Latest news with #Xiong
Business Recorder
30-06-2025
- Business
- Business Recorder
Chinese IPPs face Rs500bn in unpaid dues
ISLAMABAD: Chinese Independent Power Producers (IPPs), established under the China-Pakistan Economic Corridor (CPEC) framework, are still grappling with delayed payments, with total outstanding receivables having reached approximately Rs 500 billion ($1.72 billion). Of this amount, Rs 450 billion ($1.5 billion) is owed by the Central Power Purchasing Agency-Guaranteed (CPPA-G), which has been unable to clear the dues due to ongoing financial and foreign exchange constraints. The Chief Executive Officers (CEOs) of various Chinese coal-fired IPPs—including Port Qasim, China Hub, and Sahiwal power plants—as well as wind power projects, have repeatedly written to authorities requesting payment clearance. However, the responses received have reportedly left them dissatisfied. Similarly, the National Grid Company (formerly NTDC) has failed to clear overdue payments owed to the 660 MW Pak Matiari–Lahore Transmission Company (Pvt.) Ltd. (PMLTC). Overdue payment issue: PQEPC threatens to suspend plant operations Recently, PMLTC President and CEO, Xiong Feng, addressed a letter to the Managing Director of the National Grid Company. In the letter, he referred to the legally binding Transmission Services Agreement (TSA) signed on May 14, 2018, specifically highlighting Section 9.5 (Payment), which stipulates that invoices must be paid within 30 days of receipt. 'Despite these explicit terms,' the CEO noted, 'NGC (formerly NTDC) is still in the process of settling the invoice for December 2024, which became overdue on January 31, 2025. In addition, invoices for January, February, March, April, and May 2025 remain outstanding and unpaid. 'As a result, the total amount payable to PMLTC under the TSA has ballooned to Rs 55.071 billion (exclusive of sales tax), with Rs 47.076 billion now long overdue, including interest on delayed payments. 'We have repeatedly emphasized the critical importance of making full and timely payments under the TSA,' Mr. Xiong wrote. 'PMLTC must meet various operational costs necessary for the continuous and stable operation of the HVDC project.' The letter further states that PMLTC has suffered financial losses and other negative consequences due to NGC's continued defaults in meeting its payment obligations. It calls on NGC to take immediate corrective measures, indemnify the company, and prevent further losses. 'In light of the prolonged delays and the extremely low rate of daily payments in recent months, we request NGC/CPPA-G to accelerate payments under the outstanding invoices by increasing the daily payment rate,' the CEO urged. 'Strict adherence to the payment terms of the TSA is crucial to avoid disruptions in the HVDC project's operation.' According to sources, the Government of Pakistan may release some payments to Chinese IPPs ahead of Prime Minister Shehbaz Sharif's expected visit to China in August or September 2025. Currently, Rs 5 billion has been disbursed to Chinese IPPs through an Escrow Account established following extensive negotiations with Chinese stakeholders and the government. Copyright Business Recorder, 2025
The Wire
26-06-2025
- Climate
- The Wire
Severe Flooding Forces Over 80,000 People to Flee in Southwest China
Rescuers pushed boats carrying residents through murky, knee-high water and children waited in a kindergarten as emergency personnel approached them, the footage showed. China is enduring a summer of extremes, with heat waves scorching wide swaths of the country while rainstorms pummel other regions. Climate change – which scientists say is exacerbated by greenhouse gas emissions – is making such weather more frequent and more intense. Around 80,900 people had been evacuated by Tuesday afternoon in the southwestern province of Guizhou, state news agency Xinhua reported. "It's very bad this time," Xiong Xin, a member of a rescue team who was in Rongjiang county on Tuesday, told AFP, describing the flooding as a "once-in-50-year event". Images shared with AFP by Xiong showed a row of shops on the first floor of a building submerged, with residents leaning out of second-floor windows. In Rongjiang a football field was "submerged under three metres of water", Xinhua said. Rescuers pushed boats carrying residents through murky, knee-high water and children waited in a kindergarten as emergency personnel approached them, the footage showed. One resident in an affected area told Xinhua "the water rose very quickly". People walk with their belongings in a flood-affected area in Congjiang, in southwestern China's Guizhou province. Photo: AFP "I stayed on the third floor waiting for rescue. By the afternoon I had been transferred to safety." Footage from state broadcaster CCTV showed severe flooding has inundated villages and collapsed a bridge in