Chinese Economy: General News, Updates and Discussions

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China expands RMB clearing network to Indonesia, boosting yuan's global use

www.chinadaily.com.cn www.chinadaily.com.cn

China expands RMB clearing network to Indonesia, boosting yuan's global use​

China has announced the Jakarta branch of Bank of China (Hong Kong) as the renminbi clearing bank in Indonesia, extending the RMB clearing network to one of Asia's largest emerging economies.

China approves Standard Bank, ICBC for Africa yuan clearing​

JOHANNESBURG, June 26 (Reuters) - China's central bank has authorised Standard Bank and Industrial and Commercial Bank of China to clear Renminbi across Africa, as Beijing steps up efforts to promote the global ‌use of its currency.
 
Muji.Iqbal said:
Still a horrible accident even if the aircraft was the size of a car.
Click to expand...

www.scmp.com

Breaking | China confirms death of pilot in Citic Tower plane crash

District authorities say that only one person was in the two-seater light aircraft at the time of the incident.
www.scmp.com www.scmp.com

China confirms death of pilot in Citic Tower plane crash​

District authorities say that only one person was in the two-seater light aircraft at the time of the incident​


The pilot of a light sport aircraft that hit Beijing’s tallest skyscraper on Friday died.

In a statement on Saturday, the Chaoyang district government said that only the pilot was in the two-seater plane when it hit Citic Tower.

In addition, 13 people were injured in the incident.

The statement, issued after hours of silence, said the crash took place at 5:55 pm Saturday and that the circumstances surrounding the crash were still under investigation. It did not name the building and only referred it as a skyscraper near to the East third ring road.

The incident triggered the building’s evacuation and scattered debris across the Chinese capital’s central business district.


Hong Kong media
hk.on.cc

傳小型飛機撞中信大廈　通報稱昨有航空器撞高層建築1死13傷

網傳一架小型飛機周五（26日）傍晚撞向北京市朝陽區中信大廈東側，機身斷裂墜毀起火並冒出濃煙。中信大廈玻璃外牆受損，樓內人
hk.on.cc

Translated:

A small plane reportedly crashed into the east side of the CITIC Tower in Chaoyang District, Beijing, on Friday evening (26th). The fuselage broke apart, crashed, caught fire, and emitted thick smoke. The glass facade of the CITIC Tower was damaged, and people inside were evacuated. On Saturday afternoon (27th), Beijing's Chaoyang District government issued a statement saying that at 5:55 PM on Friday, a single-engine, two-seat light sport aircraft collided with a high-rise building near the East Third Ring Road in Chaoyang District. The pilot, the only person on board, died, and 13 people were injured at the scene. The injured are currently receiving intensive care. The relevant authorities are further investigating the incident. However, the statement did not mention the name of the building involved.

Previously, data from a flight tracking website circulated online, indicating that the small aircraft involved took off from Beijing Pinggu Shifosi Airport at 5:30 PM on Friday, originally scheduled to return 10 minutes later, but suddenly deviated from its flight path and lost signal near the East Fifth Ring Road in Beijing. Witnesses stated that the small aircraft was about the size of a car.
bkn-20260627100411275-0627_00822_001_05b.jpg

Online reports show that the wreckage of the small aircraft bore the registration number "B-12PP," and the model was a domestically produced light sport aircraft, the "Aurora SA60L," belonging to Dongshi Shuangyue (Beijing) General Aviation Company. The "Aurora SA60L" is a two-seat aircraft, weighing approximately 590 kg, with a wingspan of approximately 8.5 meters. Dongshi Shuangyue (Beijing) General Aviation Company provides services such as aerial sightseeing, performance flights, and license training.

Foreign media reported that police cars and fire trucks were parked near the CITIC Tower after the incident, and traffic control measures were implemented. Police officers prevented people from taking photos in the direction of the building. On Saturday morning, police continued to block the streets leading to the CITIC Tower and searched the belongings of people entering the surrounding streets. When asked why the streets were blocked, a police officer stated there was no particular reason, only traffic control.

CITIC Tower, located in the Central Business District of Chaoyang District, Beijing, is the headquarters of CITIC Group and currently the tallest skyscraper and city landmark in Beijing. With 108 floors above ground and a total height of 528 meters, it is the tallest building in Beijing. Its architectural design is inspired by the ancient Chinese wine vessel "zun," earning it the nickname "China Zun."
 
