CX Daily: Five Things Powering China’s Energy Storage Boom
TOP STORIES
Energy storage /
China’s energy storage sector is growing rapidly, with planned capacity based on newly published tenders of projects topping 19 gigawatts (GW) for the first five months of this year, up 93.5% from the same period last year, according to a report released late last month by Haitong Securities Co. Ltd.
By 2027, China is expected to have a total new energy storage capacity of 97 GW, with a 49.3% compound annual growth rate from 2023 to 2027, the report said, citing data from industry group the China Energy Storage Alliance (CNESA). New energy storage systems in China are largely based on lithium-ion battery technology.
China-U.S. /
Beijing and Washington have resumed climate change talks during U.S. climate envoy John Kerry’s visit to China, after such discussions were abandoned following former U.S. Speaker Nancy Pelosi’s Taiwan trip last year.
Kerry’s visit comes as China and the U.S. ramp up diplomatic efforts through high-level engagements to stabilize bilateral ties, which have worsened due to a series of disputes including trade, technology and security matters.
Corruption /
Zhao Jianwei, former chief prosecutor of Dalian, Northeast China’s Liaoning province, has been expelled from the Communist Party for serious violations of duty and alleged bribery, as the country ramps up its efforts to wipe out corruption in the judiciary.
Zhao’s wrongdoings included faking a divorce, using at least one of his former positions to benefit his wife’s business, as well as allowing his wife to use his influence for personal gain, the Liaoning provincial graft buster said in a statement Monday.
Green bonds /
A batch of 193 Chinese green bonds has been deemed to be in line with a set of sustainable finance standards shared by China and the EU, an achievement that experts said could open up the country’s market for the bonds to global investors.
The bonds, the first from China to be considered compliant with the Common Ground Taxonomy (CGT), were labeled by a group of experts organized by the Green Finance Committee (GFC) of the China Society for Finance and Banking, according to a Friday statement from the committee. The GFC is the organization in China in charge of determining which green bonds qualify as being CGT-aligned.
Quick hits /
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Property /
The average price of pre-owned housing units across 70 Chinese cities continued to slide in June despite hundreds of government policies to prop up the sluggish real estate market.
In first-tier cities, average pre-owned home prices fell 0.7% from May, data published Monday by the National Bureau of Statistics showed. The decline was 0.3 percentage points sharper than the drop in May. Prices in second and third-tier cities dropped 0.4% last month.
Steel /
China’s steel output grew a mere 1.3% in the first half with most of the growth achieved in the first three months, showing a sluggish demand amid an ailing property sector.
China produced 535.6 million tons of crude steel in the first six months, data published Monday by the National Bureau of Statistics showed. Output increased 5.6% year-on-year in the first two months and 6.9% in March before declining 1.5% in April and 7.3% in May. Steel plants slightly increased production by 0.4% in June.
Quick hits /
Tech Insider /
Long Read /
China may be the largest auto market in the world, but its recycling rate for scrap vehicles remains low, hamstrung by illegal recycling and poor regulation, making it difficult for recyclers to obtain enough scrap vehicles and earn sufficient profits. The largest vehicle recycling factory in Tianjin has a designed annual production capacity of 200,000 tons but had a utilization rate of less than 20% last year, as it only received around 30,000 tons of scrap vehicles. Some recyclers are turning to the electric-vehicle battery recycling sector in a search for new revenue streams
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
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