Sinopec expects China’s oil demand to recover in Q2

SINOPEC Corp. expects demand for refined oil products to recover in the second quarter (Q2) of the year as COVID-19 outbreaks in the country are gradually controlled, and sees full year oil consumption reaching positive growth.

Asia’s biggest oil refiner has cut its refining runs since the second half of March and is maintaining an “optimal” refinery operation ratio of around 85 percent, compared with 92.6 percent earlier in the year, Sinopec officials said at a briefing Thursday. “We expect oil demand to gradually resume in the second quarter with the pandemic outbreak under control,” said Li Li, deputy head of Sinopec’s operation management department.

Mainland cities lend support to Taiwan companies

WHILE following COVID-19 containment protocol, mainland cities such as Shanghai, Suzhou and Kunshan have made active efforts to help Taiwan enterprises ease their difficulties and ensure stable production, a mainland spokesperson said Wednesday.

Authorities in the cities have stepped up their communication of policy initiatives created to ease the difficulties of businesses and their implementation, said Ma Xiaoguang, a spokesperson for the Taiwan Affairs Office of the State Council. The concerns and demands of Taiwan enterprises have been met with timely responses, followed by measures to solve their difficulties, he said.

Firms enjoy over ¥1 trillion of tax policy support

THE country’s tax authorities provided businesses nationwide with various types of tax and fee policy support equivalent to over 1 trillion yuan (US$152.4 billion) from Jan. 1 to April 20, official data shows.

Apart from VAT credit rebates and tax and fee cuts, this policy toolbox also includes tax and fee deferrals for small and medium-sized manufacturing firms, according to the State Taxation Administration.

Israel’s EV imports from China gain momentum

ELECTRIC vehicle (EV) imports have become Israel’s leading import categories from China and contributed greatly to the increase of Israeli imports from China, an Israeli trade leader said.

Israeli imports of goods from China rose by 42.1% year on year in the first quarter of 2022, the country’s Central Bureau of Statistics said. Amir Shani, vice president of the Federation of Israeli Chambers of Commerce, said EV imports from China contributed greatly to the increase of Israeli imports from the world's second largest economy.