by admin | Apr 7, 2025 | economics, economy of china, energy consumption, energy sector, hong kong
The supplier anticipates that this trend will continue, whereas economists link reduced consumption to evolving lifestyles, such as greater travel to the mainland.
In 2024, gas consumption in Hong Kong remained under the pre-pandemic levels for an uninterrupted six years. The provider anticipates this trend will continue, as economists attribute this phenomenon to a “structural reduction” in use attributed to shifts in living habits, such as more frequent trips to mainland China.
The city’s only gas provider, the Hong Kong and China Gas Company, commonly referred to as Towngas, connected their prediction with the anticipated mild temperatures for this year.
Professor Lee Shu-kam, who leads the Department of Economics and Finance at Shue Yan University, highlighted a “structural decrease in gasoline sales” within the city.
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An essential aspect is the weak economy. With a decrease in tourism, stores will utilize less fuel,” Lee explained. “However, what matters most is that following the pandemic, numerous individuals have started spending more within their own country.
For example, individuals who are 60 years old or older can use railway services for free in Shenzhen by showing their Home Return Permits, passports, or other identification documents provided by the local government, as stated on a site from the Constitutional and Mainland Affairs Bureau.
The free transportation rates were “highly appealing,” according to Lee. “However, once you’re there, having meals is essential.”
In 2024, gas sales in Hong Kong amounted to 27,159 terajoules, which represents an 8.1 percent decrease compared to the figures from 2018. This outcome comes after a 0.1 percent yearly growth managed to reverse a continuous decline over the past five years, as reported by Towngas.
The firm projected that natural gas sales were expected to increase marginally to 27,200 terajoules in 2025, which represents an 8 percent decrease from the 29,550 terajoules sold in 2018 prior to the onset of the COVID-19 pandemic.
A representative from the gas firm stated to the Post that they anticipate the gas usage in 2025 to stay steady at approximately 27,200 terajoules, assuming there’s no major shift in how residents of Hong Kong live and considering the mild climate projected for 2025,
The gas firm highlighted several elements impacting gas sales in Hong Kong throughout recent years, encompassing periods of pandemic, post-pandemic challenges, along with subsequent recovery phases.
“Overall, we are witnessing severe effects of climate change, with temperature records in Hong Kong showing increases compared to earlier years from 2021 through 2023,” stated the spokesperson.
Consequently, the usage of gas dropped because lesser amounts of hot water were consumed.
Home gas consumption has decreased continuously over the past four years, dropping to 14,437 terajoules in 2024. This figure represents 53 percent of overall usage, as reported by the gas firm and highlighted in their investment briefing for fiscal year-end 2024 results.
The spokesperson stated that residential gas usage was impacted by “unprecedented worldwide temperature records” in the previous year and the tendency of residents of Hong Kong traveling to Mainland China, resulting in a “minor reduction of 1.4 percent.”
The spokesperson pointed out that gas usage in homes rose by 11 percent compared to the previous year, totaling 16,685 terajoules in 2020 because of pandemic-related limitations.
However, by 2023, once these restrictions had been eased and individuals could resume their international trips, natural gas consumption within households dropped by 8.4 percent compared to the previous year, totaling 14,648 terajoules.
Professor Lee from Shue Yan University further noted that the increase in food delivery services and the prevalence of smaller households, often consisting of only two individuals, who may opt for dining out rather than cooking at home, has led to persistently reduced consumption of gas.
Lee further pointed out that the migration of numerous households with children, significant consumers of natural gas for culinary purposes and personal hygiene, has also contributed to this decrease.
In the meantime, Vera Yuen Wing-han, an economics lecturer at the University of Hong Kong, noted that there has been “a move toward electrical devices.”
“As modern housing designs evolve with features like open kitchens and studio apartments, there has been an increase in the use of electric heaters and stoves,” Yuen explained.
Such designs usually comply with fire safety rules that restrict or prohibit the usage of open flames.
In 2024, industrial consumption represented 7 percent of the overall usage, marking a significant increase of 107 terajoules attributed to heightened activity in aviation catering and laundry facilities, as reported by the gas company.
Significantly, the commercial utilization of gas varied alongside the nominal GDP, increasing in 2021, 2023, and 2024, whereas it declined in 2020 and 2022.
