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Saudi Authorities Discuss Plans to Implement Liquid Displacement Program

Saudi authorities are discussing plans and efforts to displace liquid fuels and replace them with the electric grid.
Saudi authorities are discussing plans and efforts to displace liquid fuels and replace them with the electric grid.
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Saudi Authorities Discuss Plans to Implement Liquid Displacement Program

Saudi authorities are discussing plans and efforts to displace liquid fuels and replace them with the electric grid.
Saudi authorities are discussing plans and efforts to displace liquid fuels and replace them with the electric grid.

Saudi authorities are discussing plans and endeavors to displace liquid fuels and replace them with the electric grid, in a step that aims to achieve sustainable development according to Vision 2030.

These plans were put forward during a workshop organized by the Ministry of Agriculture.

Mohammad Abdel-Latif, head of the program’s agricultural team, explained that several tracks were set for different sectors, with the aim to reduce liquid fuel consumption by 95 percent by 2030.

He noted that the program sought to replace alternative energy sources through the connection with the electricity grid, in addition to enhancing operational capacity and reducing external factors affecting the sustainability of the environmental sectors.

Abdel-Latif also stated that the Ministry of Environment, Water and Agriculture was working to achieve integration by connecting farms to the electrical network, and reduce the use of liquid fuels, within its endeavor to achieve the sustainability of the sector and enhance local production.

He explained that the program provides soft loans that allow farmers to implement the necessary internal adjustments.

According to the ministry, the program will be implemented in three phases. The first consists of obtaining data from farms on fuel consumption in order to estimate the electrical load. The second phase includes planning the delivery of the service and determining the timeframe for the implementation of the changes required by the displacement program, while the third involves the connection to the electrical grid.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.