Economic Watch: China's inflation rises in July, propelled by food prices
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Economic Watch: China's inflation rises in July, propelled by food prices
11 Aug 2020
China's consumer inflation accelerated for the second straight month in July on the back of higher food prices, official data showed Monday. Consumer price index (CPI), the main gauge of inflation, grew 2.7 percent year on year last month, expanding from a 2.5-percent gain in June and a 2.4-percent rise in May, according to data from the National Bureau of Statistics (NBS). On a monthly basis, consumer prices went up 0.6 percent. Meanwhile, food prices, which account for nearly one-third of the weighting in China's CPI, edged up 2.8 percent last month. In breakdown, pork prices climbed 10.3 percent from June due to tight supplies and increasing demand from the recovering catering industry. Prices of vegetables rose 6.3 percent from June as unfavorable weather conditions disrupted supplies and transport. Compared with the same period last year, food prices remained the main driving force of consumer inflation in July, rising 13.2 percent year on year and contributing 2.68 percentage points to the CPI growth. Excluding food and energy, the core CPI rose 0.5 percent year on year, down from 0.9 percent in June, according to Dong Lijuan, a senior statistician with the NBS. The overall inflation is under control as the core CPI hit a record low, said Wen bin, chief analyst at China Minsheng Bank. In the first seven months of this year, CPI rose 3.7 percent year on year. Monday's data showed China's producer price index, which measures costs for goods at the factory gate, fell 2.4 percent year on year in July. The reading narrowed from the 3-percent drop in June and 3.7-percent fall in May. On a monthly basis, overall producer prices gained 0.4 percent as industrial production continued to pick up and market demand gradually warmed, Dong said, adding that rising prices of international commodities also played a role. Due to rebounding global crude oil prices, prices in the sectors of oil and natural gas extraction surged 12 percent last month from June, while those for the processing of oil, coal and other fuel went up 3.4 percent. During the January-July period, factory-gate prices were down 2 percent on average compared with the same period last year. Market supply and demand are expected to keep a balance with the accelerated recovery of economic activities and implementation of government measures to guarantee supplies and keep prices stable, said Wen. He added that consumer prices would generally be steady despite some fluctuations. The generally stable inflation gives the government leeway to maneuver monetary policy in the coming months, with its focus shifting from an easing bias to stabilizing market entities and employment, Wen said. Source: Xinhua
Economic Watch: China mulls new growth pattern for high-quality development
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Economic Watch: China mulls new growth pattern for high-quality development
10 Aug 2020
China will accelerate the establishment of a "dual circulation" development pattern that takes the domestic market as the mainstay while domestic and foreign markets can boost each other. Since May this year, the top leadership of the country has reaffirmed the dual-circulation development pattern on various occasions, indicating the strategic priority of China's economic development is accelerating the shift from an export-led to a domestic demand-driven growth model. ACTIVE CHOICE It is not a hasty decision, but an active choice mulled for years. China has actively participated in the global value chain since its reform and opening-up in the late 1970s, achieving rapid economic development through its low costs and export-oriented strategy. However, deficiencies have gradually emerged, such as excessive dependence on foreign trade, risks in economic security, restrictions in key technologies and pressure on industrial upgrading. In fact, since the Asian financial crisis of 1998, China has shifted the foothold of its economic development to expanding domestic demand. In recent years, China has become increasingly reliant on the domestic market rather than exports. From the perspective of the domestic situation, China is pushing for high-quality development and accelerating the transformation of its economic growth model. In the current global landscape, the world is undergoing profound changes unseen in a century. COVID-19 is wreaking havoc across the world, trade protectionism is on the rise in some countries and the global industrial and supply chains may experience remarkable changes. It is in this milieu that the new development pattern has been reaffirmed, based on China's long-term development strategy and changes in the global situation. The new development pattern mulled by the top leadership is an active strategic choice for China's economy to nurture new opportunities and secure new advantages in global competition, said Huang Qunhui, director of the Institute of Economics at the Chinese Academy of Social Sciences. DEEPEN OPENING-UP While the potential of domestic circulation is being emphasized, it does not mean China will seek seclusion. Instead, it will utilize domestic and international resources more efficiently, ensuring robust and sustainable development. "Economic activities never existed in isolation. They are dynamic and cyclic. Since China has deeply integrated itself into globalization, it cannot expand domestic demand without the smooth operation of the global industrial and supply chains," said Wei Jianguo, vice chairman of the China Center for International Economic Exchanges. "The strategy to take domestic circulation as the mainstay and expand domestic demand as the strategic foundation does not mean closing doors to the outside world or active decoupling. On the contrary, it means further opening up to the outside world at a high level," said Guan Tao, an economist with BOC International. A review of its major reforms this year reveals clues to the country's endeavors in boosting opening-up. In late June, China shortened the negative list for foreign investment again, slashing the number of sectors that are off-limits for foreign investors. In early June, China released the master plan on building the southern island province of Hainan into a globally influential free trade port. Two guidelines were unveiled in April and May - one on the market-based allocation of resources, and the other on improving the socialist market economy. Both plans centered on protecting the market's role in the economy to nurture the growth of domestic and foreign-funded companies alike. China needs to continue its pivot toward domestic demand-driven growth. The country is improving its domestic demand system in an open environment, so dual circulation - domestic and international - should not be severed. China's development cannot be segregated from the world, while global development also needs China. In the future, China will only open its doors wider to share its development opportunities with the world. Source: Xinhua
Economist: Chinese exports to remain solid this year
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Economist: Chinese exports to remain solid this year
10 Aug 2020
China's July trade outperformed in yuan-denominated terms. Exports jumped 10.4 percent from a year earlier, while imports rose 1.6 percent in yuan terms, both beating expectations. In dollar terms, the trade balance grew by 62 billion dollars, higher than the 42 billion expected. Exports increased 7.2 percent on year, beating a forecast of a 0.2 percent decline. Imports however, dropped 1.4 percent from a year ago, versus the one percent rise predicted by a Reuters poll. That compared to a 0.5 percent rise in exports and 2.7 percent growth in imports in the month of June. Customs officials credit the strong numbers to the overall control of the pandemic in the country. "The trade numbers benefited from the control of the pandemic domestically and shows the resilience of the Chinese economy. There are more positive factors supporting export growth as well. That's why we are seeing a strong rebound in export growth," said Liu Kuiwen, director of statistical analysis department at China General Administration of Customs. Exports of medical related goods continued to support overall outbound shipments from China. Increase in demand for electronics, furniture and other household products as people are still stuck at home in many parts of the world also helped China's export growth. Economist Jeremy Stevens with Standard Advisory in China said that Chinese exports are expected to stay in the positive in the coming months. That's as the country's manufacturing sector shows robust growth and is producing for external demand. "There's been a spike in demand for example from the United States for orders from China in recent weeks, that's been reflected in elevated shipping rates which we track quite closely. The critical part going forward is that unlike elsewhere, China's economy is back online, its manufacturing sector is back and taking orders. So all things considered, the data certainly reinforces the notion that the Chinese economy is recovering and showing certain degree of flexibility and strength and we will probably continue to outperform most other economies this year and probably next year. And I believe in the coming months China's trade data is likely to continue to be relatively solid," said Stevens. Stevens said that the path for imports was less obvious as they are largely dependent on China's investment in infrastructure and real estate construction later this year. "The path ahead for infrastructure construction and real estate construction isn't that clear, at least for the fourth quarter of this year. A lot of the government supports have been front loaded, the central bank started to turn more neutral. What's going to happen to infrastructure and real estate investment which are critical components for raw material demand from the rest of the world? So the path from there is a little bit less clear," he said. For the first seven months of the year as a whole, Yuan denominated exports declined 0.9 percent, while imports dropped 2.6 percent. Source: CGTN
China International Fair for Trade in Services scheduled to be held in Beijing next month
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China International Fair for Trade in Services scheduled to be held in Beijing next month
7 Aug 2020
Photo taken on May 28, 2019 shows visitors tour the exhibition area of China Unicom, one of the country's largest telecommunication carriers, during the 2019 China International Fair for Trade in Services. (Photo by Pang Zhengzheng/ People's Daily Online) The 2020 China International Fair for Trade in Services (CIFTIS) will kick off in September at the China National Convention Center in Beijing. At present, posters and banners have been set up at the China National Convention Center in Beijing to welcome guests from home and abroad. So far, 141 international organizations, embassies in China, chambers of commerce, business associations and institutions have confirmed their participation in this year's CIFTIS. More than 2,000 domestic and foreign companies will also attend the event, during which more than 100 forums and discussions will be held. Pavilion construction, guest reception, and epidemic prevention and control are currently being advanced under high standard. Formerly known as China (Beijing) International Fair for Trade in Services, the China International Fair for Trade in Services took its new name in 2019. One year later, the shortened name for the event was changed from "Beijing Fair" to "CIFTIS". The CIFTIS (including the former Beijing Fair) has successfully held six sessions, attracting 184 countries and regions, nearly 300 international organizations and overseas business associations and more than 10,000 companies, and achieving an accumulated intended transaction amount of $529.33 billion. It is one of the three major exhibition platforms for China's opening-up, with the other two being the China Import and Export Fair (Canton Fair) and China International Import Expo (CIIE). Considering the global COVID-19 pandemic situation, the CIFTIS this year will be hosted through both online and offline channels. Overseas guests and exhibitors will mainly participate in online exhibitions while domestic entities in offline activities. The fair will set up virtual 3D exhibition booths to provide more intelligent experience for visitors. Through technical means like 5G, live-streaming, video conference, online translation, it will allow participants from various parts of the world to communicate smoothly during online and offline conferences and forums. By employing tools such as instant messaging, video negotiation, online translation, and intelligent customer service, it intends to build virtual negotiation rooms for participants. Besides, the fair will also broadcast summits and forums through omnimedia. The CIFTIS this year is more diversified compared with the previous sessions as it has integrated contents of China (Beijing) International Cultural & Creative Industry Expo (ICCIE), China International Tourism Commodities Fair (CITCF), Beijing International Finance Expo (BIFE), World Winter Sports (Beijing) Expo as well as World Robot Conference (WRC) and has innovated a new model that is characterized by one selected exhibition area, eight featured exhibitions and several functional service areas. The selected exhibition area includes the preface hall, public health and epidemic prevention zone, national, provincial, regional and municipal zone, and enterprise zone for twelve major fields of the service trade. It will mainly display the latest trends, technologies, products in the development of domestic and foreign service trade as well as Chinese solutions. Eight featured exhibitions vary from culture services, financial services, winter sports, tourism services, service robot, educational services, sports services to 5G communication services. Besides, the fair will establish some functional service areas to provide supporting services for exhibitors, such as negotiation, experience and catering. The selected exhibition area and eight featured exhibitions are speeding up inviting exhibitors and products. (Online registration portal: https://en.ciftis.org) Source: People's Daily
