Latest news with #Ningbo
CTV News
10-06-2025
- Business
- CTV News
Global economy on track for worst decade since 1960s, World Bank warns
Containers at the Port of Ningbo-Zhoushan in China's eastern Zhejiang Province in May. (Hector Retamal/AFP/Getty Images via CNN Newsource) Global economic growth is on track for its weakest decade since the 1960s, according to a new analysis by the World Bank, which cites U.S. President Donald Trump's trade war as a major factor weighing on economies worldwide. The World Bank expects Trump's barrage of new tariffs on America's trading partners to whittle down global economic growth to its lowest level since the 2008 financial crisis when discounting worldwide recessions, according to a report released Tuesday. While the Washington, D.C.-based institution does not expect another global recession due to the tariffs, it said in a press release that — should its projections for global growth come to pass this year and next — 'average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s.' In its report, the World Bank downgraded its expectation for global GDP growth this year to 2.3% from the 2.7% it had forecast in January. That's based on the assumption that tariffs worldwide will remain at their late-May levels. That puts the world economy on course for its weakest pace of growth in 17 years, excluding two global recessions — the first in 2009, following the financial crisis; and the second in 2020, the first year of the coronavirus pandemic. Those years saw global economic growth contract by 1.3% and 2.9%, respectively, according to World Bank data. 'The sharp increase in tariffs and the ensuing uncertainty are contributing to a broad-based growth slowdown and deteriorating prospects in most of the world's economies,' the institution said in the report. It added that the 'turmoil' unleashed by 'heightened trade tensions' had prompted it to cut its growth forecasts for almost 70% of economies worldwide — across all regions and income groups. The anticipated slowdown in developing economies will also be influenced by long-running trends such as ballooning government debt levels, the institution noted. Fitch Ratings said Tuesday that it had downgraded its outlook for global government bonds this year from a 'neutral' status to 'deteriorating,' citing the impact of tariff hikes and trade policy uncertainty. 'The escalation in the global trade war, uncertainty over the endpoint for tariffs and their impact on global trade volumes, supply chains, investment and international relations is a significant adverse global economic shock,' the credit rating agency said in a report. Since retaking office in January, Trump has hiked import duties on most of America's trading partners and on key goods, including cars and steel. A round of punishingly high 'reciprocal tariffs' is set to whack many of America's trading partners from July 9 unless they can strike a deal with Washington — and despite the levies hitting a legal stumbling block last month. Fresh trade negotiations between the United States and China kicked off in London on Monday, and continued on Tuesday, with both sides attempting to preserve a fragile truce brokered last month. Despite ongoing talks, the tariffs, their erratic implementation and the unpredictability that both have injected into the global economy, are weighing on many businesses and consumers.
South China Morning Post
06-06-2025
- Business
- South China Morning Post
China's top chipmaker SMIC offloads stake in Ningbo affiliate to focus on core operations
Semiconductor Manufacturing International Corp (SMIC), mainland China's largest contract chipmaker, has divested its entire stake in an unprofitable chip foundry operation amid a new wave of consolidation in the domestic integrated circuit (IC) industry. Shanghai -based SMIC agreed to sell its 14.83 per cent stake in Ningbo Semiconductor International (NSI) for 57.01 yuan (US$7.94) per share to semiconductor design firm Goke Microelectronics , according to the chipmaker's filing on Thursday. The deal's total amount was not disclosed. 'This transaction will help the company focus on its core business,' SMIC said in the filing. A separate filing on Friday by Shenzhen -listed Goke Microelectronics revealed the firm's plan to buy more shares in NSI – headquartered in Ningbo, eastern Zhejiang province – from 10 other stakeholders to raise its stake to 94.37 per cent, using a combination of cash and shares. The stakeholders include the China Integrated Circuit Industry Investment Fund , also known as the 'Big Fund'. The Hong Kong -listed shares of SMIC fell 4.9 per cent to HK$40.20 (US$5.12) on Friday, while its stock in Shanghai gained 0.2 per cent to 84.56 yuan. Goke Microelectronics' shares in Shenzhen rose 5.5 per cent to close at 85.50 yuan. SMIC's asset sale and Goke Microelectronics acquisition reflect efforts by domestic semiconductor firms to strengthen their operations in response to the US government's tightened tech restrictions on China
South China Morning Post