In 2024, commercial gas usage represented 40 percent of the overall consumption and kept increasing.
This improvement was due to a rebound in tourism-associated industries, marked by hikes of 66 terajoules and 20 terajoules in natural gas consumption for hotels and amusement parks, along with hospitals and social service organizations experiencing an upsurge of 137 terajoules.
The spokesperson stated that the increase in usage observed in 2021 was associated with the city’s voucher program implemented during the pandemic, aimed at boosting local expenditures.
However, in 2020, commercial use declined by 17.7 percent to reach 11,262 terajoules.
“The catering sector was considerably impacted during the pandemic era and throughout the recovery phase,” stated the spokesperson from the gas company.
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The article initially appeared on the South China Morning Post (www.scmp.com), which serves as the premier source for news coverage of China and Asia.
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by admin | Apr 3, 2025 | business, commerce, economics, economy of china, news
Slow expansion of the Chinese Meetings, Incentives, Conventions, and Exhibitions (MICE) sector is anticipated during the initial quarter; however, the recent earthquake likely won’t cause significant disruption to this market.
Chiruit Isarangkun Na Ayuthaya, who leads the Thailand Convention and Exhibition Bureau (TCEB), stated that the Chinese market experienced a slowdown in growth during the initial three months of this year following an improvement in the preceding quarter.
Mr. Chiruit stated that the sluggish Chinese economy and Beijing’s strategy to promote local spending resulted in a decrease of business travelers from China coming to Thailand, particularly within the meetings and incentive travel segment.
He mentioned that more Chinese tourist groups chose alternative locations like Japan, Vietnam, and the Philippines instead.
In 2019, China topped the list as the biggest source of international MICE travelers to Thailand, accounting for over 247,660 out of a total of 1.27 million MICE visitors from abroad.
Travel safety worries likewise hindered the Chinese Mice market; however, these issues were not as pronounced as those affecting leisure travel, according to Mr. Chiruit.
The TCEB endeavored to revitalize this market through roadshow events conducted in Beijing and Shenzhen on April 1-2. Additionally, they promoted various initiatives aimed at attracting Chinese travelers interested in sectors like cuisine, lifestyle, energy, and pharmaceuticals.
As stated by UFI, which is known as the global hub for the exhibition industry’s association, Asia is currently attracting an increasing number of exhibition events due to projected growth in trade within the region, according to Mr. Chiruit.
These tendencies could encourage exhibition attendees from China along with other nearby markets to attend.
At the same time, it is aiming at various other markets to replace the Chinese market, including India, Europe, Australia, and the Middle East.
The TCEB is keeping an eye on the effects of the trade tariffs proposed by US President Donald Trump.
Mr. Chirirut mentioned that international firms might reduce expenses related to MICE spending, whereas Thailand’s export industry could encounter certain difficulties.
As stated by TCEB, in the last quarter of 2024—marking the beginning of their 2025 financial year—the total count of international MICE travelers reached 275,837, showing an increase of 7.4% compared to the same period the previous year.
Domestic Mouse travelers dropped by 5.7% compared to the previous year, totaling 7.33 million, indicating ongoing economic worries at home that could continue throughout this year.
After last week’s earthquake, TCEB will additionally send an official communication to foreign partners and delegates, detailing information to keep them updated about the current circumstances and future strategies.
He said the incident should not significantly impact the Mice market, as most events continued as usual last week, such as the book fair at Queen Sirikit National Convention Center.
Nonetheless, it will take some time to assess the effect on major forthcoming events such as the IDF World Diabetes Congress scheduled for April 7-10, 2025, where more than 10,000 attendees are anticipated.
Recently, TCEB introduced the MICE Data Platform, which gathers, examines, and delivers information to parties involved in the MICE sector.
Mr. Chirruit mentioned that mice operators can gain insights into visitor counts and various events, along with associated behavioral patterns, which they might utilize to adjust and improve their own business strategies.
Provided by Syndigate Media Inc. (
Syndigate.info
).
by admin | Apr 2, 2025 | asia, economy of china, international relations, news, politics
From the ‘two sessions’ to the Boao Forum, Beijing is advancing technological self-reliance, eco-innovation, and assistance for less developed countries.
