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China Energy Says It Will Expand Cooperation With France’s EDF

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China Energy

China Energy, one of the country’s largest power companies, has announced its plans to expand cooperation with Électricité de France (EDF), a French electric utility company. The two companies have already established a partnership to work together on renewable energy projects in China, and now plan to expand their collaboration to include nuclear power, energy storage, and smart energy systems.

China Energy and EDF have been working together on renewable energy projects in China since 2019, with a focus on wind and solar power. The partnership has already achieved significant success, with the completion of several large-scale renewable energy projects in the country.

Now, the two companies plan to broaden their collaboration to include nuclear power, an area in which EDF has extensive expertise. The partnership will also explore opportunities in energy storage and smart energy systems, which are seen as key components of the transition to a low-carbon energy system.

The expansion of cooperation between China Energy and EDF comes amid growing international interest in clean energy, and China’s commitment to achieving carbon neutrality by 2060. The partnership is expected to play a key role in supporting China’s efforts to transition to a more sustainable energy system, while also providing EDF with new opportunities for growth in the Chinese market.

Overall, the partnership between China Energy and EDF is seen as a positive development for both companies, and for the wider clean energy sector. As China continues to invest heavily in clean energy, partnerships with international companies like EDF are likely to become increasingly important for achieving the country’s renewable energy goals.

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China Expands Gold Reserves at Central Bank For Fifth Month

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China’s central bank has reportedly increased its gold reserves for the fifth consecutive month, signaling the country’s continued interest in diversifying its foreign exchange reserves. The People’s Bank of China increased its gold reserves by 480,000 ounces in September, bringing the country’s total gold holdings to 62.64 million ounces.

The continued expansion of China’s gold reserves comes amid a backdrop of trade tensions with the United States and other economic uncertainties. Gold is traditionally seen as a safe haven asset in times of market volatility and geopolitical turmoil.

China has been steadily increasing its gold reserves since December 2018, when it resumed buying gold after a two-year hiatus. The country’s current gold holdings rank it fifth in the world behind the United States, Germany, Italy, and France.

While the central bank did not provide a reason for the increase in its gold reserves, some analysts speculate that it could be part of China’s broader efforts to reduce its reliance on the US dollar and promote the internationalization of the Chinese yuan.

Regardless of the underlying reasons, the expansion of China’s gold reserves is likely to continue to influence global gold prices and have broader implications for the global economy.

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Biden Trade Chief Says US Working With Allies to Counter China

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The US trade chief, Katherine Tai, has stated that the United States is collaborating with its allies to counter China’s economic practices. Tai, who was recently appointed as the US Trade Representative by President Joe Biden, has emphasized the need to ensure that trade policies promote environmental sustainability, workers’ rights, and public health. She also mentioned that the US should prioritize enforcing existing trade agreements before considering new ones.

Tai’s remarks came during her first public speech as the US trade chief at an event hosted by the Center for American Progress. She highlighted the importance of working with allies to address shared challenges, including China’s state-led economic model, which has drawn criticism for its lack of transparency and for distorting global markets.

Tai also stated that the US is committed to engaging with China to resolve trade issues, but emphasized that any engagement must be based on reciprocity and fairness. She noted that the Biden administration is still reviewing the trade deal signed between the US and China in January 2020, and that any decision on the deal would be based on its effectiveness in addressing US concerns.

In addition to addressing China’s economic practices, Tai also stressed the need to ensure that trade policies promote social and environmental sustainability. She stated that the US should work to promote workers’ rights and that trade agreements should include strong environmental standards.

Overall, Tai’s remarks suggest that the Biden administration is taking a more collaborative approach to addressing China’s economic practices, while also prioritizing social and environmental sustainability in trade policies.

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