China has a 6G mobile network action plan, February electric vehicle sales, CNOOC discovers new oilfield

The Chinese government is preparing a 6G mobile network action plan as well as for the development of humanoid robots and quantum technology, per Jīn Zhuànglóng 金壮龙, the Minister of Industry and Information Technology (MIIT). 6G network architecture is up to 50 times faster than 5G technology, and China is expected to be an early adopter. The global 6G market could reach $340 billion by 2040. China Mobile and China Telecom have recently issued planning documents on 6G technology, and the MIIT has called on local governments to take the lead in developing these new technologies.

Sales of electric vehicles in February amounted to around 400,000 units, according to the China Passenger Car Association (CPCA), an increase of 46.6% year-on-year and 20.3% month-on-month. BYD accounted for almost half of the total with 193,700 units, GAC Aion 广汽埃安 and Tesla surpassed 30,000 units, while Li Auto, NIO, and Hozon Auto 哪吒汽车 breached 10,000 units. Last month, BYD also reported a record high 15,000 overseas sales.

CNOOC has discovered a 100 million-ton oilfield in Bohai Bay. The Bozhong 26-6 oilfield is located in China’s largest crude oil production base about 105 miles off the coast of Tianjin, the closest port city to Beijing. The field has proven reserves of more than 130 million tons of oil, which, after refinement, could power 10,000 cars for 30 years. CNOOC has accumulated more than a billion tons of proven geological oil and gas reserves in Bohai Bay in the past five years.