SMEs get their loans deferred

The Hang Seng Index climbed 4.1% today, a near seven-week high, after the Biden-Xi meeting at the G20 meeting in Indonesia.

Loan repayment deferral for SMEs: Yesterday, the People’s Bank of China 中国人民银行 and five related government bodies announced relief measures for small and medium-sized enterprises (SMEs) that are currently in financial difficulties due to COVID. Affected SMEs can delay principal and interest repayments that are due in the fourth quarter to 2023 without incurring any penalties.

Cancer treatments do not bring instant profits: InnoCare Pharma 诺诚健华 develops new drugs for cancer and auto-immune diseases, and its revenue expanded by over 1,000% over the last year thanks to the company’s Bruton’s tyrosine kinase (BTK) inhibitor drug. On Sunday Innocare reported revenue for the third quarter of 196 million yuan ($27.56 million), a year-on-year decrease of 77%, and a net loss of 395 million yuan ($55.55 million).

Renewables make up nearly half of China’s energy supply: According to the National Energy Administration (NEA), as of the end of September 2022, China’s total installed renewable power generation capacity was 1.146 billion kilowatts. In the first three quarters of 2022, newly installed renewable energy capacity was 90.36 million kW, accounting for 78.8% of all newly installed power generation capacity. As of the end of 2021, according to the NEA, renewable energy accounted for 44.8% of China’s total installed power generation capacity.