The Beijing Municipal Bureau of Economy and Information Technology on Monday released a new five-year plan for the development of the hydrogen industry, laying out major tasks for industrial chains and relevant applications for the 2021-2025 period.

Although the global price rise of commodities may peak in August, it will still take time and greater policy support for businesses in China, downstream ones in particular, to swallow the associated cost and get through tough times in their operations, economists and industrial insiders say.

Nation has intensified research projects for exploration, discovery to fulfil strategic needs

China will need to enhance research into deep earth sciences to fulfill some of the country's biggest strategic needs, from finding and utilizing underground resources to predicting and mitigating natural disasters, experts said.

Shenhai Yihao platform aims to boost nation's maritime resource development

On June 25, Shenhai Yihao, the world's first 100,000 ton deep-sea, semi-submersible oil production and storage platform, began drilling at Lingshui 17-2, an offshore gas field located 150 kilometers south of Hainan island in the South China Sea.

China remains the main driver of global demand with the consumption and service industry taking a more dominant role, Securities Times reported on Tuesday.

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A view of Beijing on Oct 28, 2020. [Photo/IC]

China's PPI growth will stay high in the short term but the effect on the CPI will be limited, said Qu Hongbin, chief China economist at HSBC.

The fundamentals for RMB appreciation have not changed in the medium- to long-term, said Liu Ligang, managing director and chief China economist at Citigroup.

China's sustained growth is better than other major economies, overseas institutional investors are still actively allocating RMB assets, and China is still a country with a trade surplus, Liu added.

RMB is indeed facing appreciation pressure in the short term but will not keep appreciating unilaterally in the medium term. The exchange rate against the US dollar may fluctuate in both directions within a certain range, Qu said.

China's GDP growth is expected by Citibank to reach 8.8 percent this year, with the second, third and fourth quarters at 8.5 percent, 6 percent and 5 percent, respectively, according to Liu.

The impact of the COVID-19 pandemic on China will be minimal and the greater impact will come from external demand and rising industrial prices in the second half of this year, said Wang Dan, chief economist at Hang Seng Bank China.(By Yang Yang)

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Measures aimed at ensuring economy operates within reasonable range

China will strive to maintain a stable monetary policy, ensure that prices remain normal and the economy operates within a reasonable range close to its potential level of output, the central bank governor said on Thursday.

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