China to actively and steadily push forward RMB internationalization
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China to actively and steadily push forward RMB internationalization
6 Aug 2020
China Foreign Exchange Trading System (CFETS) announced Monday that from August 1, 2020, the bidding and inquiry transaction fees of Renminbi (RMB) against Singapore dollar, ruble, ringgit, New Zealand dollar,South African rand, Saudi Riyal, UAE diram, Polish zloty, Hungarian Forint, Turkish Lira, Korean won and Thai baht will be temporarily exempted for three years. Experts believe that this will undoubtedly increase the proportion of RMB-denominated settlement intradeandinvestmentbetween China's foreigntradeenterprises and their partners in these countries, which is conducive to promoting the internationalization of RMB. Market data showed that in July, the US dollar index fell from 97.37 to 93.49, setting the worst monthly performance in the past 10 years. Different from the downward trend of the U.S. dollar, the RMB exchange rate remained stable. According to the latest data released by CFETS, also known as the National Interbank Funding Center, the central parity rate of the Chinese currency RMB strengthened 177 pips to 6.9803 against the U.S. dollar Tuesday, and the appreciation of the central parity has been the highest since July 22, 2020, and the biggest increase since July 7, 2020. China's central bank said Monday that it will actively and steadily push forward RMB internationalization and capital account convertibility, and again vowed to open up the financial sector at a steady pace. According to E Zhihuan, chief economist of Bank of China (Hong Kong), in the current global financial market downlink, the RMB exchange rate is more robust than other currencies. E Zhihuan added that, there are always obvious rebounds after a short period of declines, which indicates that fluctuation of the RMB exchange rate, while maintaining flexibility, has certain resilience. Therefore, in the post epidemic era, the hedging function of RMB exchange rate should be established to provide stronger support for the international use of RMB. Source:Xinhua Silk Road
World Bank releases report, shares China’s experience in improving business environment
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World Bank releases report, shares China’s experience in improving business environment
6 Aug 2020
Customers shop at a duty-free store of the Riyue Plaza, Haikou, South China's island province Hainan on July 30. Photo by Wang Chenglong/People's Daily Online The World Bank issued a special report entitled China's Doing Business Success: Drivers of Reform and Opportunities for the Future on July 27. According to the report, China has made great achievements in advancing reforms to delegate power, streamline administration and optimize government services as well as in improving the business environment. The report has summarized the reforms China has carried out in recent years in fields such as “starting a business”, “getting electricity” and “dealing with construction permits”, in a bid to share lessons learned from China’s experience in improving the business environment with other economies and then improve the global business environment on the whole. Taking the assessment of the World Bank on the business environment of global economies as an leverage, China has strived to create a stable, fair, transparent and predictable business environment in recent years. China's ranking in the world in terms of ease of doing business has continuously rocketed up, according to the World Bank's Doing Business reports. China leaped from the 78th place in Doing Business 2018 to the 31st in 2020 and was recognized as one of the top 10 most improved economies worldwide for the ease of doing business for two years in a row. Before 2018, only around two to three reforms in China were captured by Doing Business each year. However, Doing Business 2019 recorded seven areas of reforms for China while Doing Business 2020 captured reforms in eight areas. The number of China's business reforms recognized by Doing Business ranks among the top three in the world and the country has become the top reformer among large economies. A business owner holds a business environment monitoring card issued by the commission for discipline inspection in Zhuji, East China's Zhejiang Province, which allows enterprises to scan the QR code on the cards and report problems in business environment. Photo by Guo Bin/People's Daily Online The World Bank attributed China's successful reforms to six key factors, including high-level leadership and ownership of the reform agenda, local policy experimentation, international knowledge sharing, strong enforcement of the reform agenda and accountability for results, robust private sector participation and effective communication, as well as intensive use of digital technologies and e-government services. Provinces and government departments in China have always comprehensively implemented the decisions and plans of the Central Committee of the Communist Party of China (CPC) and the State Council comprehensively and advanced reforms to delegate power, streamline administration and optimize government services. By cutting the drawbacks of institutional mechanisms and strengthening services and regulation, China has maximumly reduced its direct allocation of resources and direct intervention in market activities, and greatly stimulated market vitality and social creativity. Staff workers at an administrative center providing services online in Nantong, East China's Jiangsu Province. Photo by Xu Congjun/People’s Daily Online For instance, Jiangsu Province allows residents and enterprises to have their matters dealt with through online platforms; Zhejiang's provincial government aims to ensure that things requiring presence in person get done in one place and without the need for a second trip; and Shanghai encourages the government to serve the enterprises wholeheartedly and suit their demands. During the first half of 2020, exports of private enterprises increased by 3.2 percent, 6.2 percentage points higher than the growth of China’s general export, which mirrored the better business environment in the country. Against the backdrop of an ever-changing international environment and rampant anti-globalization and trade protectionism, the Chinese government has always advocated globalization and promoted opening-up to an even higher level. It has made continuous efforts to relax controls over and shorten negative list for market access, held large-scale trade fairs and expositions, created a fair market environment, and protected the legitimate rights and interests of foreign investors and intellectual property rights, which has boosted the long-term confidence of foreign companies in China. Data from the Ministry of Commerce suggested that the actual use of foreign capital increased by 8.4 percent year on year during the second quarter of the year. China determines to build a world-class business environment. It has officially put into force the Foreign Investment Law and its implementation regulations and repeatedly shortened negative list for market access. It is also speeding up in revising the Catalogue of Encouraged Industries for Foreign Investment for 2020 and the Working Measures for Complaints from Foreign Invested Enterprises. Recently, the State Council Information Office has hosted a press briefing where relevant government officials introduced a circular about further optimizing the business environment and better serving market entities. The international economic and financial practitioners are generally optimistic about China's economic performance and long-term development, including American business people who praised a series of measures related to reform and opening-up adopted by the Chinese government and expressed wishes to continue exploring the Chinese market. Despite the severe challenges brought about by the COVID-19 epidemic, China has been promoting the resumption of work, production, business and market, gradually restoring the economy and society to normal order. China's economy grew by 3.2 percent in the second quarter, making it the first major economy to achieve positive economic growth amid the epidemic and laying a solid foundation for the country to sustain economic recovery in the second half of the year. To carry out the vision of innovative, coordinated, green, open and inclusive development, promote high-quality economic growth, ensure stability in employment, financial operations, foreign trade, foreign investment, domestic investment, and expectations, and ensure security in job, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments, China will continue streamlining administration and delegating powers to establish a world-class business environment based on market principles and the rule of law. It will provide high-quality public services and a fair environment for domestic and foreign-funded enterprises and companies of various types of ownership, further stimulate the vitality of market players, strengthen new driving forces for development, and promote a higher level of opening-up. China will surely create new opportunities for the development of all countries with a more open mind and inject strong impetus into the international economic growth. Source:People's Daily
ICC world council elects new chair
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ICC world council elects new chair
25 Jun 2020
The International Chamber of Commerce (ICC), the institutional representative of 45 million companies in over 100 countries, has elected MasterCard CEO Ajay Banga as chair. Banga, who has served as ICC's first vice-chair since June 2018, becomes ICC Chair with immediate effect, succeeding Paul Polman who becomes ICC honorary chair, having served as chair for the past two years. Yassin Al Suroor, founder and the executive chairman of A'amal Group, was re-elected as vice chair. The election took place during the annual ICC World Council Meeting held through a virtual platform on June 23, the global business organisation based in Paris said in a statement. The chamber also elected Maria Fernanda Garza, CEO of Orestia and current board member, as ICC's first vice-chair, making her the first woman to hold this position. "I am delighted to step into the role of ICC chair, taking over from my friend Paul Polman," Banga said. "In this challenging time, I intend to build on the work underway at ICC and to ensure that the organisation, on behalf of business globally, continues to lead in promoting greater prosperity and opportunity for all, which includes being a crucial voice in the re-building of a sustainable and inclusive global economy." Source: The Daily Star
DRAFT letter from Chairman Lu to members of the SRCIC Board and to SRCIC members
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DRAFT letter from Chairman Lu to members of the SRCIC Board and to SRCIC members
14 May 2020