one mountainous area of the province. A team was also seen preparing a drone to deliver supplies including rice to flood victims. In a video circulated by local media, truck driver You Guochun recounted his harrowing rescue after he ended up perched over the edge of a broken bridge segment. "A bridge collapsed entirely in front of me," he said. "I was terrified." Alerts China's top economic planning body has allocated 100 million yuan ($13.95 million) for disaster relief in Guizhou, Xinhua said. Floods have also hit neighbouring Guangxi region, with state media publishing videos of rescuers there carrying residents to safety. Heavy rain in China. Photo: John SAEKI / AFP Tens of thousands of people were evacuated last week in the central province of Hunan due to heavy rain. And nearly 70,000 people in southern China were relocated days earlier after heavy flooding caused by Typhoon Wutip. Chinese authorities issued the year's first red alerts last week for mountain torrents in six regions – the most severe warning level in the country's four-tier system. Some areas in the affected regions were "extremely likely to be hit", Xinhua reported, with local governments urged to issue timely warnings to residents. Authorities in Beijing this week issued the second-highest heat warning for the capital on one of its hottest days of the year so far. Last year was China's hottest on record. China is the world's largest greenhouse gas emitter but is also a renewable energy powerhouse, seeking to cut carbon dioxide emissions to net zero by 2060. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
Kuwait Times
25-06-2025
- Climate
- Kuwait Times
Over 80,000 people flee severe flooding in southwest China
Drones deliver supplies including rice to flood victims SHANGHAI: Flooding in China's southwest has driven more than 80,000 people from their homes, state media said on Wednesday, as a collapsed bridge forced the dramatic rescue of a truck driver left dangling over the edge. China is enduring a summer of extremes, with heat waves scorching wide swaths of the country while rainstorms pummel other regions. Climate change - which scientists say is exacerbated by greenhouse gas emissions - is making such weather more frequent and more intense. Around 80,900 people had been evacuated by Tuesday afternoon in the southwestern province of Guizhou, state news agency Xinhua reported. 'It's very bad this time,' Xiong Xin, a member of a rescue team who was in Rongjiang county on Tuesday, told AFP, describing the flooding as a 'once-in-50-year event'. Images shared with AFP by Xiong showed a row of shops on the first floor of a building submerged, with residents leaning out of second-floor windows. In Rongjiang a football field was 'submerged under three metres of water', Xinhua said. Rescuers pushed boats carrying residents through murky, knee-high water and children waited in a kindergarten as emergency personnel approached them, the footage showed. One resident in an affected area told Xinhua 'the water rose very quickly'. 'I stayed on the third floor waiting for rescue. By the afternoon I had been transferred to safety.' Footage from state broadcaster CCTV showed severe flooding has inundated villages and collapsed a bridge in one mountainous area of the province. A team was also seen preparing a drone to deliver supplies including rice to flood victims. In a video circulated by local media, truck driver You Guochun recounted his harrowing rescue after he ended up perched over the edge of a broken bridge segment. 'A bridge collapsed entirely in front of me,' he said. 'I was terrified.' Alerts China's top economic planning body has allocated 100 million yuan ($13.95 million) for disaster relief in Guizhou, Xinhua said. Floods have also hit neighbouring Guangxi region, with state media publishing videos of rescuers there carrying residents to safety. Tens of thousands of people were evacuated last week in the central province of Hunan due to heavy rain. And nearly 70,000 people in southern China were relocated days earlier after heavy flooding caused by Typhoon Wutip. Chinese authorities issued the year's first red alerts last week for mountain torrents in six regions - the most severe warning level in the country's four-tier system. Some areas in the affected regions were 'extremely likely to be hit', Xinhua reported, with local governments urged to issue timely warnings to residents. Authorities in Beijing this week issued the second-highest heat warning for the capital on one of its hottest days of the year so far. Last year was China's hottest on record. China is the world's largest greenhouse gas emitter but is also a renewable energy powerhouse, seeking to cut carbon dioxide emissions to net zero by 2060. — Reuters
Gulf Today
25-06-2025
- Climate
- Gulf Today
Massive floods force tens of thousands to evacuate in China