03-06-2025
- Business
- South China Morning Post
Trade war risks could push global shippers to Asia's arbitration hubs: analysts
The terms 'United States exclusion clause' and 'China risk clause' were frequently heard at a recent shipping forum hosted by Zhejiang Seaport Group in the eastern city of Ningbo, as uncertainties at sea persist despite the trade war truce reached between the world's two biggest economies. Advertisement The event brought together global logistics sector representatives and maritime law experts to consider new contract clauses, strategies and arbitration options, as stakeholders fear that a return of Donald Trump's sky-high duties and China's retaliatory measures would upend global shipping. As the forum concluded, participants agreed on the need to pursue arbitration to protect their interests, and that Hong Kong and nearby Asian hubs could help Chinese firms navigate the choppy waters of trade and geopolitics. 'More maritime legal professionals are asked by traders and shipping companies in China and abroad whether Trump's tariffs and other sudden policy changes will be seen as force majeure,' said Zhuang Wei, Regional Manager of Asia at the Baltic and International Maritime Council, a Denmark-based body and one of the world's largest international associations representing shipowners. In shipping contracts, a risk or force majeure clause helps to relieve parties of responsibility for unforeseen circumstances – either natural or political – that could disrupt transportation. These clauses clarify who bears the cost of potential losses or damages caused by such events, Zhuang said. Advertisement
Yahoo
30-05-2025
- Business
- Yahoo
Xinhua Silk Road: 2025 Maritime Silk Road Port Cooperation Forum highlights ports green, intelligent dev't
BEIJING, May 30, 2025 /PRNewswire/ -- The 2025 Maritime Silk Road Port Cooperation Forum opened Tuesday in port city of Ningbo, east China's Zhejiang Province, bringing senior port executives, industry experts, and scholars from more than 40 countries and regions. Themed "Go Green, Go Intelligent", the forum aimed to explore ways to advance low-carbon development through green technologies, enhance supply chain resilience via digital connectivity, and strengthen international cooperation amid multiple global challenges. Eyeing high-quality development of port shipping industry, He Jianzhong, president of China Institute of Navigation said in his speech that the port shipping industry should promote sustainable development through green practices, drive industrial transformation and upgrading via digital and intelligent innovation, and facilitate industry integrated development by enhancing connectivity. Based on global practice, Anne-Sophie Zerlang Karlsen, head of Maersk's Asia-Pacific operations, shared that in recent years, the Danish shipping giant has leveraged big data, machine learning, and artificial intelligence (AI) to conduct real-time analysis of massive data, which has reduced costs and energy consumption, enhanced the capability for on-time cargo delivery, and boosted the overall efficiency of the supply chain. For Chinese practice, the Ningbo Zhoushan Port, the world's largest port in terms of annual cargo throughput and the third-largest in annual container throughput, is actively exploring the port's transformation with three major systems featuring net-zero emissions, digital intelligence operation and full logistics services to inject impetus to global port shipping industry, said Tao Chengbo, chairman of Zhejiang Seaport Group and Ningbo Zhoushan Port Group. Jens Meier, president of the International Association of Ports and Harbors (IAPH) and CEO of Hamburg Port Authority, emphasized the importance of global cooperation via the forum as a key platform, which enables global stakeholders to work hand in hand and address common challenges. This year's forum has witnessed the release of consensus documents and several reports. Besides, concrete agreements were signed between Ningbo Zhoushan Port and Germany's Hamburg Port, Wilhelmshaven Port and Spain's Valencia Port. Side events included six thematic forums focusing on a few sub-sectors, such as full logistics, smart shipping, port-city integration, and navigation safety. Original link: SOURCE Xinhua Silk Road Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
28-05-2025
- Business
- Associated Press
Zhejiang Zhoushan: 500 kV Cross-Sea Transmission Lines Undergo First Dual-Line Maintenance