China’s annual
“two sessions”
Last month’s parliamentary sessions highlighted key national focuses such as promoting indigenous technological advancements, speeding up the shift towards renewable energy sources, and tackling the issue of debt.
Boao Forum for Asia
expanded on these themes.
Beijing’s leaders are emphasizing China’s position as a stabilizing element in Asia and an advocate for multinational cooperation amidst escalating U.S. tariffs, increasing environmental pressures, and fractured worldwide trade patterns. They aim to navigate these geopolitical and economic challenges through a mix of diplomatic agility and strategic legislation.
China’s Two Sessions reiterated its commitment to promoting Chinese-style modernization, an approach viewed as being underpinned by three key elements:
strong technological foundation
, a
highly skilled workforce
with extensive worldwide reach.
Innovations in
artificial intelligence
(AI) — a sector that reportedly generated $402.6 million in revenue last year, with projections indicating potential growth to $3.98 billion by 2030 — highlights China’s adaptability through advancements in quantum computing and renewable energy. Addressing substantial debts within the real estate industry along with supporting urban economies remains crucial.
reforms
To guarantee sustainable development, addressing these concerns is among China’s highest priorities.
In the meantime, U.S. protectionist actions such as tariffs have accelerated China’s shift toward regions like Southeast Asia, Africa, and Latin America. These tariff policies pose risks to worldwide trade stability but have simultaneously encouraged Beijing to strengthen international partnerships.
For instance, China’s merchandise trade with member countries of the
Regional Comprehensive Economic Partnership
During the initial eleven months of last year, trade under the RCEP amounted to $1.65 trillion, marking a 4.4 percent rise compared to the previous year. Technologies focused on sustainability, such as those found in electric vehicles (EVs), advanced nuclear reactors, and wind energy systems, serve as key drivers for boosting national economies domestically while also advancing global environmental initiatives.
During the Boao Forum, China highlighted collaboration rather than individualistic approaches. The RCEP, encompassing the biggest trade zone globally, has opened substantial opportunities for lesser economies: Vietnam’s manufacturing industry benefits from zero-tariff access to Chinese parts, whereas Cambodia’s rice and textile exports have seen growth due to this agreement.
Alongside this, the
Belt and Road Initiative
stays crucial for worldwide integration,
reaching
US$70.7 billion worth of contracts and US$51 billion in investments were recorded last year.
Since its inception in 2013, the program has gathered a total of $1.175 trillion, supporting initiatives like the
China-Laos railway
– having carried 48.6 million passengers and 54 million tons of cargo since 2021 – as well as Indonesia’s
“Whoosh” high-speed railway
, reducing the travel time between Jakarta and Bandung from more than three hours to just 46 minutes, thereby rejuvenating tourism and fostering small business development.
The Belt and Road Initiative serves as a counterweight to historical imbalances through its fair collaborations. For example, last year’s China-ASEAN Expo featured participation from 740 companies belonging to the Association of Southeast Asian Nations.
Challenges persist, however.
Panama’s exit
Following geopolitical pressures from the Belt and Road Initiative, it underscores the impact of Western interference. Nonetheless, South-South collaboration remains robust. African leaders are progressively viewing China as a genuine partner in upgrading infrastructure, highlighting the attractiveness of this initiative.
China’s push towards technological independence is transforming international industries. The collaboration between Huawei Technologies and Thailand has created Southeast Asia’s first major tech hub.
first fully 5G-integrated factory
, leveraging real-time analytics to transform manufacturing efficiency.
At the same time, the Asian Infrastructure Investment Bank (AIIB) has directed 60 percent of its total approved funding toward sustainable initiatives, backing projects like Bangladesh’s $200 million renewable energy grid.
China
is ahead in 37 out of 44
key and rapidly evolving technology sectors, reinforcing its role as a leader in scientific advancement. Developments in
helium-3 extraction
and
fusion energy
in line with its 2060 carbon neutrality commitment, while the AIIB aims for a climate finance target of
US$50 billion
By 2030, this emphasizes their dedication to environmental responsibility.
In addition,
reforestation initiatives
and
EV subsidies
emphasize this commitment, positioning China as a leader in climate action even as the United States pulls back from the Paris Agreement.
again
.
