Cango Newsletter 20210426
China's Loan Prime Rates Remain Unchanged for Twelve Consecutive Months
China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.85 percent on Tuesday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.65 percent, according to the National Interbank Funding Center.
Shanghai Aims to Become International Carbon Finance Center
Shanghai is aiming to build itself into an international carbon finance center amid efforts to reach peak carbon emissions by 2025, five years ahead of China's overall timetable, according to Chen Yin, the city's executive vice mayor. The financial hub has adopted many innovations in carbon finance including issuing the first green exchangeable bonds and carbon-neutral green bonds and has also been pursuing eco-friendly development by adjusting its industrial structure, upgrading its energy mix and building an environment conducive to innovation in low-carbon technologies.
Gong Zheng: Shanghai Has Built Itself into an International Economic, Financial, Trade and Shipping Center
Gong Zheng, Mayor of Shanghai, revealed recently at a press conference held by the Communist Party of China (CPC) Central Committee in Beijing, that Shanghai has built itself into an international economic, financial, trade and shipping center, and formed the framework of a science and technology innovation center with international influence.
Tech Companies in the Limelight at Shanghai Auto Expo
The Shanghai International Automobile Industry Exhibition kicked off on Monday in Shanghai, a multiday event amid at showcasing the best and brightest car innovations in the world’s biggest vehicle market. "High-level autonomous driving" has become the hottest topic this year. Nio and Xpeng have showed their upgraded technologies, while tech giants such as Huawei and Baidu have also entered this segment, boosting the innovation in the industry.
State-owned Auto Companies Release Low-carbon Programmes, Matching Industry Development Trend
China’s mainstream auto companies released their low-carbon plans and timetables at the 19th Shanghai International Auto Show. Cui Dongshu, Secretary-general of China Passenger Car Association, commented that “this is in line with the development trend of China's auto industry. To reach peak carbon dioxide emissions while boosting auto consumption, it is important to accelerate the development of electric vehicles in China.”
BYD Li Yunfei: New Energy Technologies to Drive Structural Changes in Energy Consumption
BYD has adopted new energy technologies to propel the change of energy consumption structure and accelerate the development of electric vehicles. The proposed solutions are use little or no oil. In January 2021, BYD released its DM-i super hybrid technology, accelerating the transformation of internal combustion engine (ICE) vehicles to new energy vehicles. In addition, since April, BYD's electric vehicles have fully adopted the blade battery, marking another milestone for the company.
Cango's subsidiary Shanghai Cango Network Technology joins hands with Zhengzhou Nissan to develop a new retail model for automotive transactions in China's lower-tier markets.
Cango’s subsidiary Fushun Insurance joins forces with Guoren P&C, in product development, channel expansion, big data and sales model innovation, aiming to meet the actual needs of all partners along the auto transaction value chain and provide better services to consumers.
Mr. Jiayuan Lin, CEO of Cango was recently featured in an interview with “China Auto Finance,” stating Cango’s mission for the next decade is to make car purchases simple and enjoyable and become an auto service platform of choice for consumers.