China’s largest trading company Unipec has added 10 ships this month to transport crude from Russia. Meanwhile, Shanghai authorities unveiled fresh policies to help the economy get back on its feet.
China’s largest trading company China International United Petroleum and Chemical Co., or Unipec, has added at least 10 hired tankers so far this month in order to transport Russian ESPO crude. This reflects a 400 percent increase in the number of ships booked a month earlier for the trade, Bloomberg reported, citing data from shipping analytics company Vortexa.
Shanghai authorities have rolled out several fresh policies to help the economy recover from COVID-19 lockdowns repercussions, Bloomberg reported. The policies include tax rebates, allowing manufacturers to resume operations in June, accelerating approvals for property projects, providing new residential developments, reducing purchase tax for some vehicles, subsidizing electric vehicles, among others.
Chinese e-commerce firm Alibaba’s revenue surged 9 percent when compared to a year earlier, CNN business reported. This comes as a result of an increase in online and mobile shopping demand among consumers. The growth in revenue is also attributed to a 12 percent climb in the firm’s cloud unit.