The Nation Newspaper

Tag: china

  • Udoma meets China Bank official over projects funding

    Udoma meets China Bank official over projects funding

    The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has commenced follow-up discussions with the management of the Chinese EXIM Bank in Beijing, China, over funding of some projects.

    This is contained in a statement issued by the Minister’s Media Aide, Mr James Akpandem and made available to newsmen on Thursday in Abuja.

    The statement said that the meeting with the bank would lead to the implementation of the various projects discussed during the visit of President Muhammadu Buhari to China.

    “President Buhari during a State Visit in April this year reached various agreements with the Chinese Government on development assistance, particularly the funding of some critical infrastructure in the country.

    ‘The visit by the President further bolstered Nigeria’s participation in the 10 critical areas under the Forum on China Africa Cooperation (FOCAC),” it said.

    According to the statement, Udoma is in China to attend the FOCAC Coordinators meeting.

    The statement said that Udoma appealed for financial assistance from EXIM Bank to enable the country to execute some of the basic infrastructure projects to boost the economy.

    “Our relationship with China is very important to us, which was why our President led a big delegation on a State visit to China in April this year.

    “We are quite impressed with the infrastructural development in China and believe that China has a lot to teach us in Nigeria.

    “China has a lot to teach us in Nigeria; particularly we will like the support of China in the area of infrastructure development, ‘’ the statement quotes Udoma as saying.

    Responding, the Vice-President of EXIM Bank, Mr Yuan Xingyong, said that China enjoyed very sound relationship with Nigeria.

    “Nigeria is important to the bank because the two have been doing good business together and the country has a good record of repayment.

    “The bank is willing to deepen the bilateral cooperation with the country and extend financial support for development purposes” he said.

  • Nigeria seeks China EXIM Bank’s funding for critical projects

    The Minister of Budget and National Planning, Senator Udoma Udo Udoma, yesterday met with the management of Chinese EXIM Bank, Beijing, China, to seek funding for critical infrastructure projects in the country.

    The meeting is a follow-up to President Muhammadu Buhari’s visit   to China.

    President Buhari had during the state visit in April this year, reached various agreements with the Chinese government on development assistance particularly the funding of some critical infrastructure in the country. The visit by Buhari further bolstered Nigeria’s participation in the 10 critical areas under the Forum on China Africa Cooperation (FOCAC).

    Udoma is in China to attend the FOCAC Coordinators meeting.

    In the meeting with the Vice President of EXIM Bank of China, Yuan Xingyong, at the bank’s headquarters in Beijing, Udoma said Nigeria will appreciate the financial assistance from the bank to enable it execute some of the basic infrastructure projects that will drive growth, develop the economy and increase business partnership with its global business allies.

    Udoma said the visit was to exchange views with the management of the bank and to see how Nigeria can deepen the bilateral cooperation already existing between it and China.

    “Our relationship with China is very important to us, which was why our president led a big delegation on a state visit to China in April this year. We are quite impressed with the infrastructural development in China and believe that China has a lot to teach us in Nigeria; particularly we will like the support of China in the area of infrastructure development,” he said.

    The minister said he believes strongly that the rapid development of Nigeria will enable the country to be a better business partner with China as the volume of business and investments will grow bigger and better.

    “We have a list of some projects, some of them we have started work and others about to start, which we had submitted to China for financial assistance. Some of the priority projects, the president has asked me to stress include the Nigerian railway modernisation projects from Lagos to Kano – (Lagos –Ibadan) and Lagos – Kano (Kano – Kaduna) which are two parts of the same project; the coastal railway project from Calabar to Lagos, the Mambilla Hydro-electric project and the Niger Delta East West road project.

    “These projects are estimated to be completed in three years. Other projects which the government are interested in developing include power transmission projects, Greater Abuja Water project, Abuja Mass Transit project, Galaxy Backbone project, NTA Digitalisation, expansion of Abuja Keffi road, and the dualisation of the Akwanga – Keffi road,” he said.