Dear friends and colleagues, We have all been living through an extraordinary time, for our families and friends, our businesses and partnerships. All of us have grieved for someone, family or friend and we have all been affected in many ways. The only consolation we have is that sometimes a crisis is needed to bring us together, to show us that though we live in different parts of the world we are really all the same. A virus such as the one unleashed over the past few months crosses all borders, affects all lives. We are at last beginning to see on the horizon signs that the ravages of this disease are coming to an end. We are starting to re-build again, our relationships, our businesses and most of all our hopes for the future. For the Silk Road Chamber of International Commerce, this worldwide crisis has been a heavy blow. The purpose of our existence has been challenged by closed borders, travel bans and other restrictions to trade, investment and business relationships. I am writing to assure you that our SRCIC is well and prepared to resume its job of bringing together the business communities along the Silk Roads. I am grateful for your support through these difficult times. The years ahead will be marked by this crisis. It will be more important than ever that business leaders use their talents, ambitions and their resources to support the development of a world where everyone can be a winner. The SRCIC will make every effort to assist our members to achieve that goal, and to make each one of you proud to be part of an international business community which remains committed to rebuilding a world economy which is based on multilateralism, open trade and investment, and addressing the challenges of a changing climate. I wish for everyone the best in the coming year, and I pledge myself and the SRCIC to walk with you on the difficult path of recovery and renewal. Chairman Lu Jianzhong
Stjepan Mesic:The Community with a Shared Future for Mankind Impact of the pandemic on the world and cooperation
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Stjepan Mesic:The Community with a Shared Future for Mankind Impact of the pandemic on the world and cooperation
7 May 2020
Chairman Lu (left) andStjepan Mesic Stjepan Mesic,former President of the Republic of Croatia and senior advisor to the SRCIC, wrote an articleThe Community with a Shared Future for Mankind Impact of the pandemic on the world and cooperation, in which he says China has provided valuable experience for other countries to fight the COVID-19. He also figures out thatsolidarity is the best way to cope with the challenges. The following is the full text of his article: The current coronavirus crisis hit the whole world and all countries acted too late to contain the spread of the virus. The coronavirus pandemic has affected more than two million people and is still spreading, causing immense human suffering and grave prospects for the global economy. And no country could be safe unless all countries are safe what is hardly possible without global, regional and national cooperation. If there is any lesson to be learned already now from the sanitary crisis, it should be that the world is globally connected and only national answer on the Covid - 19 will not solve the crisis nor prepare the world for next pandemic properly. The global response provides a logical way for respond to epidemics but in this hard time for people of the whole world it appears pretty undetermined and even uncertain. The USA, leading economy and military superpower, frozen its funds for the WHO that has been seen in many countries as an unappropriated attack on the global role of this organisation and weakening chances for global response on this unprecedented health crisis. America's soft power, that rests on the ability to shape the preferences of others, has been hardly hit with that move. In this pandemic America's moral authority and its global role has been strongly shaken by its own government. The WHO natural role is to take the lead in coordinating a national response and should be supported by all countries and by the United Nations. The Security Council members should act quickly and adopt approach that global pandemic may threaten international peace and stability how could the UN work on global response. In the situation when the United States Administration does not see its role as a work with other states and global institutions to develop a global plan and take responsibility for fighting the virus with the needs of its citizens and globally other global powers European Union, China and Russia should take global leadership supporting more openly the WHO and give it more financial resources. The European Union understand the WHO as an important global organisation in managing the corona crisis with strong credibility. Brusells reaction on the on-going coronavirus crisis has not been quick but slower and more gradual because never in its history the Union was faced with such kind of pandemic that should halting of its economy. In the first weeks of crisis Brusells has been criticised for lacking solidarity among member states and fragile health cooperation in slowing the spread of the virus but now the EU shows it has economic of financial capacity to respond to a crisis of such proportion. The covid -19, as well as bailout of Greece, has shown that division among north and south in Europe is present but this time eurozone policymakers decided to solve the crisis establishing the fund of 500 billion euros for 19 countries that use single currency. This is the greatest peacetime challenge to the EU that is deeply aware the pandemic needs a global response, global action and coordination that is vital for lives of people, for economy growth and for the world stability. China, that was first country hit by Cvid-19 strongly supports the WHO and the UN as a central organisation in defining global approach to the pandemic stressing that global cooperation is needed. China has helped many countries in the world with medical donation as well with its ability to organise production of vital medical equipment and export it though it had lockdown for three months in Wuhan. The global cooperation hardly could be implemented if order in the world in next decades will continue to be based on old pattern of power politics, unilateralism and weakening of global institutions. At the moment China is only country that have a concept of a shared destiny for humanity that could be useful in providing long term answer on challenge of the global pandemic to the world stability. Recently President of China Xi Jinping talked again about the concept with Secretary General of UN António Guterres who supported the common ideal and good pursuit of humankind, elevating the ideas of the common people in the world in a new historical period. China launched the concept of building community of human destiny in February 2017, in the UN, Geneva and the same year the 71st session of the UN General Assembly passed a resolution on "United Nations and global economic governance", incorporating China's concept of business process for building and sharing. Implementation of this concept could help the world to be structurally prepared to manage any future health crisis nationally, regionally and globally. Hope the international relations will be upgraded in that way that thinks about the interests of humanity not only about profit goals. Source: China-CEEC Think Tank Network
B.S. of E-Information Science and Technology Program(English Taught)
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B.S. of E-Information Science and Technology Program(English Taught)
17 Apr 2020
Bachelor of Science E-Information Science and Technology Taught in English NWU(China) and Essex(UK)Joint Collaborative Program Features of the Program ★English Taught program ★Joint CollaborativeProgram by NWU(China) &Essex(UK) ★Internationalized curriculum ★36% core courses by University of Essex ★Professional knowledge and multiple language skills ★International market needs based Main Courses 1.Group projects and practices 2.Digital System Design 3.Computer Security 4.Basic Network Knowledge 5.Fundamental Communication Knowledge 6.Advanced Embedded System Design 7.Advanced Logic System 8.Engineering Electro-magnetics 9.C Language Program Design and Embedded System 10.Digital Electronic System 11.Analog Circuit Design/Signal and System Degree and Credit Requirements Duration:Four years Credits:150 Degree:NWUBachelor of Science Tuition:23000RMB/Year Scholarship Available Xi'an City One Belt One Road International Students Scholarship Coverage of the scholarship: Tuition Application Deadline:JUNE30 2020 *Scholarship results will be determined by applicants'overall criteria. Click here to get more information about the scholarship Click here to download the scholarship application form Application Deadline:30th June 2020 Application Requirements 1. Applicant should be above 18 and under the age of 25, in good health; 2. Non-Chinese Citizens; 3. Applicant should have obtained a senior high school diploma or an equivalent diploma by the time of application; 4. Applicant should have a mastery of English language skills equal to TOEFL 50 or IELTS 5.0; 5. Applicant with Chinese language proficiency background is highly preferred. Application documents 1. Photocopy of passport and 2 passport-sized photos; 2.Photocopy of High school graduation certificate, this year's graduates can provide proof of graduation when apply (either in English or Chinese); 3. Photocopy of High school transcripts; 4.Photocopy of Chinese Language Proficiency Certificate; 5. Photocopy of English proficiency test (TOEFL or IELTS) transcripts; 6. Some students may be required to provide non-criminal record; 7.Application Form forXi'an City One Belt One Road International Students Scholarshipwith signature. Note: The application materials will not be returned disregard to successful admission or not. Certificates other than in Chinese or English language must be translated to Chinese or English by a legitimate notary authority. ApplicationProcedure 1.Complete online application athttp://nwu.17gz.org, print and sign the Application Form for Foreign Students to NWU 2.Email all the clear E-documents totonwu@nwu.edu.cn 3.Afterinternalreviewandevaluation,NWUwillconfirmwiththeshortlistedstudentsforfinalapproval 4. Mail all the documents toInternational Students Admission,School of International Education,Northwest University Brief Introduction of Essex Faculty Contact us Address: No. 229 North Taibai Avenue,Xi'an,Shaanxi, China,710069 International Students Admission,School of International Education,Northwest University,142 mailbox Tel: +86 -29 -88302373 +86-29-88302918 Fax: 0086-29-88303511 Email:tonwu@nwu.edu.cn crystalhe0917@163.com Website:http://www.nwu.edu.cn/ www.facebook.com/northwestuni Mr. Randy Dong QQ: 403958838 Ms. Crystal He Wechat: crystalhe0917 QQ:57668480
B.A. of International Economics and Trade Program (Taught in English)
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B.A. of International Economics and Trade Program (Taught in English)
16 Apr 2020
Program Introduction Duration:Four years Features of the Program Familiar with policies, rules and laws about international trade in China, and familiar with relative international conventions; Master theories and analysis methods of Economics and Management; Global view: Chinese Classroom, Multi-national Professors, Internationalized classmates; Multiple language skills: Wonderful English Skills+ Fluent Chinese Language; Various lectures related to up-to-date issues by world famous professors/ CEOs; Cultural and field trips to historic sites, corporations; Internship and Internship Visa available. Tuition and Costs:(CNY) Tuition: 22,000CNY/Year Dormitory Fees: Deposit:1000CNY/Person Intl. Building Type Double Room Triple Room Fee 3500CNY/Person/Semester6500CNY/Person/Year 2300CNY/Person/Semester4000CNY/Person/Year #8Building Type Double Room Triple Room Fee 1500CNY/Person/Semester2700CNY/Person/Year 1000CNY/Person/Semester1900CNY/Person/Year *Public shower, kithchen and bathrooms Scholarship Avaliable Xi'an City One Belt One Road International Students Scholarship Coverage of the Scholarship: Tuition Application Deadline:JUNE30 2020 Application Eligibilities: Be a citizen of a country from “One Belt One Road Initiative”, and be in good health; all the "One Belt One Road" countries are based on official website. ----https://www.yidaiyilu.gov.cn/ *Scholarship results will be determined by applicants'overall criteria. Click here to get more information about the scholarship Click here to download the scholarship application form Application Eligibility Applicant should be under the age of 25 and in good health; Applicant shouldhave obtained a senior high school diploma or an equivalent diploma by the time of application; English Proficiency Requirement (Except Native Speakers): TOEFL 50 or IELTS 5.0 Application Deadline:June 30th of each year Application Documents Application Form for Foreign Students to NWU with signature Application Form forXi'an City One Belt One Road International Students Scholarshipwith signature Copy of Passport Photopage Notarized highest diploma Academic transcripts NotarizedNon-criminal Recored The copy of valid English proficiency Certificates Foreigner Physical Examination Form Note:Documents in languages other than Chinese or English must be attached with notarized Chinese or English translations.Please provide valid email address. Application Procedure Complete online application athttp://nwu.17gz.org, print and sign the Application Form for Foreign Students to NWU; Email all the clear required E-documents to tonwu@nwu.edu.cn; After internal review and evaluation, International Students Admissions office will confirm with students for onlineINTERVIEW; Mail all the documents toInternational Students Admission,School of International Education,Northwest University;School of Intl. Education will send Admission Letters and JW202 Forms for the final confirmed students. Contact Us Address: No. 229 North Taibai Avenue,Xi'an,Shaanxi, China,710069 International Students Admission,School of International Education,Northwest University,142 mailbox Tel: +86 -29 -88302373 +86-29-88302918 Fax: 0086-29-88303511 Email:tonwu@nwu.edu.cn crystalhe0917@163.com Website:http://www.nwu.edu.cn/ Mr. Randy Dong QQ: 403958838 Ms. Crystal He Wechat: crystalhe0917 QQ:57668480
