RIYADH: Beijing is asking state-owned policy banks to help the economy recover by funding infrastructure projects. Also, China announced goals to have the country’s grid source around 33 percent of its power from renewable energy by 2025. Additionally, China will take the needed measures to prevent domestic firms from being blacklisted in the US. Meanwhile, Amazon.com Inc. will shut its e-books store in China in 2023.
· China is asking state-owned policy banks to help the economy in its recovery phase by funding infrastructure projects with as much as 800 billion yuan ($120 billion), Bloomberg reported. Such a move is set to ease a big chunk of infrastructure costs off the government which is already struggling from declining revenues.
· China has announced that it targets that by 2025 its grid will source 33 percent of power from green sources, up from 28.8 percent in 2020, Reuters reported, citing the state’s planning agency. By 2025, the Asian country’s total renewable energy consumption is set to reach 1 billion ton of standard coal equivalent. This comes as the country aims to increase the share of non-fossil fuels in total energy use to 20 percent, according to the National Development and Reform Commission.
· China is planning to take the necessary measures to shield local firms from being blacklisted in the US, Reuters reported, citing the country’s commerce ministry. This comes as the US has announced that it intends to add new Chinese companies to its blacklist over export sanction concerns.
· American multinational technology company Amazon.com Inc. has announced that it will close its e-book store Kindle in China as of June 30, 2023, Bloomberg reported, citing an individual familiar with the matter. This comes as the firm has failed to compete amid domestic rivals in the country.