    Udoma also mentioned other projects the government was considering to include the Presidential Initiative for the Rehabilitation of the Northeast and the Export Processing Zones (EPZs) that the Ministry of Investments, Trade and Industry was seeking to develop to attract firms wishing to come into the country to manufacture principally for exports.

  • China aims to become innovation powerhouse by 2020

    China aims to become innovation powerhouse by 2020

    China aims to become an innovation powerhouse by 2020, according to a newly adopted national plan on science and technology innovation during the 13th Five-Year Program (2016-2020).

    The plan was passed on Wednesday at the State Council’s executive meeting, which was chaired by Premier Li Keqiang.

    “This is the first sub-plan under the 13th Five-Year Program and it fully demonstrates that we have given top priority to innovation”, Li said.

    According to the plan, China will further advance its global ranking in innovation competence, with combined efforts to enhance original innovation, build key science innovation parks and attract top-tier researchers.

    The Ministry of Science and Technology spent two years drafting the plan and sought suggestions from related departments during the process.

    It said the country would start a series of key scientific and technological innovation projects, and establish dozens of innovation zones across the country, with Beijing and Shanghai pioneering the effort.

    The plan also emphasised industrial upgrading and sustainable development, laying out supporting policies for modern agriculture, clean and efficient energy, and mobile telecommunications.

    The government has, since 2013, repeatedly highlighted the importance of innovation, providing support and encouraging mass innovation and business start-ups.

    Report says innovation is of vital importance as the economy is shifting from one driven by investment and manufacturing to one more consumption-based and service-focused.

    Figures from the National Bureau of Statistics showed that in the first half of 2016, consumption contributed 73.4 per cent to the national gross domestic product (GDP) growth.

    “The plan also offers measures to address some particular obstacles regarding innovation, such as the obvious gap in technology transfer from research institutions to companies, among others.

    “The case for overhauling science and research systems and generating greater enthusiasm among science and technology researchers is very strong if we mean to enable true breakthroughs in innovation’’, Li said.

  • China sets aside $30m for weather modification programme

    China sets aside $30m for weather modification programme

     China has allocated 199 million yuan ($29.76 million) to spend on its weather modification programme as part of efforts to combat drought and reduce the impact of natural disasters.

    The finance ministry said on Thursday in Shanghai that the additional funding had been made available in order to help China’s regions respond to the large number of “extreme weather events” this year.

    It said it would also include heavy flooding in south and central regions as well as drought in the northwest.

    The ministry disclosed that the funding has become necessary because China currently uses weather modification technology for many items.

    It includes; cloud seeding to induce rain during droughts, to reduce hail, and to clear the skies ahead of prestigious international events, including the Beijing Olympics in 2008.

    The ministry added that China is planning to use weather modification technologies to create more than 60 billion cubic meters of additional rain a year by 2020.

  • Nigeria seeks trade parity with China

    The Federal Government is seeking parity in its existing trade relationship with China.

    Minister of Information and Culture, Alhaji Lai Mohammed, who spoke when the the Vice President, StarTimes Group of China, Ms. Zhao Yueqin visited him in Abuja, said the strategic partnership between the two countries has waxed stronger in various sectors, said the trade volume between the two countries had jumped from $6.9 billion in 2009 to over $14 billion as at last year.

    The minister however stressed the need to correct the trade imbalance between the two countries by encouraging Chinese investors to set up factories in labour-intensive sectors in Nigeria and also canvassed for the abolition of the five per cent tax levied on agricultural products entering China from Nigeria.

    In her remarks earlier, Ms. Yueqin, expressed China’s willingness to assist Nigeria to become digitalised.

  • China, UNIDO to invest in agric

    China National Construction and Agricultural Machinery Corp (China CMCA) has expresed interested in partnering  the  UNIDO Investment and Technology Promotion Office (UNIDO ITPO ) to invest in Nigeria.

    The leader of the China CAMC Engineering delegation to Nigeria and General Manager, Mr. Yu Tao, said the firm is interested in investing in agri-business and infrastructure projects in the country.