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Some additional information:Status of Changxin Storage's Shanghai 12-inch DRAM super factory currently under development.Entering substantive construction phase in 2026;Equipment move-in expected to begin in the second half of 2026;Mass production expected to start in 2027;Gradually reaching full production in 2028.Planned monthly capacity of approximately 400,000 to 600,000 wafers, far exceeding existing single bases, with product directions including ➤DDR5, LPDDR5X, HBM, and other high-end DRAM.
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Europe's heatwave is a great booster for this Chinese product

As record-breaking heatwaves sweep across Europe, Chinese air conditioner makers are running factories around the clock to meet a sharp rise in demand for portable cooling units. Manufacturers are rushing shipments to Europe in an effort to capitalise on what remains of the peak summer season, as soaring temperatures push consumers to seek alternatives to traditional air-conditioning systems.

Chinese home appliance giant Midea told the Global Times that its air conditioner plant in Shunde, Guangdong Province, is operating around the clock to increase production of its PortaSplit models. The units are being transported to Europe via China-Europe freight trains to ensure they arrive before the end of the summer.

"We have seen robust sales growth in parts of Western Europe. Our air conditioner sales in markets with relatively low air conditioner penetration, including France, Spain, Germany and the UK all posted a year-on-year increase of more than 70 percent," Midea said.

Midea is not alone. Chinese appliance makers Gree and TCL have also stepped up production of similar portable air conditioners, according to Chinese business outlet Yicai.
 

China factory activity grows faster than expected in June on tech export demand​

Published Mon, Jun 29 20269:40 PM ED

Key Points
  • The official purchasing managers' index edged up to 50.3 in June, returning to the expansionary territory.
  • Non-manufacturing PMI, which covers construction and services activity, edged up to 50.2 in June.
  • Chinese policymakers have refrained from meaningful easing to boost demand this year, with economists largely ruling out stimulus in the near term.

China's manufacturing activity expanded faster than expected in June, with high-tech production climbing on demand tied to the global artificial-intelligence investment boom while real estate development and consumer goods production remained under pressure.

The official purchasing managers' index edged up to 50.3 in June from 50.0 in May, beating economists' forecast of 50.1 and returning to expansionary territory above the 50-mark threshold.

China's manufacturing engine has remained resilient this year, with surging demand for AI technology offsetting the drag from Middle East turmoil, even as domestic demand remains weak.

www.cnbc.com

China factory activity grows faster than expected in June on tech export demand

China's manufacturing engine held up this year as surging demand for artificial intelligence technology helped offset the drag from Middle East turmoil.
www.cnbc.com www.cnbc.com
 
Hamartia Antidote said:
www.scmp.com

Breaking | China confirms death of pilot in Citic Tower plane crash

District authorities say that only one person was in the two-seater light aircraft at the time of the incident.
www.scmp.com www.scmp.com

China confirms death of pilot in Citic Tower plane crash​

District authorities say that only one person was in the two-seater light aircraft at the time of the incident​


The pilot of a light sport aircraft that hit Beijing’s tallest skyscraper on Friday died.

In a statement on Saturday, the Chaoyang district government said that only the pilot was in the two-seater plane when it hit Citic Tower.

In addition, 13 people were injured in the incident.

The statement, issued after hours of silence, said the crash took place at 5:55 pm Saturday and that the circumstances surrounding the crash were still under investigation. It did not name the building and only referred it as a skyscraper near to the East third ring road.

The incident triggered the building’s evacuation and scattered debris across the Chinese capital’s central business district.


Hong Kong media
hk.on.cc

傳小型飛機撞中信大廈　通報稱昨有航空器撞高層建築1死13傷

網傳一架小型飛機周五（26日）傍晚撞向北京市朝陽區中信大廈東側，機身斷裂墜毀起火並冒出濃煙。中信大廈玻璃外牆受損，樓內人
hk.on.cc

Translated:

A small plane reportedly crashed into the east side of the CITIC Tower in Chaoyang District, Beijing, on Friday evening (26th). The fuselage broke apart, crashed, caught fire, and emitted thick smoke. The glass facade of the CITIC Tower was damaged, and people inside were evacuated. On Saturday afternoon (27th), Beijing's Chaoyang District government issued a statement saying that at 5:55 PM on Friday, a single-engine, two-seat light sport aircraft collided with a high-rise building near the East Third Ring Road in Chaoyang District. The pilot, the only person on board, died, and 13 people were injured at the scene. The injured are currently receiving intensive care. The relevant authorities are further investigating the incident. However, the statement did not mention the name of the building involved.