Medical products provided by enterprises of Turkmenistan
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Medical products provided by enterprises of Turkmenistan
16 Apr 2020
Economic Watch: China's inflation rises in July, propelled by food prices
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Economic Watch: China's inflation rises in July, propelled by food prices
11 Aug 2020
China's consumer inflation accelerated for the second straight month in July on the back of higher food prices, official data showed Monday. Consumer price index (CPI), the main gauge of inflation, grew 2.7 percent year on year last month, expanding from a 2.5-percent gain in June and a 2.4-percent rise in May, according to data from the National Bureau of Statistics (NBS). On a monthly basis, consumer prices went up 0.6 percent. Meanwhile, food prices, which account for nearly one-third of the weighting in China's CPI, edged up 2.8 percent last month. In breakdown, pork prices climbed 10.3 percent from June due to tight supplies and increasing demand from the recovering catering industry. Prices of vegetables rose 6.3 percent from June as unfavorable weather conditions disrupted supplies and transport. Compared with the same period last year, food prices remained the main driving force of consumer inflation in July, rising 13.2 percent year on year and contributing 2.68 percentage points to the CPI growth. Excluding food and energy, the core CPI rose 0.5 percent year on year, down from 0.9 percent in June, according to Dong Lijuan, a senior statistician with the NBS. The overall inflation is under control as the core CPI hit a record low, said Wen bin, chief analyst at China Minsheng Bank. In the first seven months of this year, CPI rose 3.7 percent year on year. Monday's data showed China's producer price index, which measures costs for goods at the factory gate, fell 2.4 percent year on year in July. The reading narrowed from the 3-percent drop in June and 3.7-percent fall in May. On a monthly basis, overall producer prices gained 0.4 percent as industrial production continued to pick up and market demand gradually warmed, Dong said, adding that rising prices of international commodities also played a role. Due to rebounding global crude oil prices, prices in the sectors of oil and natural gas extraction surged 12 percent last month from June, while those for the processing of oil, coal and other fuel went up 3.4 percent. During the January-July period, factory-gate prices were down 2 percent on average compared with the same period last year. Market supply and demand are expected to keep a balance with the accelerated recovery of economic activities and implementation of government measures to guarantee supplies and keep prices stable, said Wen. He added that consumer prices would generally be steady despite some fluctuations. The generally stable inflation gives the government leeway to maneuver monetary policy in the coming months, with its focus shifting from an easing bias to stabilizing market entities and employment, Wen said. Source: Xinhua
Economic Watch: China mulls new growth pattern for high-quality development
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Economic Watch: China mulls new growth pattern for high-quality development
10 Aug 2020
China will accelerate the establishment of a "dual circulation" development pattern that takes the domestic market as the mainstay while domestic and foreign markets can boost each other. Since May this year, the top leadership of the country has reaffirmed the dual-circulation development pattern on various occasions, indicating the strategic priority of China's economic development is accelerating the shift from an export-led to a domestic demand-driven growth model. ACTIVE CHOICE It is not a hasty decision, but an active choice mulled for years. China has actively participated in the global value chain since its reform and opening-up in the late 1970s, achieving rapid economic development through its low costs and export-oriented strategy. However, deficiencies have gradually emerged, such as excessive dependence on foreign trade, risks in economic security, restrictions in key technologies and pressure on industrial upgrading. In fact, since the Asian financial crisis of 1998, China has shifted the foothold of its economic development to expanding domestic demand. In recent years, China has become increasingly reliant on the domestic market rather than exports. From the perspective of the domestic situation, China is pushing for high-quality development and accelerating the transformation of its economic growth model. In the current global landscape, the world is undergoing profound changes unseen in a century. COVID-19 is wreaking havoc across the world, trade protectionism is on the rise in some countries and the global industrial and supply chains may experience remarkable changes. It is in this milieu that the new development pattern has been reaffirmed, based on China's long-term development strategy and changes in the global situation. The new development pattern mulled by the top leadership is an active strategic choice for China's economy to nurture new opportunities and secure new advantages in global competition, said Huang Qunhui, director of the Institute of Economics at the Chinese Academy of Social Sciences. DEEPEN OPENING-UP While the potential of domestic circulation is being emphasized, it does not mean China will seek seclusion. Instead, it will utilize domestic and international resources more efficiently, ensuring robust and sustainable development. "Economic activities never existed in isolation. They are dynamic and cyclic. Since China has deeply integrated itself into globalization, it cannot expand domestic demand without the smooth operation of the global industrial and supply chains," said Wei Jianguo, vice chairman of the China Center for International Economic Exchanges. "The strategy to take domestic circulation as the mainstay and expand domestic demand as the strategic foundation does not mean closing doors to the outside world or active decoupling. On the contrary, it means further opening up to the outside world at a high level," said Guan Tao, an economist with BOC International. A review of its major reforms this year reveals clues to the country's endeavors in boosting opening-up. In late June, China shortened the negative list for foreign investment again, slashing the number of sectors that are off-limits for foreign investors. In early June, China released the master plan on building the southern island province of Hainan into a globally influential free trade port. Two guidelines were unveiled in April and May - one on the market-based allocation of resources, and the other on improving the socialist market economy. Both plans centered on protecting the market's role in the economy to nurture the growth of domestic and foreign-funded companies alike. China needs to continue its pivot toward domestic demand-driven growth. The country is improving its domestic demand system in an open environment, so dual circulation - domestic and international - should not be severed. China's development cannot be segregated from the world, while global development also needs China. In the future, China will only open its doors wider to share its development opportunities with the world. Source: Xinhua
Economist: Chinese exports to remain solid this year
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Economist: Chinese exports to remain solid this year
10 Aug 2020
China's July trade outperformed in yuan-denominated terms. Exports jumped 10.4 percent from a year earlier, while imports rose 1.6 percent in yuan terms, both beating expectations. In dollar terms, the trade balance grew by 62 billion dollars, higher than the 42 billion expected. Exports increased 7.2 percent on year, beating a forecast of a 0.2 percent decline. Imports however, dropped 1.4 percent from a year ago, versus the one percent rise predicted by a Reuters poll. That compared to a 0.5 percent rise in exports and 2.7 percent growth in imports in the month of June. Customs officials credit the strong numbers to the overall control of the pandemic in the country. "The trade numbers benefited from the control of the pandemic domestically and shows the resilience of the Chinese economy. There are more positive factors supporting export growth as well. That's why we are seeing a strong rebound in export growth," said Liu Kuiwen, director of statistical analysis department at China General Administration of Customs. Exports of medical related goods continued to support overall outbound shipments from China. Increase in demand for electronics, furniture and other household products as people are still stuck at home in many parts of the world also helped China's export growth. Economist Jeremy Stevens with Standard Advisory in China said that Chinese exports are expected to stay in the positive in the coming months. That's as the country's manufacturing sector shows robust growth and is producing for external demand. "There's been a spike in demand for example from the United States for orders from China in recent weeks, that's been reflected in elevated shipping rates which we track quite closely. The critical part going forward is that unlike elsewhere, China's economy is back online, its manufacturing sector is back and taking orders. So all things considered, the data certainly reinforces the notion that the Chinese economy is recovering and showing certain degree of flexibility and strength and we will probably continue to outperform most other economies this year and probably next year. And I believe in the coming months China's trade data is likely to continue to be relatively solid," said Stevens. Stevens said that the path for imports was less obvious as they are largely dependent on China's investment in infrastructure and real estate construction later this year. "The path ahead for infrastructure construction and real estate construction isn't that clear, at least for the fourth quarter of this year. A lot of the government supports have been front loaded, the central bank started to turn more neutral. What's going to happen to infrastructure and real estate investment which are critical components for raw material demand from the rest of the world? So the path from there is a little bit less clear," he said. For the first seven months of the year as a whole, Yuan denominated exports declined 0.9 percent, while imports dropped 2.6 percent. Source: CGTN
China International Fair for Trade in Services scheduled to be held in Beijing next month
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China International Fair for Trade in Services scheduled to be held in Beijing next month
7 Aug 2020