    He said: “UNIDO has been working for the promotion of the well-being of the Nigerian people in agri-business, industrial development and other relevant areas for many years and I believe that we in China CAMC Engineering have a common goal to work together with UNIDO.

    “China CAMC Engineering is a publicly listed company engaged in industrial, agricultural and water treatment and communication projects across the world. Currently, we have 44 representative or branch offices around the world including Asia, Southeast Asia, Asia Pacific regions and in Africa – specifically Eastern African countries. Also, we have presence in South American countries.

  • Mazda recalls 1.57 million cars globally

    Mazda recalls 1.57 million cars globally

    Mazda Motor on Thursday said it was recalling about 1.57 million vehicles worldwide over potentially lethal airbag inflators.

    According to the Japanese car maker, the latest recall includes the Delica, RX-8 and Demio subcompact, which is known abroad as the Mazda 2.

    “The recall covers 491,000 units in Japan and many were also being recalled in China and the U.S.,’’ a Mazda spokeswoman said.

    However the carmaker declined to provide breakdowns.

    Report says the airbags made by Takata can rupture explosively in a collision, spraying metal fragments at passengers as well as drivers.

    No fewer than 13 deaths and hundreds of injuries have been linked to the defect worldwide.

  • The Hongqi L5 : China’s status symbol

    The Hongqi L5 : China’s status symbol

    The Hongqi L5 is not a commoner’s affair. The car was specially built for billionaire businessmen and super stars who want to show off their Chinese credentials. The car favourably competes with the Bentley Mulsanne and the Rolls-Royce Ghost, writes TAJUDEEN ADEBANJO with agency addition

    The Hongqi L5 has been adjudged the most expensive Chinese car. It costs five million yuan or $760,000. Hongqi, Red Flag, is oldest automaker in China. The maker of the car is famous for enormous state limousines and parade cars. The L5 pays respect to this heritage.

    The car succeeded Hongqi CA770 state limousine, which was manufactured between 1966 and 1981 with only 847 samples built. All were sold to the Chinese government, but today many are in museums and in private hands. The CA770 was powered by a Chrysler-sourced 215 hp 5.6 liter V8 engine.

    The Hongqi L5 is aimed at billionaire’s businessmen and superstars, who want to show off their being-Chinese credentials. More than any other local brand, Hongqi is closely connected with China as a country, and many Hongqi owners are sincerely proud of that.

    The Hongqi L5 is part of the Hongqi L-Series. The first car was the gigantic Hongqi L9 parade car which debuted in 2009. It was followed by the Hongqi L7 in 2012 and finally by the Hongqi L5 in 2013. There are three variants of the L5: one for the government, a parade car, and the civilian version.

    The car has a red flag badge on the front fender. The frame is made of metal and the flag is made of glass.

    The Hongqi L5 is a giant car; 5.55 meters long, just over two meters wide, 1.5 meters high, and with a wheelbase of 3.4 meters. To put that into perspective, the current Mercedes-Maybach S600 is 5.2 meters long. The L5 is also very heavy, even in this non-armoured civilian form. It weighs an incredible 3150 kilo, compared with “just” 2390 kilo for the Mercedes.

    The engine that has to move all those kilos is a 6.0 litre V12. Sadly it isn’t very strong. Output is 408 horsepower and 550 Newton meter. Gearbox is a six-speed automatic sending power to all four wheels. Hongqi does not specify top speed and acceleration, likely because it isn’t very fast. Fuel consumption is a mystery as well, but bet, it drinks a lot. Happily, the fuel tank has a capacity of 105 liter.

    The interior is a work of art rose wood panels and cream white leather. The centrally mounted instrument panel is fully digital and measures 15.3 inches. The lower 8-inch touch screen controls the infotainment and various other functions inducing the air conditioning and satellite navigation.

    The inner rim of the steering wheel is for the horn. The secret: you have to pull the rim towards you, instead of pushing it away. The system is a nod to the past again; it was just like that on the CA770.

