On the last day of China’s Labour Day holiday in early May, some truckers in Inner Mongolia weren’t taking a break. They were in a queue stretching dozens of kilometers, all waiting to load up on coal at the privately-owned Erlintu mine.
The line of idling vehicles was so long it snaked back across the border into Shaanxi province, said Gao Jinxin, who works at a local mining company in the Inner Mongolia autonomous region.
Demand for Erlintu’s coal has gone through the roof as China’s regulators have pushed coal mining companies to focus on meeting long-term contract deliveries first, Gao said.
Unending torrential rain leaves at least 24 dead across China
At least 24 people have died and six more are missing as torrential rain continues to batter parts of China, according to state media reports and official statements.
Since late May, heavy downpours have triggered flooding and landslides in at least four provincial-level regions, forcing tens of thousands to flee their homes. Authorities have warned of an increased risk of floods and other rain-induced disasters in the near future, especially in southern China.
Foreign capital roars back into China’s stock market
Foreign capital returned to China’s stock market with a bang in early June following a record sell-off earlier this year as an easing of COVID lockdowns and a slew of government policies to support the economy propped up investor confidence.
Overseas investors bought a net 26.1 billion yuan (US$3.9 billion) of Chinese mainland-traded shares through the Hong Kong Stock Connect program in the first five trading days of June, topping the net inflow of 16.9 billion yuan recorded over the entire month of May and 6.3 billion yuan in April, data from Hong Kong Exchanges and Clearing Ltd. show.
China ramps up regulation of COVID test agents
As China rolls out more mass COVID-19 testing, the country’s top drug regulator issued tough new rules and a warning for makers of COVID test agents.
Under the new regulations for the development, production and use of test materials, serious violations affecting the safety and effectiveness of the products would result in suspensions for producers and recalls, the National Medical Products Administration said Tuesday.