Flooding in China's southwest has driven more than 80,000 people from their homes, state media said on Wednesday, as a collapsed bridge forced the dramatic rescue of a truck driver left dangling over the edge. China is enduring a summer of extremes, with heat waves scorching wide swaths of the country while rainstorms pummel other regions. Climate change -- which scientists say is exacerbated by greenhouse gas emissions -- is making such weather more frequent and more intense. Around 80,900 people had been evacuated by Tuesday afternoon in the southwestern province of Guizhou, state news agency Xinhua reported. "It's very bad this time," Xiong Xin, a member of a rescue team who was in Rongjiang county on Tuesday, told the media, describing the flooding as a "once-in-50-year event". Rescuers help evacuate residents from a flooded street in Rongjiang, China. Images shared with AFP by Xiong showed a row of shops on the first floor of a building submerged, with residents leaning out of second-floor windows. In Rongjiang a football field was "submerged under three metres of water", Xinhua said. Rescuers pushed boats carrying residents through murky, knee-high water and children waited in a kindergarten as emergency personnel approached them, the footage showed. One resident in an affected area told Xinhua "the water rose very quickly". "I stayed on the third floor waiting for rescue. By the afternoon I had been transferred to safety." Footage from state broadcaster CCTV showed severe flooding has inundated villages and collapsed a bridge in one mountainous area of the province. An aerial photo shows flooded buildings in Rongjiang, China. A team was also seen preparing a drone to deliver supplies including rice to flood victims. In a video circulated by local media, truck driver You Guochun recounted his harrowing rescue after he ended up perched over the edge of a broken bridge segment. "A bridge collapsed entirely in front of me," he said. "I was terrified." Alerts China's top economic planning body has allocated 100 million yuan ($13.95 million) for disaster relief in Guizhou, Xinhua said. Floods have also hit neighbouring Guangxi region, with state media publishing videos of rescuers there carrying residents to safety. Tens of thousands of people were evacuated last week in the central province of Hunan due to heavy rain. And nearly 70,000 people in southern China were relocated days earlier after heavy flooding caused by Typhoon Wutip. This photo shows flooded buildings in Rongjiang, China. Photos: AFP Chinese authorities issued the year's first red alerts last week for mountain torrents in six regions -- the most severe warning level in the country's four-tier system. Some areas in the affected regions were "extremely likely to be hit", Xinhua reported, with local governments urged to issue timely warnings to residents. Authorities in Beijing this week issued the second-highest heat warning for the capital on one of its hottest days of the year so far. Last year was China's hottest on record. China is the world's largest greenhouse gas emitter but is also a renewable energy powerhouse, seeking to cut carbon dioxide emissions to net zero by 2060. Agence France-Presse
Borneo Post
16-06-2025
- Business
- Borneo Post
Chic meets heritage — luxuries tap into China's traditional crafts to capture evolving market
Xiong Songtao and his daughter exchange ideas on the design of cloisonné handicrafts in Beijing, capital of China in December 2024. – Xinhua photo BEIJING (June 17): Not a single air bubble was acceptable. Xiong Songtao's glistening enamel crafts, which employ the Chinese cloisonné technique, a form of intangible cultural heritage (ICH), have attained the precision required for high-end watch dials. Xiong, a third-generation master of Xiong's Enamel, took great pride in this innovation, which has brought acclaim to the family brand both domestically and internationally. The brand secured a global partnership with the Spanish fashion house LOEWE, which celebrated the Chinese Year of the Snake with a collection that pays homage to Chinese cloisonné. The collaboration with Xiong saw LOEWE introduce two sets of cloisonné works: a Nest bag with snake head and lotus cloisonné details as well as necklaces with cloisonné pendants featuring the auspicious snake, monkey and cloud motifs. This project exemplifies a growing trend in which international luxury brands increasingly draw on China's craft heritage, particularly ICH crafts, to navigate the evolving Chinese market. As China marks the 2025 Cultural and Natural Heritage Day on Saturday, the trend also highlights ICH's surge in prominence. Such partnerships create a synergy that, on one hand, helps international brands gain cultural depth and local market insights, while on the other hand, provides ICH brands with enhanced visibility and growth opportunities. TAPPING INTO ICH The