'Guojiao No.1" Team Pioneers Ultra-High Voltage Offshore Operation and Maintenance On May 19, the Zhoushan 500 kV Interconnection Transmission and Transformation Project commenced its first dual-line maintenance since its commissioning. As the world's highest-voltage cross-sea transmission line at present, this synchronized dual-line aerial maintenance at a height of 370 meters marks a new milestone in China's ultra-high voltage offshore power line operation and maintenance technology. Spanning Ningbo and Zhoushan, the Zhoushan 500 kV Interconnection Transmission and Transformation Project is China's largest and most technically challenging cross-sea power grid project. Since its operation in 2019, it has transmitted over 33 billion kilowatt-hours of electricity, accounting for 47.52% of Zhoushan's total electricity consumption during the same period, and serves as a core energy artery for the Zhoushan Archipelago New Area. To ensure the smooth advancement of the Guotou Jineng (Zhoushan) Gas Power Generation Project and its supporting transmission infrastructure, and to facilitate Zhoushan's transition from a power-receiving to a power-transmitting grid, State Grid Zhoushan Power Supply Company adjusted grid operation modes to create safe construction conditions. State Grid Zhejiang Electric Power Co,.LTD has coordinated the 'Guojiao No.1" team and technical experts from Zhejiang Electric Transmission & Transformation Co,.LTD to conduct a centralized dual-line maintenance from May 19 to June 9, which is China's first synchronized ultra-high voltage cross-sea line maintenance. The maintained Luochun 5495 Line and Luoxiao 5496 Line span the Liangmaoshan in Ningbo and Dam aoshan in Zhoushan. The two 370-meter transmission towers span the 2,756-meter Luotou Waterway, an international shipping lane (Asia's largest cross-sea transmission span), with a net clearance height of over 84 meters. The importance of the lines and the difficulty of maintenance also pose a test to the entire Zhoushan power grid. It is reported that the maintenance includes a number of refined maintenance tasks such as high-altitude line walking inspection of the long-span overhead lines, inspection of compression joint connections, and investigation of damper and spacer displacement. Maintenance personnel needed to climb the 370-meter cross-sea transmission towers on both sides of Ningbo and Zhoushan, carry out aerial operations on the wires with a height difference of 280 meters and more than 84 meters above the sea surface, and simultaneously carry out high-altitude line walking operations. At the same time as the high-altitude line walking operations, the maintenance of the 370-meter towers was also carried out, mainly including replacing the glass insulators and wind-induced vibration monitoring systems on the towers, and tightening the damper bolts of the long-span section of the conductors and ground wires. It is worth noting that medium-sized cargo-carrying drones were applied to assist in the maintenance during this operation. During the line walking operation, the drones cooperated with the staff to transport accessories such as spacers that needed to be replaced, and assisted in carrying out operations such as inspection of tension clamp crimping quality and insulator replacement, effectively reducing the transportation burden and the work pressure of the staff. During the maintenance, in order to ensure the safe and stable operation of the Zhoushan power grid, State Grid Zhejiang Electric Power Co,.LTD activated the Asian Games-level power protection standards, and coordinated the resources of the whole province for collaborative linkage. More than 1,000 emergency team members in the Ningbo and Zhoushan regions were on 24-hour standby, and 100 power generation vehicles responded in batches and degrees. 'Air-sea-land' intelligent equipment was fully deployed. Drones patrolled the overhead lines and cables every day, and submarine cable patrol vessels and underwater robots inspected the channels twice a day. The early warning range of the submarine cables was expanded from 500 meters to 2 kilometers, building a power protection line with the joint effort of the whole province. The collaborative implementation of this maintenance and the important energy access project not only lays a foundation for the scheduled commissioning of the power plant but also explores a new path for cross-sea line operation and maintenance through the centralized maintenance model. It is expected that after the official commissioning of the relevant projects, Zhoushan can increase the clean power supply by about 1 billion kilowatt-hours every year, which will further optimize Zhejiang's energy structure. As the first H-class gas gas-turbine project in Zhejiang Province, it realizes hydrogen-blending power generation and adjusts green hydrogen production capacity, providing support for Zhoushan to build a demonstration city for marine hydrogen energy applications. It is expected that by the end of 2025, Zhoushan's clean energy power installed capacity will increase to more than 3.84 million kilowatts, and the natural gas consumption will reach about 230 million cubic meters, further consolidating its position as a clean energy base in the Yangtze River Delta. Media Contact Company Name: ZHEJIANG ELECTRIC POWER CORPORATION Contact Person: Yuqing Fu Email: Send Email State: Zhou Shan Country: China Website: Press Release Distributed by To view the original version on ABNewswire visit: Zhejiang Zhoushan: 500 kV Cross-Sea Transmission Lines Undergo First Dual-Line Maintenance
