland. Tesla's made-in-China sedans have been exported to countries including Denmark, Switzerland, Sweden, Spain, the Netherlands and Norway.

E-commerce sales at $2 trillion by 2025

China's e-commerce market is forecast to see sales value reach nearly $2 trillion by 2025, said a report on digital megatrends released by FedEx Express. China, the world's biggest e-commerce market, is embracing significant digitalization-related megatrends alongside its socioeconomic growth, said the report. These megatrends of China's e-commerce sector are a diversified shopping experience, reinvented shopping modes, smart cities and homes, connected consumers, shifting market frontiers, sharing economy, and buying time.

Xinhua - China Daily