Hong Kong’s closing kindergartens, BYD bucks the trend, record high BRI trade
Business briefs from the Chinese media โ Thursday February 2
Hong Kongโs kindergartens are closing due to the low birth rate, COVID, and emigration: According to the Hong Kong Federation of Education Workers, nearly 80% of kindergartens in the city had reduced enrollment in 2022, and many have closed due to lack of enrollment. A survey of 230 kindergartens found that half-day and full-time enrollments for 2023 have dropped by nearly a quarter.
BYD beat market trends and sold 151,300 electric vehicles in January, a year-on-year increase of 58.60%, while other brands experienced larger than expected sales decreases last month, as we reported yesterday. This is all the more remarkable because 304,000 EVs were sold in China last month, a month-on-month decrease of 43%, but BYD still managed a large sales increase. BYD sold a total of 10,409 units abroad last month, a decline of 8.07% from December.
Chinaโs trade with Belt and Road countries is at a record high: Amid ongoing geopolitical tension with western countries, the Ministry of Commerce reported today that Chinaโs total volume of trade with Belt and Road Initiative (BRI) countries in 2022 reached 13.8 trillion yuan ($2.04 trillion), a year-on-year increase of 19.4%. Chinese investment in BRI countries last year amounted to 89.15 billion yuan ($13.21 billion), an increase of 17.2%.
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