Photo taken on May 28, 2019 shows visitors tour the exhibition area of China Unicom, one of the country's largest telecommunication carriers, during the 2019 China International Fair for Trade in Services. (Photo by Pang Zhengzheng/ People's Daily Online) The 2020 China International Fair for Trade in Services (CIFTIS) will kick off in September at the China National Convention Center in Beijing. At present, posters and banners have been set up at the China National Convention Center in Beijing to welcome guests from home and abroad. So far, 141 international organizations, embassies in China, chambers of commerce, business associations and institutions have confirmed their participation in this year's CIFTIS. More than 2,000 domestic and foreign companies will also attend the event, during which more than 100 forums and discussions will be held. Pavilion construction, guest reception, and epidemic prevention and control are currently being advanced under high standard. Formerly known as China (Beijing) International Fair for Trade in Services, the China International Fair for Trade in Services took its new name in 2019. One year later, the shortened name for the event was changed from "Beijing Fair" to "CIFTIS". The CIFTIS (including the former Beijing Fair) has successfully held six sessions, attracting 184 countries and regions, nearly 300 international organizations and overseas business associations and more than 10,000 companies, and achieving an accumulated intended transaction amount of $529.33 billion. It is one of the three major exhibition platforms for China's opening-up, with the other two being the China Import and Export Fair (Canton Fair) and China International Import Expo (CIIE). Considering the global COVID-19 pandemic situation, the CIFTIS this year will be hosted through both online and offline channels. Overseas guests and exhibitors will mainly participate in online exhibitions while domestic entities in offline activities. The fair will set up virtual 3D exhibition booths to provide more intelligent experience for visitors. Through technical means like 5G, live-streaming, video conference, online translation, it will allow participants from various parts of the world to communicate smoothly during online and offline conferences and forums. By employing tools such as instant messaging, video negotiation, online translation, and intelligent customer service, it intends to build virtual negotiation rooms for participants. Besides, the fair will also broadcast summits and forums through omnimedia. The CIFTIS this year is more diversified compared with the previous sessions as it has integrated contents of China (Beijing) International Cultural & Creative Industry Expo (ICCIE), China International Tourism Commodities Fair (CITCF), Beijing International Finance Expo (BIFE), World Winter Sports (Beijing) Expo as well as World Robot Conference (WRC) and has innovated a new model that is characterized by one selected exhibition area, eight featured exhibitions and several functional service areas. The selected exhibition area includes the preface hall, public health and epidemic prevention zone, national, provincial, regional and municipal zone, and enterprise zone for twelve major fields of the service trade. It will mainly display the latest trends, technologies, products in the development of domestic and foreign service trade as well as Chinese solutions. Eight featured exhibitions vary from culture services, financial services, winter sports, tourism services, service robot, educational services, sports services to 5G communication services. Besides, the fair will establish some functional service areas to provide supporting services for exhibitors, such as negotiation, experience and catering. The selected exhibition area and eight featured exhibitions are speeding up inviting exhibitors and products. (Online registration portal: https://en.ciftis.org) Source: People's Daily
China to actively and steadily push forward RMB internationalization
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China to actively and steadily push forward RMB internationalization
6 Aug 2020
China Foreign Exchange Trading System (CFETS) announced Monday that from August 1, 2020, the bidding and inquiry transaction fees of Renminbi (RMB) against Singapore dollar, ruble, ringgit, New Zealand dollar,South African rand, Saudi Riyal, UAE diram, Polish zloty, Hungarian Forint, Turkish Lira, Korean won and Thai baht will be temporarily exempted for three years. Experts believe that this will undoubtedly increase the proportion of RMB-denominated settlement intradeandinvestmentbetween China's foreigntradeenterprises and their partners in these countries, which is conducive to promoting the internationalization of RMB. Market data showed that in July, the US dollar index fell from 97.37 to 93.49, setting the worst monthly performance in the past 10 years. Different from the downward trend of the U.S. dollar, the RMB exchange rate remained stable. According to the latest data released by CFETS, also known as the National Interbank Funding Center, the central parity rate of the Chinese currency RMB strengthened 177 pips to 6.9803 against the U.S. dollar Tuesday, and the appreciation of the central parity has been the highest since July 22, 2020, and the biggest increase since July 7, 2020. China's central bank said Monday that it will actively and steadily push forward RMB internationalization and capital account convertibility, and again vowed to open up the financial sector at a steady pace. According to E Zhihuan, chief economist of Bank of China (Hong Kong), in the current global financial market downlink, the RMB exchange rate is more robust than other currencies. E Zhihuan added that, there are always obvious rebounds after a short period of declines, which indicates that fluctuation of the RMB exchange rate, while maintaining flexibility, has certain resilience. Therefore, in the post epidemic era, the hedging function of RMB exchange rate should be established to provide stronger support for the international use of RMB. Source:Xinhua Silk Road
World Bank releases report, shares China’s experience in improving business environment
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World Bank releases report, shares China’s experience in improving business environment
6 Aug 2020
Customers shop at a duty-free store of the Riyue Plaza, Haikou, South China's island province Hainan on July 30. Photo by Wang Chenglong/People's Daily Online The World Bank issued a special report entitled China's Doing Business Success: Drivers of Reform and Opportunities for the Future on July 27. According to the report, China has made great achievements in advancing reforms to delegate power, streamline administration and optimize government services as well as in improving the business environment. The report has summarized the reforms China has carried out in recent years in fields such as “starting a business”, “getting electricity” and “dealing with construction permits”, in a bid to share lessons learned from China’s experience in improving the business environment with other economies and then improve the global business environment on the whole. Taking the assessment of the World Bank on the business environment of global economies as an leverage, China has strived to create a stable, fair, transparent and predictable business environment in recent years. China's ranking in the world in terms of ease of doing business has continuously rocketed up, according to the World Bank's Doing Business reports. China leaped from the 78th place in Doing Business 2018 to the 31st in 2020 and was recognized as one of the top 10 most improved economies worldwide for the ease of doing business for two years in a row. Before 2018, only around two to three reforms in China were captured by Doing Business each year. However, Doing Business 2019 recorded seven areas of reforms for China while Doing Business 2020 captured reforms in eight areas. The number of China's business reforms recognized by Doing Business ranks among the top three in the world and the country has become the top reformer among large economies. A business owner holds a business environment monitoring card issued by the commission for discipline inspection in Zhuji, East China's Zhejiang Province, which allows enterprises to scan the QR code on the cards and report problems in business environment. Photo by Guo Bin/People's Daily Online The World Bank attributed China's successful reforms to six key factors, including high-level leadership and ownership of the reform agenda, local policy experimentation, international knowledge sharing, strong enforcement of the reform agenda and accountability for results, robust private sector participation and effective communication, as well as intensive use of digital technologies and e-government services. Provinces and government departments in China have always comprehensively implemented the decisions and plans of the Central Committee of the Communist Party of China (CPC) and the State Council comprehensively and advanced reforms to delegate power, streamline administration and optimize government services. By cutting the drawbacks of institutional mechanisms and strengthening services and regulation, China has maximumly reduced its direct allocation of resources and direct intervention in market activities, and greatly stimulated market vitality and social creativity. Staff workers at an administrative center providing services online in Nantong, East China's Jiangsu Province. Photo by Xu Congjun/People’s Daily Online For instance, Jiangsu Province allows residents and enterprises to have their matters dealt with through online platforms; Zhejiang's provincial government aims to ensure that things requiring presence in person get done in one place and without the need for a second trip; and Shanghai encourages the government to serve the enterprises wholeheartedly and suit their demands. During the first half of 2020, exports of private enterprises increased by 3.2 percent, 6.2 percentage points higher than the growth of China’s general export, which mirrored the better business environment in the country. Against the backdrop of an ever-changing international environment and rampant anti-globalization and trade protectionism, the Chinese government has always advocated globalization and promoted opening-up to an even higher level. It has made continuous efforts to relax controls over and shorten negative list for market access, held large-scale trade fairs and expositions, created a fair market environment, and protected the legitimate rights and interests of foreign investors and intellectual property rights, which has boosted the long-term confidence of foreign companies in China. Data from the Ministry of Commerce suggested that the actual use of foreign capital increased by 8.4 percent year on year during the second quarter of the year. China determines to build a world-class business environment. It has officially put into force the Foreign Investment Law and its implementation regulations and repeatedly shortened negative list for market access. It is also speeding up in revising the Catalogue of Encouraged Industries for Foreign Investment for 2020 and the Working Measures for Complaints from Foreign Invested Enterprises. Recently, the State Council Information Office has hosted a press briefing where relevant government officials introduced a circular about further optimizing the business environment and better serving market entities. The international economic and financial practitioners are generally optimistic about China's economic performance and long-term development, including American business people who praised a series of measures related to reform and opening-up adopted by the Chinese government and expressed wishes to continue exploring the Chinese market. Despite the severe challenges brought about by the COVID-19 epidemic, China has been promoting the resumption of work, production, business and market, gradually restoring the economy and society to normal order. China's economy grew by 3.2 percent in the second quarter, making it the first major economy to achieve positive economic growth amid the epidemic and laying a solid foundation for the country to sustain economic recovery in the second half of the year. To carry out the vision of innovative, coordinated, green, open and inclusive development, promote high-quality economic growth, ensure stability in employment, financial operations, foreign trade, foreign investment, domestic investment, and expectations, and ensure security in job, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments, China will continue streamlining administration and delegating powers to establish a world-class business environment based on market principles and the rule of law. It will provide high-quality public services and a fair environment for domestic and foreign-funded enterprises and companies of various types of ownership, further stimulate the vitality of market players, strengthen new driving forces for development, and promote a higher level of opening-up. China will surely create new opportunities for the development of all countries with a more open mind and inject strong impetus into the international economic growth. Source:People's Daily
