Accounting guidelines for non-fossil power consumption
The National Development and Reform Commission and four other government agencies released pilot guidelines to standardize the accounting of non-fossil energy consumption. The rules aim to improve coordination among energy statistics, carbon-emission accounting and electricity and green-certificate trading markets. The guidelines establish specific accounting methods for both provincial and municipal levels as well as individual power users. The system will initially operate on an annual basis and gradually transition from relying solely on power transactions to integrating both power and green-certificate trading.
SAIC to build $232 million factory in Spain
Chinese automaker SAIC Motor Corp. Ltd. plans to invest 200 million euros ($232 million) to build a passenger vehicle plant in Spain for its MG brand. The factory, located in the northwestern region of Galicia, will have an annual production capacity of 120,000 vehicles, with construction slated for 2027 and production expected to begin in 2028, the local government announced on Monday.
China’s big-rig makers race to Hong Kong
Two Chinese electric heavy-truck makers have launched Hong Kong IPO bids within weeks of each other, underscoring growing investor enthusiasm for a fast-growing market fueled by government incentives and higher fuel prices. Jiangsu Zeron Automobile Technology Co. Ltd. filed for a Hong Kong listing on Friday, less than a month after DeepWay Technology Co. Ltd. submitted its own application on May 7. Together, the two companies have raised nearly 6 billion yuan ($887 million) this year.
Local party chief investigated after deadly coal mine blast
Zhao Yongjin, chief of the Communist Party committee of Qinyuan county in Shanxi province, is under investigation for suspected “serious violations of discipline and law,” a standard official euphemism for corruption, Shanxi’s anti-graft watchdog announced late Tuesday. The announcement follows a devastating gas explosion on May 22 at the Liushenyu coal mine, which killed at least 82 people and injured 128 others, sending shockwaves through China’s mining sector.
