A power crunch and record heatwaves in China have disrupted factories, offices, farmlands, and many of the cities’ essential functions. Some subway stations are reportedly dimmed, with little to no lighting. Dan Wang, chief economist of Hang Seng Bank (China) told CNBC that the power crisis and droughts would likely cause China’s GDP growth to…

Fifteen months ago, China publicly pledged to achieve carbon neutrality by 2060. However, analysts say the country’s ruling communist regime will unlikely fulfill such a  commitment, based on its industry signs plus its record of breaking international agreements. On Sept. 22, 2020, Chinese leader Xi Jinping addressed via video link the United Nations General Assembly in…

Chinese leader Xi Jinping will talk to leaders from the wealthy Group of 20 nations (G-20) via a video link, the Foreign Ministry announced on Oct. 29. Foreign Minister Wang Yi will be in Rome for the two-day event starting on Saturday, Wang Wenbin, the spokesperson of China’s foreign ministry, said at Friday’s briefing. While…

The Chinese government will allow electricity prices to increase in its boldest reforms to the energy sector in decades, hoping to ease a worsening power crunch. But the country’s inflation pressures are rising, threatening its economic growth. China’s National Development and Reform Commission (NDRC) said on Oct. 12 that the price of coal-fired power could…

As China’s economy grapples with debt-saddled Evergrande and a worsening power crisis, the Chinese Communist Party (CCP) is tightening its anti-corruption efforts against state-owned banking and insurance institutions. Beginning on Oct. 10, the Central Commission for Discipline Inspection (CCDI) dispatched special teams to 25 state-backed organizations in the financial sector for roughly two-month inspections, according…

The northeastern Chinese province of Liaoning imposed curbs on electricity use on Monday, marking the fifth power shortage alert in two weeks. Authorities in Liaoning issued the province’s second-highest alert level for power shortages, warning that the shortfall could reach 4.74 gigawatts (GW). The Liaoning Provincial Industry and Information Department said in a notice that…

Torrential rain that lasted for almost five days straight has forced China’s coal hub to close 60 coal mines, piling further pressure on the country already grappling with a power crunch. The downpower that struck 11 cities in northern China’s Shanxi Province has triggered flooding and landslides, destroying railway lines and bridges, and causing fatalities….

Beijing has ordered its banks to support the financial needs of coal and energy companies. With nearly two-thirds of provinces grappling with power rationing, China’s power supply situation continues to challenge the economy. “Banks and other financial institutions should prioritize lending to qualified mines and power plants, and make them ensure to boost thermal coal…