Francis Chua Invited To Attend The Cloud Forum For Digital Economy International Cooperation
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Francis Chua Invited To Attend The Cloud Forum For Digital Economy International Cooperation
3 Aug 2020
Above, the China Forum. Left of Figure 2:Keynote speaker Amb. Francis Chua; Right ofFigure 2: Glenn G. Peñaranda, the Philippine Ambassador to China. Figure 3 shows the Commercial Counselor of the Philippine Embassy in China. On July 29, the 2020 Cloud Forum For Digital Economy International Cooperation was held online. Ambassador Francis Chua, Founding Chairman of PSRICC, Honorary President Emeritusof the Philippine Chamber of Commerce and Industry and SRCIC Vice Chairman, delivered the keynote speech of "Jointly Building a Digital China-Asean Free Trade Area" at the Cloud Forum on theDevelopment of Digital Economy in the New Era. The meeting was co-sponsored by China-Asean Business Council and China-Asean Science and Technology Industry Cooperation Committee, and hosted by Guangxi Enlightenment Science and Technology City Group. In opening session, Xu Ning-ning, the Executive Directorof China-Asean Business Council, Wang Ji Wu, the Chairman of the Chinese sideof China-Asean Science and Technology Industrial Cooperation Committee, also the Chairman of China Enlightenment Holding Co., LTD, Romagna, Philippine Ambassador to China, Kanbau Ntawan, Lao Ambassador to China, Miao Dan Pei, Myanmar ambassador to China, delivered their speeches. Glenn G. Peñaranda, the Commercial Counselor of the Embassy of the Philippines in China, attended the Cloud Forum. Francis Chua delivered the following keynoteaddress: I'm very glad to attend the "Jointly building the Digital Economy Silk Road and discussing future technological innovation and development" of the Cloud Forum For Digital Economy International Cooperation. On behalf of the PCCI and PSRICC, to the organisersof the forum, China - Asean Business Council, the China-Asean Industry Cooperation Committee of Science and Technology, and the host, Guangxi Enlightenment Technology City Group, express our heartfelt thanks to you. It is a great honor for me to meet ambassadors from ASEAN countries, leaders of Guangxi Zhuang Autonomous Region, and representatives of Entrepreneurs from China and ASEAN through this network at such anextraordinary time. This year marks the 45th anniversary of China-Philippines diplomatic ties. In June, the Chinese President Xi Jin Ping, PhilippinePresident Duterte stressed on the phone that, the governments and peoples ofChina and the Philippines have supported each other and fought the epidemic together, reflecting their brotherly friendship. Leaders of the two countrieshave reached consensus to increase friendship and unity between the twocountries, strengthen China's "One Belt And One Road" strategy andalign it with the Philippines' "Build, Build, Build" plan, deepen cooperation in various fields, promote the comprehensive progress was made instrategic cooperative relations. China and the Philippines should take this opportunity to develop the digital economy and promote digital industrialization and digitization of industries. Today, a large number of new technologies and reform shave brought about a huge impact on our work and life. New technologies that once seemed unimaginable are now common place and playing an increasingly important role in business operations. More and more companies will adopt cloud technology, big data, Internet of Things (IOT) and artificial intelligence (AI) into their core processes and management systems to improve efficiency and competitiveness. Here's how digital technology will affect us: Gartner predicts that nearly 184 million connected cars will be produced in the next five years. McKinsey estimates that theimpact of the Internet of Things could reach a staggering $11 trillion by 2025, equivalent to 11% of the world economy. Huawei's Global Industry Vision predicts that by 2025, 77% of the world's population will be connected through100 billion (100 billion) connections. 85% of enterprise applications will be in the cloud. 12%families will have smart home robots. The market is worth hundreds of billions of dollars. This is just the beginning. The future is a fully connected, super-intelligent world, and these changes will have a huge impacton our work and lives, boosting our economy and prosperity. Asean countriesshould strive to develop the digital economy and focus on building smartcities. To support the digital transformation, ASEAN is developing a"comprehensive Strategy for the Fourth Industrial Revolution" to address the problems brought about by the Fourth Industrial Revolution. At present, many Companies from China, the Philippinesand other ASEAN countries have adopted the "Digital Silk Road" business platform to make use of cross-border e-commerce. And working to address the challenges posed by the COVID-19 epidemic. Hereby, I would like to share my views with the government leaders and entrepreneurs of China and ASEAN countries. First, we need to strengthen digital infrastructure and create a digital China-Asean Free Trade Area. This year marks the 10th anniversary of the official launch of the China-Asean Free Trade Area, which is of historic significance. In the first half of this year, the trade volume of China-Asean free Trade Area increased by 5.6%. Today, ASEAN is China's largest trading partner. With the growth of international trade between China and ASEAN countries, the friendly exchanges between the two regions are very close. Digitization of industrial cooperation will become an important link in industrial transformation and upgrading and economic growth between China and ASEAN. As the Year of China-Asean digital Economy Cooperationand a turning point in China-Asean economic cooperation, it is imperative tobuild a "digital China-Asean Free Trade Area" in 2020. At the same time, the business community of the Philippines has the same aspiration to strengthen cooperation in the digital industry to promote the economic and social development of the Philippines, which is very important to help the Philippines overcome the economic difficulties caused by the epidemic. At present, the majority of ASEAN countries have a large space for the development of digitalindustry and a very broad market. Chinese and ASEAN businessmen should seizethe opportunity of digital economy transformation, realize win-win development,and strive to create a "digital China-Asean Free Trade Area". Second, we need to strengthen international cooperation and improve the development of digital industries. According to the 2019 forecast report of Temasek and Google, the Digital economy of the Philippines will grow from US $7 billion this year to US $25 billion in 2025, an early three-fold increase. This is the result of the rise of cross-bordere-commerce, which includes shopping platforms such as Shopee, Lazada and Zalora, and ride-hailing services such as Grab. Of the six countries in Southeast Asia, the Philippines has the smallest digital economy with the biggest growth potential. In fact, the Philippines has entered a "cashless society"and a "mobile-connected society" and is growing at a rapid rate. The epidemic has given a boost to online trading in the Philippines. Over the past few months, as a result of the epidemic, the government has imposed lockdown measures that have restricted people's access to their homes, so that everyone's daily life has shifted to online and mobile modes. When it comes to shopping, people avoid going to supermarkets, malls and other crowded places,and turn to Lazada, Shopee, Facebook and Viber groups to buy daily necessities,or order Food with Food Panda or Grab Food. Payments are also made on online,mobile banking platforms or WeChat, alipay, GCash, Paymaya, etc. Goods are also delivered through Grab, Lalamove, and other delivery services, so the streetsof Manila are filled with express motorcycles, and schools are using Zoom or Google Meet to teach students. As the epidemic has boosted digital banking across the Asia-Pacific region, customers are opting for mobile and online banking services,leading to more digital transactions and more contactless payments, accordingto S&P Global Ratings. As Chinese technology companies have world-leading technologies in cross-border e-commerce, digital consumption, online payment and other aspects, China will be the object of study for the Philippines and ASEAN countries. Therefore, to strengthen international cooperation with China,from government policies to enterprises' scientific and technological innovation to university personnel training, only through cooperation can we achieve the goal of mutual complementarity and win-win cooperation. Third, strengthen the exchange of talents. China and ASEAN are two huge markets with a population of nearly 2 billion and the most abundant human resources. In the second half of 2019, China and ASEAN countries exchanged more students than the "Double one hundred thousand" number, marking an unprecedented close of talent exchange and academic cooperation. Today's forum brings together government leaders, experts, scholars and entrepreneurs from ASEAN countries and China. This is a good opportunity to further strengthen international cooperation between universities, especially in the fields of big data center, artificial intelligence, industrial Internet and Internet of Things. By exchanging students and strengthening scientific research cooperation, ASEAN will become a new field of China's digital economy innovation theory and practice. China will also become the largest exporter of talents and technology in the digital economy industry in ASEAN. Through the international cooperation between universities and universities and between universities and enterprises, China will promote the new economic market and build a "digital China-Asean FreeTrade Area". The Philippines has a large number of high-quality labor force and has maintained rapid growth in agriculture, service industry and tourism for many years in a row. Among them, agricultural export and tourism, two important industries, are also key areas for international cross-border e-commerce cooperation and promotion of digital tourism services. Here,I would also like to extend an invitation to business leaders from our sister Asean countries and welcome you to the Philippines for cooperation. Ladies and gentlemen, virus prevention and control measures have become a new global norm. China and ASEAN should actively explore ways to strengthen cooperation in e-commerce, 5G, big data, artificial intelligence and cloud computing. By building the Digital silk Road and the Green Silk Road, we can not only promote economic recovery on the basis of transformation and upgrading, but also achieve high-quality sustainable development for the benefits of our two countries. Souce: PSRICC official Wechat Account
The mirage of cheap China: Daryl Guppy
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The mirage of cheap China: Daryl Guppy
27 Jul 2020
