Premier calls for fine-tuning of policies

PREMIER Li Keqiang said preemptive steps and fine-tuning of policies are needed to address challenges facing China’s economy, as concern builds over slowing growth.

During a meeting Wednesday of the State Council, Li also called for authorities to ensure the supplies of major agricultural goods and improve capacity of reserves. He didn’t elaborate on details of any new measures. The premier’s comments come shortly after he said China’s economy faces new downward pressures and called for cuts in taxes and fees to ease pressure on small and medium-sized companies.

BYD new-energy vehicle sales up 249.05%

BYD Co., China’s leading new-energy vehicle (NEV) manufacturer, saw surging NEV sales growth in October, company data showed.

The Shenzhen-based company said Wednesday night its sales of NEVs, including purely electric vehicles and plug-in hybrid electric vehicles, surged 249.05 percent year on year to 81,040 units in October. During the January-October period, BYD sold a total of 418,619 NEVs, up 212.03 percent year on year.

Sinopec, US firm sign long-term LNG contract

CHINA’S Sinopec Corp. has signed a contract with U.S. Venture Global LNG to buy 4 million tons of liquefied natural gas (LNG) annually for 20 years, Xinhua said Thursday.

The LNG will be supplied from Venture Global’s plant in Plaquemines, Louisiana, and the deal is the largest LNG long-term contract signed between China and the United States, Xinhua said. It did not specify the value of the deal or when supply would begin. In October, Reuters reported that China had agreed three huge LNG deals with the firm as China seeks to secure long-term supplies amid soaring gas prices and domestic power shortages.

Lenovo posts 65% rise in second-quarter profit

LENOVO Group, the world’s biggest maker of personal computers (PCs), said that a global chip shortage remained a challenge even as it reported a 65 percent rise in second-quarter profit Thursday.

The company said it was able to outgrow the market by securing more supply of components than its peers, but acknowledged that the chip shortage was “causing delays in order fulfillment and significant back-log orders across PCs, smartphones and servers.”