Previously, data from a flight tracking website circulated online, indicating that the small aircraft involved took off from Beijing Pinggu Shifosi Airport at 5:30 PM on Friday, originally scheduled to return 10 minutes later, but suddenly deviated from its flight path and lost signal near the East Fifth Ring Road in Beijing. Witnesses stated that the small aircraft was about the size of a car.
bkn-20260627100411275-0627_00822_001_05b.jpg

Online reports show that the wreckage of the small aircraft bore the registration number "B-12PP," and the model was a domestically produced light sport aircraft, the "Aurora SA60L," belonging to Dongshi Shuangyue (Beijing) General Aviation Company. The "Aurora SA60L" is a two-seat aircraft, weighing approximately 590 kg, with a wingspan of approximately 8.5 meters. Dongshi Shuangyue (Beijing) General Aviation Company provides services such as aerial sightseeing, performance flights, and license training.

Foreign media reported that police cars and fire trucks were parked near the CITIC Tower after the incident, and traffic control measures were implemented. Police officers prevented people from taking photos in the direction of the building. On Saturday morning, police continued to block the streets leading to the CITIC Tower and searched the belongings of people entering the surrounding streets. When asked why the streets were blocked, a police officer stated there was no particular reason, only traffic control.

CITIC Tower, located in the Central Business District of Chaoyang District, Beijing, is the headquarters of CITIC Group and currently the tallest skyscraper and city landmark in Beijing. With 108 floors above ground and a total height of 528 meters, it is the tallest building in Beijing. Its architectural design is inspired by the ancient Chinese wine vessel "zun," earning it the nickname "China Zun."
Click to expand...
WTF they even allowed small planes to fly near the outskirts of the Capital. The small planes are the most prone to malfunction and crash.

Shouldn't such small scale aviation activities be located in some remote region?
 
神威98 said:
China tourism industry that targets overseas Chinese needs a major overhaul. The first two times I went to China I got a cold exactly after 1 week in. And I was still coughing phlegm three weeks later on the return flight home.

Now, I'm averse to traveling to China thru any kind of tour package you book with a travel agent in North America. It's the group meals that's the main source of infection. Everyone on the shared van to the HSR station or airport after the first week was showing symptoms of being infected.

Most Chinese restaurants in China don't share the same concept of hygiene as the Chinese restaurants in North America. In North America, if you eat as a group, they always provide extra chopsticks and spoons for you to get the food from the shared plate onto your own plate. You never use your own chopsticks nor spoon to get the food onto your own plate. That's just gross.

In China, they expect you to use the same chopsticks that's been in your mouth already covered in your own saliva to get food from the shared plate. They don't have the concept that there should be two kinds of chopsticks and spoons often of different colors or shapes: the personal ones and the shared ones.

After they catch a cold in the first week of their month long stay in China, most overseas Chinese are scared to book any subsequent trips to China that involves group meals together with other overseas Chinese.

In essence, most tour package tourists to China are usually noobs that don't know better. The veterans will simply shun this channel to drive China's tourism industry. This is a problem China needs to address at the national level, if they want repeat business not just from overseas Chinese that on their first time to China.

If you must travel to China. Avoid prebooking tour packages at all costs. Go free style and book your own hotels. Eat only with other family members not forced together with some 10-20 other overseas tourists at the same dining table. When you spend 3/4th of the time in China dealing with a preventable cold instead of enjoying yourself, what is even the point of traveling to China?

China cleaned up her act when she's hosting a major international (sports) events (ie. no dog meat, no gross sounding delicacies). Why can't she do something simple for her tourism industry by mandating all tour packages to book only state-sponsored restaurants that serve individual meals to their clients instead of group meals?
Click to expand...
I just beat President Xi. It's been over 1 week since I got back from China. This is the first time I stayed for a month in China and didn't get sick.

MAIN CULPRIT: Transmission of infectious agents through tour group meals with shared food plates.

Travels agents outside of China have at most 2 chances to earn commissions from would-be travelers before they run away from booking group tour packages for good (1st chance they thought getting a cold or flu while on group tour in China was a fluke, 2nd chance they never come back). This kind of business model is NOT sustainable!

(BTW, I also think it had to do with the travel month. Lost track how many times I encountered ppl sneezing and held my breath as I passed the place where they sneezed. Fortunately they were only sneezing becoz of dust particles in the air. I can imagine during peak flu season, even a brisk encounter with ppl sneezing can be deadly...)
 
神威98 said:
WTF they even allowed small planes to fly near the outskirts of the Capital. The small planes are the most prone to malfunction and crash.

Shouldn't such small scale aviation activities be located in some remote region?
Click to expand...

there is suspicion this was a suicide
 
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