A girl visits the Smart China Expo in Chongqing, southwestern China, August 25, 2019. /Xinhua Editor's note: Daryl Guppy is an international financial technical analysis expert. He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinion and not necessarily the views of CGTN. Cheap China is the ruin of us all – or so goes the populist cry led by the septuagenarian leader, Trump, and his equally old advisers, Bolton, Navarro and Kudlow. Not that age is necessarily a barrier to modern thinking, but in some cases, it is a significant barrier when outdated ideas about China provide a foundation of national policy approaches. This is a concern for investors because they must decide if it's better to invest in the reality or invest in the myth. Anyone who has worked in China in the past decade knows that China is no longer cheap. Taking a leaf from Singapore's development book, China made a conscious effort to move away from the cheap labor and export dependency models. Chinese policymakers understood the low-wages model would not allow China to develop into a high-income economy. The 2008 global financial crisis' (GFC) impact on Western economies meant China accelerated the rebalancing of its economic structure. It has two interrelated changes that have gone largely unnoticed by Western policymakers. The first was the way the GFC exposed vulnerability in the Chinese economy's heavy dependence on exports for prosperity. China quietly but determinedly moved to change the economic balance away from heavy reliance on exports with increased emphasis on domestic consumption. World Bank figures show exports fell from 36 percent of the GDP in 2007 to 19 percent in 2018. This rebalancing has been a decade-long program, and it continues. The second change that came with reducing reliance on overseas markets and exports was to enhance the domestic economy. It is not possible to increase domestic demand when people are on low wages. China mandated a consistent annual increase in wages for five years. The lifted wages, improved domestic consumption and drove Western businesses offshore to Vietnam and elsewhere because they were only interested in cheap labor. Workers' wages have risen dramatically in China so that it is no longer a low-end manufacturing sweatshop. Improved domestic consumption underpins the modern Chinese economy. It has been made possible by developing a more closely integrated, huge domestic market and promoting growth driven by "internal circulation." Old logistics and supply chains have been augmented by the Belt and Road Initiative (BRI), which has brought previously excluded economies and commodity suppliers into Central Asia. China is now less dependent upon Western export markets for economic success. These older export markets are being supplemented with new BRI export markets. The expansion of the BRI economies is helped by improved logistics and infrastructure access developed under the BRI framework. A resident scans the QR code of a mini-program to access health information in Beijing, March 10, 2020. /Xinhua For the past decade, China has remained an important global manufacturer, but the real driver of economic performance is the rapid growth in domestic purchasing power and fixed-asset investments, especially in the country's thriving technology sector. Growing domestic demand creates further expansion and opportunities for investors and boosts global economic growth. Again, the nature of this development is only just being appreciated by Western countries, and for some, it is a frightening wake-up call. Their focus has been on the traditional infrastructure of roads, bridges and railways. These infrastructure builds have played an important role in opening up the Chinese domestic economy. Improved transport infrastructure means, for instance, that the commodity economy of Xinjiang is now just a two-day fast rail trip from the domestic demand centers of Shanghai and Beijing. This drives economic growth by integrating China's far-flung regions into a larger domestic economy. Without a doubt, the GFC provided additional impetus to this hard-infrastructure development. Alongside the high-speed rails was the software IT infrastructure needed to make it work, and this is the aspect that Western analysts failed to recognize. China has consistently supported the construction of large-scale information and communication infrastructure networks that underpin both modern transport infrastructure and the modern economy. Private enterprises are encouraged to innovate in cutting-edge sectors, such as mobile payments, e-commerce, the Internet of Things and smart manufacturing. The benefits are clearly seen in China's response to COVID-19. Compared with Western countries, China's more advanced 5G networks better supported AI and robotics to deliver services in hospitals. It enabled efficient contact tracing and disease management with mobile apps providing user's health status. Western countries with their comparatively weaker IT infrastructure have struggled to match these innovative approaches. Contact tracing in the United States, and in many parts of Europe, still largely relies on telephone calls, so the spread of COVID-19 has been much greater. The septuagenarians have not yet fully appreciated the significance of the economic rebalancing away from "cheap China" exports, so they try to contain China by targeting its position in global trade and supply chains in the belief that this will cripple the Chinese economy. This reflects a basic misunderstanding of how the Chinese economy has rebalanced, first in reaction to the GFC, and most recently, in response to the COVID-19 crisis with its increased emphasis on the growth of domestic consumption. The story of the Chinese economy is not one of resilience, although that is also a factor. The story is one of rapid and successful economic adaptation through rebalancing. Understanding the contradictions between reality and outdated perceptions does not resolve the investment dilemma, but failing to recognize this divergence is an investment risk. Source: CGTN
Tapping into China's economic recovery: Daryl Guppy
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Tapping into China's economic recovery: Daryl Guppy
16 Jul 2020
Skyscrapers and people are reflected in a puddle of water in the early morning at the bund in Shanghai, the landmark of Shanghai, East China, October 20, 2015. /Xinhua Editor's note: Daryl Guppy is an international financial technical analysis expert. He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinion, and not necessarily the views of CGTN. Despite a concerted campaign of coercion designed to subvert and throttle the Chinese economy, the Shanghai Index has added 30 percent since March and a strong 16 percent in the past 10 days. This is is a strong breakout above the long-term historical resistance level near 2980 and the Index is approaching the highs of February 2018. There is potential for another 30 percent rise and this is attracting international investment attention because the Chinese economy is almost alone in realistically forecasting growth for 2020 and beyond. One way or another, China is an essential component of any balanced investment portfolio. Progress with the Cross Connect program between Hong Kong and the Shanghai and Shenzhen exchanges has made direct market access easier. Foreigners have five options for investing in the Chinese economic recovery. The first option uses an Exchange Traded Fund (ETF) that tracks the Shanghai Index. These ETFs give investors a return matching the performance of the underlying index - recently 16 percent over 10 days. Some of these are based on the Shanghai Index futures contracts rather than a basket of Shanghai listed stocks. There is a small hitch in this approach because not all China ETF "index" funds are the same. Some ETFs include a mixture of mainland listed stocks and Hong Kong listed Red Chips. These mixed ETFs provide another method to participate in the China market. Direct exposure to the Shanghai Index without the "contamination" of Hong Kong listing is preferred by many investors. These index returns can be super-charged in some markets by using Contracts For Difference. These CFD derivatives provide leveraged access to the Shanghai Index movement and multiply the returns available. The second option is direct investing in mainland companies. This is enabled by the Cross Connect program and its participating brokers. Few Western investors can read Chinese, and this makes it difficult to apply the fundamental analysis methods used in investing in Western Markets. Information is slow to be translated, so stock selection is based on pure technical and chart analysis. The focus is on strong trend behavior and trend breakouts and these can be identified with the same type of technical scans that are applied to Western markets. Returns from recent Shanghai-listed trades in the health care sector range from 50 percent for Humanwell Health Care Group since April to 80 percent for Tonghua Dongbao Medicine. Benefiting from the consumer rebound, Wangfujing Group has returned over 400 percent since May while internationally recognized Qingdao Brewery has delivered 90 percent in the same period. Direct investing is not for everyone so three alternatives offer a proxy for investing in the Chinese economy. Investors may be more familiar with these locally listed companies and have more confidence in their management and reporting procedures. This provides a method of indirect investing in the Chinese economic recovery. However, there is a new developing risk emerging for this approach. It comes from increasing U.S. coercive behavior applied through sanctions and black listings. These investment methods involve individual company risk so a bad choice can underperform the Shanghai Index and a good choice can outperform the index. The first group for indirect investing are companies that export to China and which have a direct relationship with the strength of the Chinese economy. This includes stocks like Australia's Fortescue Mining which is a major supplier of iron ore. Their fortunes are tied to infrastructure stimulus in response to COVID-19. An outside view of the Shanghai Stock Exchange (SSE), China. /Xinhua The Chinese consumer market remains hungry for imported products. Investment in these suppliers is an effective way to enjoy the benefits of the expansion of the consumer segment of the Chinese economy. New Zealand suppliers of manuka honey and Australian infant milk formula exporters all have well-developed consumer acceptance in China. The second group suitable for indirect investing are companies with well-established domestic business in China. The obvious candidates are Starbucks and other international chains which derive much of their income from China. General Motors is another candidate for indirect investing in China because it sells more cars in China than in the rest of the world combined. These are businesses that are almost local in China like Singapore-based Food Republic which provides an investment avenue with stores in Beijing and elsewhere. Singapore's CapitaLand has shopping malls in Tier 1 and Tier 2 cities. These businesses are directly plugged into the growth of the Chinese economy and the consumer recovery. The final indirect investment approach comes from companies that are importing from China. They rely on the recovery of Chinese manufacturing for their own growth because their business models are based on Chinese imports. In the U.S. this includes Apple and Walmart. The risk in these investments is that company growth depends not just on U.S. demand but also the rapid restoration of supply chains and logistics. This business model may be threatened by increasing levels of U.S. sanctions. These are five options provided for investing in the continuing Chinese economic recovery. Despite the anti-China push by some countries, there is no doubt that the Chinese economy will continue to expand both domestically and globally. According to the latest release of China's National Bureau of Statistics, the country's GDP in the second quarter grew by 3.2 percent year-on-year, contrasted with a 1.6 decline in the first quarter year-on-year, which is a strong signal that the economy is recovering steadily. Therefore, the Chinese economy should be part of every investment portfolio. Source: CGTN
The Chinese Embassy In Philippines Sent A Letter Of Thanks To The Philippine Silk Road International Chamber Of Commerce
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The Chinese Embassy In Philippines Sent A Letter Of Thanks To The Philippine Silk Road International Chamber Of Commerce
16 Jul 2020
Figure1: Thank you letter from the Embassy of the People's Republic of China in the Republic of the Philippines. In June 2020, the Embassy of the People's Republic of China in the Republic of the Philippines sent a letter of thanks to PSRICC, expressing its highly appreciation, highly respect and heartfelt thanks to PSRICC for donating money tosupport the Chinese government and people in fighting the COVID-19 epidemic in China. In the face of this major public health emergency, President Xi Jinping and the Chinese government have always given top priority to the safety and health ofthe people, taken the most comprehensive, thorough and stringent measures to prevent and control the epidemic, which have sent the strongest message of the era that the war against the epidemic will prevail. People of all ethnic groups in China are united as one, forming a strong joint force to fight against theepidemic. Withour national compatriots in mind, we have raised 15 million pesos during the Traditional Chinese New Year festival and handed it over to H.E. Mr. HuangXilian, the Ambassador extraordinary and Plenipotentiary of the Chinese Embassy in the Philippines. The donation details of 15 million pesos are as follows: 1. Amb. Francis Chua, Founding Chairman of the PSRICC, 5 million pesos 2. Michael Chen, Honorary Chairman, 2 million pesos 3. Johnny Sy, Executive Vice Chairman, 1 million pesos 4. MichaelCua, Honorary Chairman, 1 million pesos 5. FuKong Shang, Honorary Chairman, 1 million pesos 6. Joseph Sy, Honorary Chairman, 1 million pesos 7. Johnny Go, Vice Chairman, Half a million pesos 8. Tomas Cua, Vice Chairman, Half a million pesos 9. Lester Lino, Vice Chairman, Half a million pesos 10. Jerry Cua, Vice Chairman, Half a million pesos 11. Yang Jian Xin, Vice Chairman, Half a million pesos 12. David Zhou, Vice Chairman, Half a million pesos 13. Steven Sy, Vice Chairman, Half a million pesos 14. Frank Wong, Vice Chairman, Half a million pesos. Figure2: On January 28, 2020, PSRICC handed over the donation to Ambassador HuangXilian; From left, Secretary-general Zhuang Mingdeng, Director Lawrence Sy,Vice Chairman Tomas Cua, Honorary Chairman Fu Kong Shang, Executive ViceChairman Johnny Sy, Founding ChairmanAmb. Francis Chua, Ambassador HuangXilian, Honorary Chairman Michael Chen, Honorary Chairman Michael Cua, ViceChairman Johnny Go, Vice Chairman Jerry Cua and Vice Chairman Frank Wong. As stated in the letter of thanks, the Overseas Chinese in the Philippines have shown their noble character of solidarity and mutual assistance in the fightagainst COVID-19. Their love for each other is boundless and blood is thicker than water. They have encouraged and supported the Chinese government and people's fight against COVID-19 in spirit and material terms, and effectively supported the overall prevention and control of the epidemic. As always, our PSRICC will firmly support the development and construction of the countries of origin and residence, and help the two countries to fight the epidemic successfully at an early date. Source: PSRICC
