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Asia's Manufacturing Slumps in Sepmteber

By Samira Ha. on October 3, 2022

Several large economies in Asia saw a weakened industry output in the month of September due to drops in demand in China and other biggest markets. In Taiwan and Malaysia, in particular, production decreased. Manufacturing in Japan, Vietnam and India witnessed a slow-paced growth versus August, according to surveys.

Jumping costs of raw materials and vague global prospects affected business sentiment and clear outlook for Asia’s recovery.Recent data on Chinese factories and manufacturing activity shows that the country’s economy is growing slow due to Covid restrictions, which have impacted production and decreased sales.  Economic conditions are worsening in China, the U.S. as well as in Europe, which is affecting industrial activity in Asia, said Toru Nishihama, chief economist at Dai-ichi Life Research Institute in Tokyo.Although supply issue may have come to an end, the largest continent has currently faced a drastic decline in global demand, he added.  
 Last month, the au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) plummeted to 50.8 from August’s 51.5 in- the lowest growth rate since January 2021.
Japan’s PMI survey stated that recent orders saw the fastest decline in 2 years; production, too, slumped at the fastest within a year as demand from China and other business associates dropped. Last month, Taiwan’s PMI reached 42.2 from 42.7 a month earlier. Similarly, Vietnam’s PMI dropped to 52.5 from 52.7 in August; and Malaysia saw a decline to 49.1 from 50.3. Manufacturing growth rate in India slipped to 3-month low in September as demand and production saw a moderation. This is while inflation eased off and there was a rich business confidence.  The Manufacturing Purchasing Managers’ Index, provided by S&P Global, likewise, slipped to 55.1, down from 56.2 in August. Forced by high inflation rates, central banks in the US and Europe have increased interest rates, which have triggered fast slump pressures in global demand.
Downturn in China has also caused vague recovery prospects in Asia. The country is about to ease its strict zero-Covid strategy and numerous analysts predict that China’s economy will see a growth by 3% in 2022, the weakest since 1976 (not considering 2.2% growth following the outbreak).

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Toyota, BYD To Launch BZ3 in China

By Samira Ha. on September 30, 2022

Japan’s Toyota Motor Corporation has planned to join BYD Automotive manufacturer in order to make and sell electric vehicles (EV) in China by the end of 2022, according to sources.

Toyota Corp will begin to manufacture and sell the compact electric sedan in the largest automobile market worldwide.

Toyota bZ3 (among Beyond Zero series) will only be offered in China. 

The vehicle is fueled by Blade batteries, which are made by BYD. 

Toyota, which had scheduled to introduce the bZ3 in the Beijing Auto Show back in the month of April, had to put it off due to the Covid pandemic. The new EV is almost the same size as a Toyota Corolla with larger back seats. The thinner Blade battery from BYD has brought the smaler vehicle much comfort. BYD’s thinner lithium-iron-phosphate (LFP) Blade battery technology has contributed to designing a small, yet comfortable car. A usual Blade pack is about 10 centimeters thick, with modules laid flat on the floor. It is 5-10cm thinner than other packs.

The bZ3’s price is not fixed yet but it might be almost 200,000 yuan ($28,000), according to the same sources. Each year, 30,000 bZ3 vehicles will be produced in China’s Tianjin plant, which is run by Toyota and China FAW Group Corp. 

The bZ3 is good-looking; the front of the car is probably the most amazing part. Toyota's new vehicle debut will take place in Guangzhou Auto Show in November and the electric car will get  into China's market by the end of the year. 

Toyota's bZ4X sport-utility car, the first bz vehicle, was supposed to be launched in China’s market earlier this year. However, the car’s recall in the world caused a delay in its production. 

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Italy's World Conference on Photovoltaic Energy Conversion, 2022

By Samira Ha. on September 27, 2022

The ongoing World Conference on Photovoltaic Energy Conversion (WCPEC-8), which started on September 26, will last until September 30. The 8th world conference is held in Italy’s Milano Convention Centre.

In this conference, programs like Plenary, Oral and Visual Sessions are held; the WCPEC-8 Scientific Committee has carefully assessed and chosen each presentation with the assistance from the European Commission Joint Research Centre. 

Parallel events and industry summit of the conference include presentations, panel discussions, workshops, along with breakout sessions.

The parallel events deal with new trends in the PV marketplace and offer the latest PV technology and various PV use. All registered participants in the conference can attend the events. 

Apart from parallel events, the conference, which is held after 2 years, presents scientific meetings in an international level. Hygiene and safety have been considered. Safety regulations are in place to guarantee the participants’ health.  

The influential conference provides one-of-a-kind opportunities to meet professionals in PV industry; participants are able to exchange info with PV experts from across the globe. There are opportunities to progress in energy transition and expand the solar energy throughout the world in the modern era of PV growth. Strengthening sharing and networking opportunities to the ones involved in photovoltaic industry, the conference helps expansion of PV or solar power systems.

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Asia's Emerging Economies To Exceed China, ADB

By Samira Ha. on September 24, 2022

Developing economies in Asia will see recovery; which is the first time within over 3 decades that developing Asia will transcend China, said Manila-based lender in a recent report on Wednesday. China’s economic growth fell to 3.9% and the rest of the countries in the region saw a GDP growth by 6.9%, according to the report. 

However, the Asian Development Bank (ADB) stated a low growth prediction for them again as China has developed its zero-Covid approach. 

Emerging Asia is expected to expand by 5.3% this year while China will expectedly grow by 3.3%, the ADB stated. ADB’s growth forecast was 4% for China in the month of July, which relates to the country’s zero-Covid approach, property sector issues, and slow economic activities due to decreased demand from abroad.

The forecast for the country’s growth in 2023 is to 4.5% compared to April’s 4.8% outlook due to increasingly weak external demand, which in turn lowers investment in manufacturing sector. While Asia is facing constant recovery thanks to invigorated tourism industry, headwinds in the world are hindering global development, said the ADB.

Emerging Asian economies, the ADB predicts, will increase by 4.3% in 2022 and 4.9% next year. Also, recent updates of Asian Development Outlook expects that the inflation pace will see an even higher rate to 4.5% this year and 4% in the year 2023, compared to July’s revised prediction of 4.2% and 3.5% respectively, due to heavy food and energy expenses.

While inflation has currently jumped to a level before the pandemic, central banks in the region are increasing their policy rates, the ADB said. This plays a role in stricter financial situations as the Federal Reserve is facing a gloomy growth prospect and tight monetary policy, it also added.

China will constantly be an exception as it exerts strict lockdowns occasionally to curb intermittent outbreaks, according to the ADB. This is not the case in many parts of Asia, where Covid-19 restrictions ease, immunization policy grows, the pandemic death toll decreases, and there’s increased mobility, the report also expressed.

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