WTO to conduct trade policy review of China

THE World Trade Organization (WTO) will start the eighth trade policy review of China today, the Ministry of Commerce said yesterday.

The review would last three days until Friday and will be attended by Minister of Commerce Wang Wentao and Vice Minister of Commerce Wang Shouwen in Beijing via video link, and China’s Ambassador to the WTO Li Chenggang in Geneva, the ministry said. This year marks the 20th anniversary of China’s accession to the WTO. Over the past 20 years, China has fully fulfilled its accession commitments, actively participated in the work of the WTO, and made great contributions to upholding the multilateral trading system, the ministry said.

Huawei signs zero-carbon energy project

HUAWEI contracted a green energy project in Xi’an, capital of northwestern China’s Shaanxi Province, at the 2021 Euro-Asia Economic Forum that opened Monday.

The project, located in the Hi-Tech Industrial Development Zone of Xi’an, will be jointly built by Huawei, the zone’s administrative commission and the Shaanxi Branch of State Power Investment Corp. (SPIC). With an investment of more than 10 billion yuan (US$1.56 billion) from SPIC’s Shaanxi branch, the three sides will work together to accelerate photovoltaic construction and promote the green electricity trade, said the commission.

HKEX launches new A-share derivatives contract

HONG KONG Exchanges and Clearing Ltd. (HKEX) on Monday launched its new A-share derivatives contract, the MSCI China A50 Connect Index Futures.

The new futures contract is unique, as it is based on the MSCI China A50 Connect Index, a sector-balanced index that selects 50 names from among the largest stocks listed in Shanghai and Shenzhen available via the stock connect program, and targets at least two stocks from each sector, HKEX said.

Unigroup working with investors in restructuring

CHINESE chip conglomerate Tsinghua Unigroup is working with seven strategic investors as it continues its restructuring, the company wrote on its official WeChat account Monday.

The announcement comes as the company seeks a safety net following a string of bond defaults. Unigroup did not identify the investors that were participating in its restructuring, but said that due diligence was under way. The company said its operations are stable and improving.