China and the global COVID-19 economy:Daryl Guppy
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China and the global COVID-19 economy:Daryl Guppy
23 Jun 2020
Adolfo Suarez-Barajas International Airport on the outskirts of Madrid, Spain, June 21, 2020. /AP Editor's note: Daryl Guppy is an international financial technical analysis expert. He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinion, and not necessarily the views of CGTN. The ongoing situation has economic consequences, and once the markets recover, all will be right with the world. It's a comforting thought that ignores the nature of COVID-19. The COVID-19 crisis is not an economic crisis. It's a health crisis, and that is something very different from an investment perspective. The most important feature of the crisis is the difference in health responses. This issue was highlighted during my panel discussion with John Ross, former director of economic and business policy of London, at the Renmin University Global Think Tanks COVID-19 International Cooperation Forum. China, most of Asia, Singapore, Australia and New Zealand have attempted to suppress and aggressively control the spread of COVID-19. They used intensive tracking and testing coupled with very strong quarantine lockdown and isolation strategies. The total lockdown of Wuhan, a city with a population larger than that of Australia, is an example of this approach, as is the South Korean response. In contrast, the Swedes applied the most clearly acknowledged strategy of herd immunity. Put crudely, this means the disease is able to run freely through the community so the survivors develop immunity. This is suitable for managing the spread of a seasonal flu, but this approach has resulted in very high mortality rates when applied to the management of COVID-19. By design or by accident, the herd immunity approach has been adopted by the United States, the UK and much of Europe. This may be a result of reckless indifference, as may be the case in the United States, or poor health systems, as in the UK. In either case, the impact is the same with a high mortality rate and a continuing large reservoir of infected people. This is the nub of the problem when considering the establishment of global trade activity. It's easy for each country to re-establish its domestic economy but the real problems come when a country with a COVID-19 containment approach wants to interact with a country with a COVID-19 herd immunity approach. Each one of their tourists, each shipment from that country, every movement of people for whatever reason, carries personnel who threaten to reignite COVID-19 in the countries which have it under control. The Australian situation is a precursor example of the dilemma. Australia's largest single source of coronavirus infections and of at least 22 deaths came from passengers on a single ship, the Ruby Princess. This shows how a single source of infection can threaten the success of the entire containment policy. A house displays a sign stating that it is available for rent during the lockdown to help curb the spread of the new coronavirus, Antigua, Guatemala, June 21, 2020. /AP Every day under normal circumstances, hundreds of ships are loaded or unloaded in the port of Singapore, Shanghai or Sydney. There is inevitable close interaction between customs staff, agents, stevedores and crew members. The risk of infection stemming from herd immunity countries is high. The modern economy relies on the movement of people, be they tourists, fee-paying students or business people. The movement is channeled through airports where foot traffic is high and deliberately compressed so the passenger dwell time for shopping is enhanced. Support staff in all positions from check-in to immigration and retail are in inevitable close contacts despite enhanced self-check in procedures. The risk of infection from herd immunity countries is high. The suggested COVID-19-free passport is an inadequate solution to this difference in health strategies. The passport could only be issued to people who have contracted COVID-19 and recovered. In countries where COVID-19 has been successfully suppressed there are very few people who qualify for the COVID-19-free passport because they have not been infected. This classic Catch-22 does nothing to free up people exchanges between herd immunity and COVID-19 containment camps. This division in COVID-19 health management approaches applies a greater constraint and risk to the resumption of international trade in all its forms than is realized at first glance. For countries with COVID-19 containment approach there can be no return to the laissez-faire of international trade. The long-term investment and economic impacts are substantial. Border security has involved the management of illegal immigration but now its long-term policy focus will include the management of COVID-19 infection. COVID-19 responses in some countries have increased demands for a decoupling from China. This brings its own range of economic adjustments which are reasonably well understood. However, pressure to decouple from China takes on a new health dimension because COVID-19 containment countries may prefer to concentrate their trade with countries that have a like-minded COVID-19 containment approach. The risk associated with trade and people-to-people movement from herd immunity countries may pose too large a health and economic risk to enable a return to previous trade levels, let alone to increase trade as a substitute for reducing trade with China. The proposed travel-bubbles between countries with demonstrated success in suppressing COVID-19 may provide a more realistic model for trade and business relations than the idea that global trade will quickly return to normal. Smart investors are beginning to factor in these trade restrictions when making investment decisions. Ultimately the choice between trade and COVID-19 management models and infection risk will be a new and important consideration in the post-COVID-19 structure of the international economic recovery. Source: CGTN
Stabilizing the economic impact of COVID-19: Daryl Guppy
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Stabilizing the economic impact of COVID-19: Daryl Guppy
11 Jun 2020
Editor's note:Daryl Guppy is an international financial technical analysis expert.He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinion, and not necessarily the views of CGTN. A mixed approach to stabilizing the post-COVID-19 global economy threatens effective recovery. The potential outcome of the post-COVID-19 recovery can either yield the benefits of globalization or accelerate the deconstruction of globalization, replacing it with a new type of cold war built around protectionist sovereign economics. For some, the COVID-19 crisis has highlighted an over-dependency on China in supply chains and this furthers the anti-globalization calls. For others, COVID-19 solutions cry out for enhanced international co-operation, including the provisions of vaccines as a global public good. The Belt and Road Initiative (BRI) plays a central role in this globalized approach as a tool for preventing this division and enhancing cooperation and economic stability. The first step is ongoing support for multi-lateral organizations. There is room for improvement, but there is no reason for abandoning these organizations. Greater support and an increased role for China in the discussions that frame the COVID-19 recovery economy are important if lasting economic stability is to be achieved. This calls for the accelerated expansion of the BRI particularly in the areas of poverty alleviation and capital market access. The alleviation of poverty is the foundation of economic growth and it underpins the development of new markets. Ongoing measures to alleviate poverty are the driving force behind economic stability. A moratorium on sovereign debt and access to the International Monetary Fund (IMF) Special Drawing Rights for developing economies are two immediate steps. China has agreed to a debt moratorium to assist with economic stabilization. However, the use of SDR for this purpose by the IMF has been blocked by the United States. This signals a need to develop a broader range of alliances with middle power groupings to support China's greater involvement in world forums. Although inclusion in G7 and G8 is self evident, the ranks are closed at the behest of the United States. A wider coalition of middle range powers is required to apply pressure to change this. The further opening of China's capital markets can be accelerated as a means of enhancing global economic stability. Capital is agnostic and it flows around obstacles in its quest for economic stability and returns. Increasing the attractiveness of China's capital markets provides an alternative to the current irrational exuberance of U.S. financial markets where the rising indexes do not reflect the reality of economic destruction. When the market snaps-back to economic reality then the economic impact may be more destabilizing because of the capital destruction. A strong, stable, capital market alternative is a key component of post-COVID-19 global economic stability. Workers load cargo on March 9 at the port of Nantong in the eastern province of Jiangsu. /VCG Business and business organizations like the Silk Road Chambers of International Commerce have an increasingly important role to play. They are in the best position to identify the costs of economic separation for the economy and consumers. These initiatives, and others like them, help to stabilize the global economy. However, there is no guarantee that other countries will follow these leads so we must also consider some options if this so-called "cold war" style economic division develops. How can we live with this division without engaging in a destructive anti-globalization trade war? The BRI provides a counterbalance to anti-globalization by acting as a bulwark against the fragmentation and destabilization of global trading systems. It is incorrect to assume that in a bi-polar economic world that China would be at a disadvantage because this is no "cold war" waged against a much poorer protagonist. We live with the destruction of global trade and its consequent global instability by reducing the vulnerability to the dollarized economy. This includes developing alternative trade settlement and cross border transaction processes that do not rely on the U.S. dominated SWIFT settlement system.The China Sovereign digital currency is part of this solution because it enhances and enables cooperation. We live with global economic instability by creating an island of stability. This includes a more open economy to attract capital, along with programs and initiatives to alleviate poverty and the reduction of the debt burden on underdeveloped and emerging economies. If these remedies are left to China alone then it requires a further development of the BRI. In the interest of global economic stability, the BRI should always remain open to those economies which have mistakenly strayed down the anti-globalization path. The BRI and its constellation of policies stand at the center of China's contribution to stabilizing the global economy. Accepted by all, or rejected by some, there is no question that China has a major role to play in the post-COVID-19 recovery. Source: CGTN
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