China recently completed the construction of the world's first offshore floating production and storage vessel equipped with carbon capture and storage (CCS) technology. The vessel is scheduled for delivery by the end of February.
The ship, measuring 333 meters in length and 60 meters in width, has a daily crude oil production capacity of 120,000 barrels. It has the ability to capture carbon dioxide produced during both its voyage and oil production processes.
Additionally, it harnesses waste heat from exhaust gases to generate electricity, fulfilling both environmental protection and energy-saving goals. This technological breakthrough marks a significant step forward for China in the field of offshore carbon capture.
"The high tower you see here is actually a collection and cleansing tower for carbon capture. The pipes labeled with green marks are the entry points for exhaust gases, which are drawn into the cleansing tower by the fans. Inside the tower, there are absorbents that capture the hydrocarbons from the exhaust gases, resulting in exhaust air with significantly lower carbon emissions," said Xu Xiaohua, senior project manager at Shanghai COSCO Shipping Heavy Industry Co., Ltd., the builder of the vessel.
In 2023, global offshore oil and gas production emitted approximately 38 million tons of CO2. The figure is expected to rise to nearly 50 million tons by 2030 if without any control.
Carbon capture and storage technologies offer a greater potential for reducing emissions in offshore oil and gas operations, providing a new solution for achieving global carbon peak and carbon neutrality goals.
China constructs world’s first offshore floating production, storage vessel with carbon capture technology
Competition in the global automotive industry has shifted from a contest of scale to a multi-dimensional coordination of capabilities, a new report released at the ninth Hongqiao International Economic Forum said on Thursday, which called for a more collaborative global industry ecosystem. Titled "Global Automotive Competitiveness Report 2026," the study was unveiled at the parallel session "Free and Fair Trade and Industrial Competitiveness Cooperation" of the Hongqiao Forum, held as part of the ninth China International Import Expo (CIIE).
The report constructs an evaluation framework for the international competitiveness of the automotive industry consisting of five dimensions -- industrial foundation, technological innovation, market competitiveness, global resource allocation, and environmental support -- and 29 indicators. Based on calculations and comparisons across 41 major countries worldwide, the report concludes that global automotive competition has evolved from a scale-based competition to a multi-dimensional coordination of capabilities. It calls for efforts to foster a new global automotive industry ecosystem featuring more coordinated supply chains, more inclusive technology, more open trade, more mutually beneficial investment, and more synergistic governance.
"The automotive industry has evolved from traditional fuel vehicles to new energy vehicles and now to intelligent connected vehicles, and its entire competitive logic is undergoing fundamental changes. The previous set of evaluation and analysis indicators, characterized by scale and output value, can hardly adapt to or explain the new competitiveness. The iteration and upgrading of the automotive industry, including the opening of new market space, require better coordination and cooperation," said Tang Yunyi, deputy director of the Institute of Applied Economics of the Shanghai Academy of Social Sciences.
The idea that global auto competition is now a contest of coordinated capabilities rather than sheer scale is finding an echo among the automakers that have built their China businesses on competition and cooperation alike.
For companies like Mercedes-Benz, which has spent decades manufacturing and selling in the world's largest car market, the report's core argument that lasting advantage lies in coordination mirrors a conviction already embedded in its own approach to the country.
"I believe, as a German company, in this true collaboration driving long-term value creation. And it is based on rules, fair competition, and therefore, we are very much looking forward to the next chapter here in China," said Oliver Thone, a board member of Mercedes-Benz Group AG.
The ninth Hongqiao International Economic Forum, running at the National Exhibition and Convention Center under the theme "Stability and Cooperation: Building an Open World Economy Together," brings together business leaders and representatives from around the world to explore paths to a more open global economy, alongside a series of parallel sessions and report releases.
The forum is running alongside the ninth China International Import Expo (CIIE), which opened in Shanghai the same day, drawing more than 4,100 overseas exhibitors from 148 countries and regions. First held in 2018 as the world's first national-level expo dedicated to imports, the CIIE has since evolved into a vital gateway for foreign businesses seeking access to China's vast consumer and industrial markets.
Shanghai forum unveils new framework for global auto industry competitiveness