collaboration with Xiong was not LOEWE's first tribute to art collections inspired by Chinese cultural heritage. In 2022, the brand presented its holiday collection, which included the Chinese Monochrome collection of bags, inspired by Chinese monochrome ceramics from the Ming (1368-1644) and Qing (1644-1911) dynasties. Other fashion houses are also on the move. The Italian brand Fendi collaborated with artisans from China's Yi ethnic group to create a Baguette bag featuring traditional Yi embroidery and silverwork. French luxury brand Dior incorporated 'Ronghua,' a velvet flower-making craft that has been practiced since the Tang Dynasty (618-907), into its men's couture knitwear. Additionally, Italian luxury brand Valextra teamed up with Qian Lihuai, an ICH bamboo weaving artist from China, to launch the Valextra Bamboo Iside limited edition last year. 'China is a vast market,' said Wei Xiang, a professor at the University of Chinese Academy of Social Sciences. He added that it is only natural for international businesses engaged in culture and commerce to accommodate the consumer demand in this market. Consulting firm Bain & Company published an analysis report on the 2024 China luxury goods market on its official website. It said that the Chinese market is expected to recover at a moderate pace in the longer term, driven by the solid fundamentals of China's economy and the growth of its middle class, affirming that 'Despite current difficulties, the Chinese mainland remains an attractive market for luxury brands.' The Chinese mainland boasts over 60 Louis Vuitton stores as listed on the luxury house's official website. The arrival of new fashion house locations signifies a vote of confidence in the market. LOEWE unveiled its flagship store in Shanghai in February, while Balenciaga just held an opening ceremony for its flagship store in Beijing's Sanlitun shopping complex in May. Yet a shift is underway among young Chinese consumers — especially Gen Zers, the coveted demographic for luxury brands. Increasingly discerning about consumerism, they're prioritizing experiences like travel over material goods. Moreover, they are increasingly embracing homegrown brands, designs, and cultural symbols, a trend now referred to as 'Guochao,' or 'China-chic.' The crafts listed as the country's ICH represent the most time-honored, best preserved and outstanding artistry and craftsmanship in China. There are over 1,500 ICH projects at the national level across the country. ICH-related products have become increasingly sought-after. According to data from China's leading e-commerce platforms, Taobao and Tmall, in 2023, the annual transaction volume of ICH-related products surpassed the 100-billion-yuan mark, reaching 107.32 billion yuan (about 14.95 billion U.S. dollars), a year-on-year increase of 37.7 percent. MUTUAL OPPORTUNITIES Xiong proudly stated that the necklace pendants they crafted for LOEWE rival the rigorous standards required for watch dials. Silver bent wires with a diameter of just 0.04 millimeters — about half the thickness of a human hair — were applied to silver bases filled with enamel paste. Each piece was handmade, taking approximately 20 days to complete. Chinese cloisonné, which was widely produced during the Ming and Qing dynasties, was more broadly used in jewelry and metalware in the ancient royal court. China listed this time-honored craft as a national intangible heritage in 2006. 'The ICH brands, steeped in history and rich in cultural heritage, are more adept at creating culturally unique products. However, their global influence remains limited,' said Wei, noting that international fashion brands and China's ICH share a complementary relationship that naturally encourages collaboration. 'In contrast, some international fashion houses have over a century of experience in successfully translating cultural value into commercial success. This synergy creates mutual opportunities,' Wei explained. Xiong came to admire those brands' legacy during his collaborations with elite fashion houses. 'What truly defines these brands,' he reflected, 'is an ingrained sense of honor — forged through generations — a commitment to craftsmanship they hold dear.' The partnership also enables Xiong's Enamel to redefine its brand by expanding beyond traditional art pieces into wearable jewelry, creating a more everyday context that is likely to attract young consumers. Notably, the motifs featured in the LOEWE pendants were designed by Xiong's Gen-Z daughter, a jewelry design graduate, to whom Xiong plans to eventually pass the baton. 'Our craft and technique are superb, and our brand becomes more prominent, and above all, China is getting stronger, with more people coming to love Chinese culture,' Xiong said in a summary of his insights into the new trend of collaboration. – Xinhua China handicraft luxury traditional crafts