    The logo in the middle of the steering wheel is a golden sunflower. In Chinese symbolism, the sunflower stands for long life and good luck. Hongqi has been using the symbol for a very long time. There are also small sunflower logos in the centre of the wheels.

    The rear compartment has all the luxuries a high end Hongqi should have, including 1.1 meters of leg room, beige carpets, and a rear-seat entertainment system with television and a Bose sound system. Interestingly, Hongqi said the L5 is also equipped with a 6-disc CD changer, and that is a real rarity on modern cars!

    A massive rear end with an endless trunk. Design of the taillights is taken from the shape of traditional Chinese lanterns. Chrome bars on each side of the license plate area are again inspired by the CA770. The characters above the license plate write Hongqi, supposedly in Mao’s handwriting.

    It has an imposing front with the red flag hood ornament. Design of the heavily chromed grille is a nod to traditional Chinese hand fans and the ultra retro lights are very similar to those on the CA770.

    In the marketplace, the Hongqi L5 competes with cars like the Bentley Mulsanne and the Rolls-Royce Ghost. But in reality the L5 doesn’t really compete with anything. It is so unique, so rare, that it has in fact, created a class all of its own.

  • Oil price may rise on supply outage, China demand

    Supply outages and growing demand from China are likely to push price of crude oil up in the next few months, an energy analyst has said.

    Jefferies’ Jason Gammel told CNBC the oil market had swung from oversupply to undersupply in April thanks to disruptions in production in Nigeria and Alberta, Canada, taking around two million barrels per day out of the market.

    “I think with continued demand growth over the course of this year and continued declines in non-OPEC supply that we are already seeing in places like the United States, the market actually comes into much better balance by the end of the third quarter and that’s the stage for fundamental price recovery,” he told CNBC in London.

    As global crude output fell, demand from China — a massive consumer of energy — rose in April. Its crude imports reached eight million barrels a day, up 7.6 per cent from a year earlier, according to official Chinese data

    “In the case of China, what is encouraging is that their imports are still very high, because I really think that, from a supply-and-demand standpoint, you need to have strong Chinese demand growth in order for the market to become more balanced by the end of the year,” Gammel said.

    According to a UBS commodity strategists’, Brent crude will trade at around $49 per barrel in the fourth quarter of 2016 and then rally further to average $55 through 2017.

    They added that a recovery in WTI oil prices to above $50 per barrel would incentivise renewed U.S. energy exploration and this projected increase in supply would limit price upside.

    Gammel agreed $50-plus prices would spur U.S. rigs back online, but said this increase would be insufficient to offset lower output from shale gas wells. “I think if the U.S. rig count doesn’t go above, let’s say, 500, that the U.S. production is going to continue to decline,” he added.

    Oil exploration in the U.S. is down 51. 7 percent, year-on-year, Baker Hughes reported last week in its widely eyed weekly report on North American drilling activity.

    The U.S. rotary rig count last week was down two at 404, Baker Hughes reported.That was 481 rigs down on last year and the lowest since Baker Hughes started counting rigs in 1949.

  • Five journalists jailed for blackmail in China

    A court in central China’s Hunan Province on Monday, handed five journalists of a newspaper and its website, prison terms of up to 12 years for blackmail.

    Zhang Huanrui, vice president of Modern Consumer News, and four of his subordinates were found guilty of blackmailing half a dozen government departments and officials for 815,000 Yuan (125,000 dollars), by threatening them with negative news reports, said the Yanfeng District People’s Court in Hengyang city.

    “The defendants used the potential consequences of the negative reports to coerce the agencies.

    “They told officials to pay money, promising in return to delete negative reports or not to conduct follow-up reporting,’’ the court said.
    Zhang was sentenced to 12 years in prison, while one subordinate was given a six-year jail term.

    Two of them were sentenced to two years, four months and 20 days behind bars.

    However, the other was given a three-year suspended sentence.