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China In-focus: Logistics surges 3.6% to hit $15.95tr; lockdowns delay new iPhone development
RIYADH: China’s logistics sector climbed 3.6 percent during the first four months of 2022. Apple Inc.’s new iPhone is facing delays as a result of strict COVID-19 lockdowns. Meanwhile, the Asian country reportedly invited 10 Pacific nations for a region-wide deal on data communication cooperation.
· China’s logistics sector surged 3.6 percent in the first four months of 2022 to reach 106.2 trillion yuan ($15.95 trillion), local press agency Xinhua reported, citing an industry report by the China Federation of Logistics and Purchasing. The sector’s growth rate slipped 3 percent in April month-on-month when compared to the corresponding period a year earlier.
· American multinational technology company Apple Inc.’s new iPhone development agenda has been hindered as a result of the strict COVID-19 lockdowns in the country, Reuters reported, citing Nikkei newspaper.
· Chinese intelligent mobility platform T3 Mobility is hoping to secure at least 5 billion yuan in its latest funding round, Bloomberg reported, citing individuals familiar with the matter. To achieve this, the firm is working with advisers to explore ways in which they can lure investors.
· China has sent official documents along with a five-year action plan to 10 Pacific islands, which include the Solomon Islands, Kiribati, Samoa, Fiji, Tonga, Vanuatu, and Papua New Guinea, as it seeks policing, security, and data communication cooperation with them, Reuters reported.
Foreign Minister Wang Yi will host a meeting on May 30 to further discuss this matter and possibly seal the deal with the invited parties. However, one of the invited nations argues that the documents and plans signaled that China is seeking control of the region, therefore threatening regional stability in the region.
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