The financial resilience was bolstered even more last year as
cross-border yuan usage
rose by 21.1 percent, decreasing reliance on the US dollar. This change corresponds to
shift focus from the US dollar
By other members of the BRICS bloc, which account for 45 percent of the world’s population. The U.S. trade gap with China has decreased from $375 billion in 2018 to $295 billion last year—but the recent tariffs imposed by President Trump threaten over $7 trillion worth of yearly trade passing through the South China Sea.
US
sanctions on semiconductors
And green technologies have had unintended negative consequences, bolstering China’s self-sufficiency while increasing expenses for Western economies, evident in Germany’s industrial downturn and the European Union’s faltering “de-risking” initiative.
China is also taking a prominent position globally, striving to resolve conflicts around the world.
Ukraine
to
Myanmar
while advocating for United Nations reforms to provide greater influence to countries from the Southern Hemisphere.
At the same time, it promotes a more inclusive worldwide financial system, encouraging the
World Trade Organization
and
International Monetary Fund
To advocate for a multipolar system, balancing Western reform efforts to more accurately represent the needs of rising economies. This involves opting for collaboration rather than fragmentation.
China’s progress in technologies such as
renewable energy
,
5G
AI isn’t solely for its own sake; these technologies are essential tools for the world. The long-term collaborations facilitated by initiatives like the Belt and Road, which provides funding over multiple decades, along with the RCEP, which decreases trade barriers such as tariffs, support this perspective. Additionally, the AIIB backs projects aimed at harmonizing economic expansion with environmental conservation.
Despite obstacles such as U.S. tariffs and climate-related issues, China persists in advancing technological self-reliance, promoting green innovations, and supporting less developed countries. The Boao Forum aptly encapsulates these challenges and possibilities: our decisions will shape humankind’s destiny.
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The article initially appeared on the South ChinaMorning Post (www.scmp.com), which is the premier source for news coverage of China andAsia.
Copyright © 2025. South China Morning Post Publishers Ltd. All rights reserved.
by admin | Mar 30, 2025 | billionaires, economics, economy of china, money, wealth
China’s five wealthiest individuals, led by Zhang Yiming, founder of TikTok owner ByteDance, have a combined net worth of US$258 billion, according to Forbes’ real-time billionaire rankings.
1. Zhang Yiming – the founder of the technology company ByteDance
|
|
At a forum held during the 2nd World Internet Conference in eastern China’s Zhejiang province on December 17, 2015, Zhang Yiming, the founder of ByteDance, delivered a speech. The photo was taken by Imaginechina through AFP.
|
Zhang Yiming
, aged 41, founded ByteDance in an apartment in Beijing not even a decade back.
With more than a billion users globally, the firm also operates Douyin, which is the China-specific variant of their platform intended for local audiences. They have revolutionized how people interact with social media via their popular short-video sharing application known as TikTok.
Zhang’s wealth has surged by over $10 billion subsequently.
Bloomberg
’ evaluation of valuations provided by multiple investors along with ByteDance’s employee stock purchase plan. Consequently, this set the mean valuation for ByteDance at approximately $365 billion.
In January, TikTok experienced a temporary shutdown in the United States but resumed service within less than 24 hours. Nevertheless, its status in the country continues to be uncertain because President Donald Trump has established an April 5 deadline for ByteDance to divest itself of its American business operations; otherwise, the platform might confront yet another possible prohibition.
As of March 28, Zhang’s estimated net worth stands at US$65.5 billion, according to the records.
Forbes
.
2. Zhong Shanshan – the founder of the bottled water company Nongfu Spring
|
|
Zhong Shanshan, the chairperson of Nongfu Spring, gives a talk during a press briefing in Beijing, China, on May 6, 2013. The photograph was taken by Oriental Image through Reuters.
|
The story of Zhong Shanshan amassing his fortune is a quintessential tale of rising from humble beginnings to great success. After leaving school early, he took on multiple roles such as working in construction, practicing journalism, and selling beverages. Eventually, this led him to found Nongfu Spring, which has become the foremost producer of bottled water in China today.
In addition, he holds an interest in Beijing Wantai Biological Pharmacy Enterprises, which manufactures medical equipment like diagnostic tests and vaccines.
