Weekly snapshot of China's local business news

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BEIJING, July 12 (Xinhua) -- The following are highlights of China's local business news from the past week.

CHEMICALS OPTIONS

The trading of options for three major chemicals, namely polypropylene (PP), polyvinyl chloride (PVC) and linear low-density polyethylene (LLDPE), were launched on the Dalian Commodity Exchange in northeast China's Liaoning Province on Monday.

The listings of these three chemical options will help boost the risk- management ability of petrochemical enterprises, and support the sound and stable development of the petrochemical industry.

CINEMA SUBSIDIES

China's eastern metropolis Shanghai will offer subsidies of nearly 18 million yuan (about 2.6 million U.S. dollars) to cinemas that have been shuttered amid the COVID-19 epidemic.

The Shanghai Municipal Film Administration on Wednesday released a list of 345 cinemas that will receive the subsidies, ranging from large cineplexes to small start-up cinemas.

BYD NEV SALES

China's leading new-energy vehicle (NEV) manufacturer BYD saw its NEV sales tumble in the first half of 2020, company data showed.

The firm sold 60,677 NEVs in the January-June period, down 58.34 percent from the same period last year, BYD said in a filing to the Shenzhen Stock Exchange. In June alone, it sold 14,165 NEVs, sharply down from 26,571 units in the same month a year ago.

BAIDU AI WORKERS

Chinese internet giant Baidu aims to cultivate 5 million artificial intelligence (AI) workers in five years, as it positions itself as an AI platform company that empowers the industry, according to Robin Li, chairman and CEO.

Speaking at the 2020 World Artificial Intelligence Conference that opened Thursday in Shanghai, Li said new infrastructure with AI as the core is expected to greatly improve efficiency in fields such as transportation and energy, and spur economic growth.

OIL EXPORT LICENSE

Zhejiang Petrochemical Co., Ltd. (ZPC), a private oil enterprise in east China's Zhejiang Province, has been granted a license for the export of refined oil products by the Chinese Ministry of Commerce.

It was the first time that a private Chinese oil company won such permission. Refined oil-products export permission had thus far only been granted to state-run enterprises.

HONDA BUYING STAKE IN CATL

Japanese automaker Honda will buy a one-percent stake in Contemporary Amperex Technology Co. Limited (CATL), China's largest lithium-ion battery maker, the two companies announced on Friday.

The companies said in a joint statement that they would jointly develop EV battery technologies, and expand discussions on battery recycling, and reuse business. Enditem

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