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China’s car market sees V-shaped rebound on policy boost: Fitch

BEIJING – China’s passenger vehicle market saw a sharp recovery in June, buoyed by the country’s robust consumer stimulus packages, according to a report from Fitch Ratings.

“The strong recovery is likely to continue into the third quarter of 2022 from a subdued level a year ago due to severe microchip shortages,” the report stated.

Last month, wholesale deliveries of passenger vehicles soared by 42 percent year-on-year, while retail sales rose by 22 percent from a year ago, partly due to some delayed orders from May and front-loaded demand from July, the report said.

China’s passenger vehicle exports continued to grow robustly by 40 percent year-on-year in the second quarter of 2022, as a result of strong overseas demand for electric vehicles and supply bottlenecks in other regions.

Despite a slowdown in April and May amid production halts and supply-chain bottlenecks, deliveries of electric vehicles doubled from a year ago in the second quarter, accounting for over 26 percent of that for passenger vehicles.

Official data showed that June’s new energy vehicle sales hit a record high of 596,000 units, jumping 1.3 times from the same month of last year.

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International

Chinese Government Offers Scholarships For 2025

The Government of China is providing full scholarships to Barbadian students to pursue undergraduate and postgraduate degrees in that country, for the academic year commencing September 2025.

To be eligible for a scholarship, applicants must be citizens of Barbados in good health; high school graduates under the age of 45 when applying for general programmes; be 25 years old if pursuing undergraduate studies, and under 35 years old if pursuing a master’s degree – applicants must already possess a bachelor’s degree and graduated with at least Lower Second Class Honours. 

Applicants must also be under age 40 if pursuing a doctoral degree and must have a master’s degree, or hold a master’s degree or that of an Associate Professor (or above) and be under age 50 when applying for senior scholarship programmes. Applications, procedures, and the relevant rules are available from www.campuschina.org or www.csc.edu.cn/studyinchina

For more information on the scholarships for 2025, interested persons should contact the Tertiary Section of the Ministry of Education, Technological and Vocational Training at 535-0863, or visit www.mes.gov.bb. The deadline for the submission of applications is Friday, January 17, 2025. (PR/GIS)

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International

People Of African Descent Take Centre Stage At UN

The start of the Second Decade for People of African Descent was proclaimed as January 1, 2025, by the United Nations General Assembly, yesterday.

The theme of the Second Decade is “People of African descent: Recognition, Justice and Development”.

The decade will mobilise United Nations agencies and the international community more broadly to focus on the challenges faced by people of African descent around the world and to promote the respect, protection, and fulfilment of all of their human rights and fundamental freedoms.

During the course of the first decade, which ran from 2015 to 2024, the UN and its member states took a number of steps to address the challenges faced and promote the contribution of people of African descent around the world.

At the national level, Barbados has been pursuing reparatory justice through the work of Special Envoy Trevor Prescod. The University of the West Indies has established a partnership with the University of Glasgow that has led to the creation of a joint master’s programme on reparatory justice.

At the regional level, CARICOM has been pursuing reparatory justice through its reparations commission, chaired by Sir Hilary Beckles and through the Prime Ministerial sub-committee on reparations chaired by Prime Minister Mia Amor Mottley.

Upon the adoption of the resolution by the UN General Assembly, Barbados’ Ambassador to the UN, François Jackman, noted: “The facts surrounding the challenges faced by people and societies of African descent are increasingly well-known and well-understood – in part due to the higher profile these issues have assumed as a result of the proclamation of the First Decade.

“This welcome proclamation of a second decade will, however, inevitably lead to disappointment if we do not provide it and its programme of activities with the support that is required. It will therefore be essential for the international community to mobilise the necessary human and financial resources to realise the promise of this second decade.” (PR/GIS)

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International

PRESIDENT XI JINPING CALLS FOR AN OPEN WORLD ECONOMY

During meeting with the leaders of major international economic organizations, President Xi Jinping noted that as each economy faces its own set of challenges, it is imperative to build an open world economy through cooperation, drive development through innovation, seize the important opportunities of the digital economy, artificial intelligence and low-carbon technology, foster new sources of economic growth, and support the cross-border flow of knowledge, technology and talent. Building “small yard with high fences,” decoupling and disrupting supply chains bring harm to others without benefiting oneself. China always believes that the world does well when China does well; and when the world does well, China will do even better. For countries, economic interdependence should be seen as a good thing that enables all to draw on each other’s strengths for mutual benefit and win-win results. It should not be taken as a risk.

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