Zhong, who is 70 years old, was at the top as China’s wealthiest individual for many years until his company faced a significant backlash during the previous year. Online nationalistic commentators criticized Nongfu Spring for allegedly utilizing packaging inspired by Japan.
As the competition within the bottled water sector became more intense and online criticism grew, Zhong’s wealth decreased by $8 billion.
During a public gathering in November, he did this.
condemned major online commerce company PDD Holdings
For triggering price battles that he said weakened Chinese manufacturers.
He criticized ByteDance for not stopping social media assaults against Nongfu and requested an apology from its founder, Zhang, due to the harm inflicted by ByteDance’s news app Toutiao.
By March 28, Zhong’s fortune was valued at approximately $54.1 billion.
3. Ma Huateng – Chief Executive Officer and chairperson of the internet company Tencent Holdings
|
|
Pony Ma Huateng, chairman and CEO of Tencent Holdings. Photo by Reuters
|
Pony Ma Huateng, who is 53 years old, ranks among China’s wealthiest people due to his shareholding in Tencent, a diversified media company he helped establish in 1998.
The company started its ascent in 1999 with QQ, an online messaging service that closely mirrored ICQ, one of the first such applications, as indicated.
South China Morning Post
.
Throughout the years, Ma has broadened the company’s scope to include online gaming, digital payment solutions, and mobile apps. In 2011, they launched WeChat, which currently counts more than a billion active monthly users.
Apart from bestowing significant riches upon him, QQ also held a personal significance in Ma’s journey. It is reported that the tycoon crossed paths with his future spouse, Wang Danting, in a chat room on this very platform.
In the past year, Ma’s wealth increased by over a third as Tencent kept flourishing.
As of March 28, his fortune was valued at approximately $53.8 billion.
4. Colin Huang — the founder of the e-commerce company PDD Holdings
|
|
The founder of the online discount platform Pinduoduo, Colin Huang, addresses attendees during the firm’s initial stock listing at the Nasdaq Stock Exchange in New York. The event took place concurrently with a gathering in Shanghai, China on July 26, 2018. The photograph was taken by Yin Liqin for CNS through Reuters.
|
Colin Huang, who is 44 years old, originated from a working-class family where his parents were factory workers before him.
secured an engineering position at Google
by 2004, according to
Business Insider
.
He achieved his major success in 2015 with the launch of Pinduoduo, a quickly popularizing e-commerce site in China.
Renamed as PDD Holdings in 2023, the firm has become one of the nation’s biggest players in e-commerce. In 2022, they launched the international version of their Temu online marketplace, positioning themselves against competitors like Shein.
Even though Huang resigned from his position as the company’s chairperson in 2021, he still holds significant shares.
For several weeks in August, he held the position of China’s richest person until PDD’s stock plummeted by almost 29% later that same month. This decline erased approximately $14 billion from his total wealth, according to reports.
Fortune
magazine.
As of March 28, Huang’s wealth was estimated at $43.8 billion.
5. Lei Jun – the founder of the smartphone and electronic devices company Xiaomi
|
|
On March 28, 2024, Lei Jun, the chairperson and CEO of the Chinese tech firm Xiaomi, unveiled the brand’s latest electric vehicle, the Xiaomi SU7, during a presentation in Beijing. This image was captured by AFP.
|
Lei Jun, 55, founded Xiaomi in 2010 with several partners, became
China’s fifth-richest billionaire
Earlier this year, after the company’s stock saw a 250% increase over the last 12 months.
The rally is partially driven by Xiaomi’s increasing prominence in the smartphone industry, as they have started focusing on high-end, more lucrative devices. As one of the top three smartphone manufacturers globally based on market share, the firm has additionally gained momentum from investor interest in China’s technology sector. This excitement was further boosted by DeepSeek launching an affordable AI model earlier this year.
However, the biggest driver of Xiaomi’s stock surge is the optimism surrounding its electric vehicle business.
Even with fierce competition and continuous pricing battles in the industry, the firm remains poised to achieve its objective of producing 300,000 electric vehicles by 2025, as stated by Lei earlier this year. In the previous year, Xiaomi managed to deliver over 135,000 automobiles.
As of March 28, Lei’s wealth was valued at $40.8 billion.
