Chemical recycling – Pyrowave introduces nanopurification technology for plastics 15-11-2023

In China, even finance is communist: Xi is the central banker (but the crisis does not pass)

In China, the once-unchallenged trajectory of economic prosperity is now met with unprecedented challenges, sending shockwaves through all levels of society

Unlike the West, which has grown accustomed to periodic crises, China has been relatively immune for several decades. However, the current state of Beijing’s economy is causing widespread concern, marked by a significant slowdown in economic growth, a looming real estate bubble, and the staggering youth unemployment exacerbated by Xi Jinping’s stringent measures on the hi-tech sector.  Chemical recycling

The severity of the situation is not lost on the Communist Party, whose social legitimacy historically hinged on meeting the needs of the people. For decades, a tacit agreement existed: citizens traded some freedoms for steadily improving living conditions. Now, this implicit contract is unraveling, and the Party, under mounting pressure from its populace, is grappling with how to regain control.

The recent Central Financial Work Conference, held every five years to outline financial objectives, provided a glimpse into Xi’s vision. In his central speech, Xi unveiled a new economic model emphasizing the “rejuvenation” of the country through “socialism with Chinese characteristics for the new era.” A central tenet of this vision involves the Communist Party reclaiming a pivotal role in the entire economy.

Market forces, once allowed a degree of freedom, are now to be tightly controlled, if not outright impeded.  Chemical recycling

This shift had already manifested in various measures, such as the drastic downsizing of Alibaba’s Jack Ma, the crackdown on internet giants, dismantling of online higher education sectors, and restrictions imposed on private businesses, which constitute 80% of the nation’s employment. The presence of party cells in companies, even foreign ones, reflects the growing intrusion of political influence. Foreign consultancy firms have faced ostracism and repression, while security and anti-espionage laws grant unprecedented powers to Chinese authorities.

In a departure from the previous focus on economic development, the central theme now is security – both geopolitical and domestic.

The goal is to create an economy and technology that are less reliant on international relations and foreign exchanges.  Chemical recycling

Against this backdrop, the latest move is a profound transformation of the financial sector. The establishment of a Central Financial Commission, announced during the Conference, consolidates significant powers directly under the Communist Party’s purview.

This Commission will oversee the central bank, the regulatory commission for financial activities, and stock exchange authorities, essentially placing the entire Chinese financial sector, valued at over 60 trillion dollars, under the direct control of the Chinese Communist Party. As the economic landscape undergoes this tectonic shift, the world watches with anticipation, wondering whether these measures will steer China towards stability or introduce a new chapter of uncertainties.  Chemical recycling

Hyundai, the electric revolution of the world’s largest car factory

Hyundai, at the forefront of the global automotive industry, is gearing up for an electric revolution that promises to reshape the landscape of the world’s largest car factory

The visionary words of Ju-yung Chung, Hyundai’s founder, echoing the conviction that “Korean cars will conquer the world,” laid the foundation for a remarkable journey.

Now, Hyundai Motor Group, currently holding the esteemed third place among car manufacturers globally, is poised to dominate the electric vehicle (EV) market by expanding the production capacity of its colossal Ulsan plant.

The Ulsan plant, already a colossus in the automotive realm, assembled a staggering 1.4 million cars in 2022 alone, dwarfing even Volkswagen’s facility in Wolfsburg, Germany, which can manage a maximum of 800,000 cars annually. Chemical recycling

In an ambitious move, Hyundai plans to carve out a dedicated production line within this automotive behemoth, earmarking a substantial 548 thousand square meters for the construction of a cutting-edge electric car plant.

The symbolic laying of the first stone on November 13 marked the initiation of this transformative endeavor, attended by key figures such as Euisun Chung, executive president of Hyundai Motor Group, Jaehoon Chang, president and CEO of Hyundai Motor Company, along with local officials.

The emphasis of this new facility extends beyond mere production capacity augmentation. Hyundai is actively seeking to integrate revolutionary production technologies to redefine the manufacturing process for electric vehicles.

While details remain undisclosed, there are tantalizing speculations about the adoption of the Hyundai Hyper Casting method.  Chemical recycling

When queried about this groundbreaking technique, the response was elusive yet suggestive, hinting at an innovative manufacturing platform developed by the Hyundai Motor Group Singapore Innovation Center (HMGICS). This platform incorporates intelligent control systems driven by artificial intelligence, prioritizing employee safety, convenience, and operational efficiency.

Additionally, it employs eco-friendly, low-carbon construction methods, aligning with sustainability goals such as carbon neutrality and RE100 certification.

The investment allocated for the Ulsan expansion amounts to a formidable $1.53 billion, a strategic move in line with Hyundai’s broader vision.  Chemical recycling

The Korean conglomerate aims to bolster domestic production of electric cars from the current 330 thousand units to a staggering 1.51 million by 2030. This surge in production will contribute to a global output of 3 million cars, emanating from 10 factories strategically positioned worldwide.

In this ambitious pursuit, Hyundai plans to unleash approximately thirty electric models under both the Hyundai and Kia brands.

This multifaceted approach positions Hyundai to contend for a spot among the top three electric car manufacturers globally, an echelon currently dominated by Tesla and BYD.

The challenge for electric domination is not only a strategic business move for Hyundai; it is a revival of ambition echoing the spirit of 1963, when Hyundai embarked on its journey. As the electric revolution unfolds, the Korean giant aims to rewrite history and reclaim its position at the forefront of automotive innovation.  Chemical recycling