Day: December 20, 2020

(Xinhua)10:26, September 18, 2020

BEIJING, Sept. 17 (Xinhua) — Several foreign financial institutions have raised their forecasts of Chinas economic growth for the rest of the year as the countrys key economic indicators point to strong recovery amid COVID-19 prevention and control.

Quick containment of the epidemic and effective monetary and fiscal policies have largely contributed to the countrys stronger-than-expected rebound and will further boost gross domestic product (GDP), the institutions have said.

Global credit rating agency Moodys raised its growth forecast for the Chinese economy this year to 1.9 percent from 1 percent in a report on Chinas economic recovery earlier this week, representing the firms only upward revision of growth of major economies in 2020.

Chinese policymakers have increased the emphasis on reforms in some areas of the economy, facilitating access of foreign firms to the industrial and finance sectors, which if effective would contribute to increasing competition and supporting productivity, Moodys said in a press release.

The ongoing shift toward consumers and the services sectors combined with the continued upgrade of technology and digitalization support a shift toward higher value-added sectors, it said.

Chinas National Bureau of Statistics (NBS) released a series of indicators Tuesday, showing improvement in retail sales and industrial output among others.

Retail sales of consumer goods, a main gauge of Chinas consumption, returned to growth the first time this year, rising 0.5 percent year on year in August.

The value-added industrial output increased 5.6 percent year on year last month, accelerating from a rise of 4.8 percent registered in July.

If the recovery momentum sustains in September, the countrys GDP is expected to see an evident acceleration in the third quarter, said Fu Linghui, an NBS spokesperson.

Earlier NBS data showed Chinas GDP expanded 3.2 percent year on year in the second quarter, rebounding from a contraction of 6.8 percent in the first quarter.

The Asian Development Bank expects Chinas economy to increase 7.7 percent next year in its Asian Development Outlook 2020 Update released this week.

In a research report, analysts from global financial giant Standard Chartered Bank summarized Chinas measures to enhance financial support for foreign trade companies, facilitate domestic sales of export products, boost demand with new infrastructure and investment in urbanization and support part-time employment growth.

The infrastructure investment, real estate, finance and IT sectors are key growth drivers of Chinas economy, and there is sufficient room for the country to expand fiscal stimulus in H2 as per the budget, according to the report.

(Xinhua)13:20, September 18, 2020

HANGZHOU, Sept. 17 (Xinhua) — Alibaba Cloud, the digital technologies and intelligence backbone of Alibaba Group, unveiled a series of innovative products at the 2020 Apsara Conference on Thursday, including its first cloud computer and a logistics robot for last-mile deliveries.

The cloud device is a palm-sized personal computer (PC). Despite being just about 60 grams and as light as an egg, it offers high-performance computing, thanks to robust back-end cloud resources.

By connecting the cloud computer with a normal computer screen, a user can access computing resources anytime, anywhere, while paying on a subscription model or using it for actual cloud consumption. The high-tech device can reduce the rendering time for single frame high-resolution animation from 90 minutes on a traditional PC, down to only 10 minutes, the company said.

We hope our cloud computer can help people access resilient computing power whenever they need to, so they can conduct complex tasks, such as video editing, animation rendering, software development and online customer services, using a tiny personal computer at hand instead of usual sophisticated PCs, said Jeff Zhang, president of Alibaba Cloud Intelligence.

The conference also saw the Chinese tech giant unveil its autonomous logistics robot for last-mile deliveries. Developed by the Alibaba DAMO Academy, the global research initiative by Alibaba Group, the delivery robot can carry 50 packages at a time and cover 100 km on a single charge.

It is estimated that the mobile robot would be able to deliver as many as 500 packages a day to one designated community or campus, meeting the rising demand for speedy last-mile delivery in China.

We are expecting a rapid spike of delivery demands brought by the thriving new retail and local services businesses in the increasingly digitalized world, added Zhang. We are glad to launch our latest mobile delivery robot, which will be supported by Cainiao, Alibabas logistics platform, to serve communities, campuses and business parks in China, he said.

The Apsara Conference, formerly known as Ali cloud developers conference, is the earliest platform showcasing innovations in China. Themed Leap into the future of digital intelligence, the focus of the 2020 Apsara Conference will shift from science and technology to cover a wider range of industry, technology, and consumer electronics.

(Xinhua)13:47, September 18, 2020

GENEVA, Sept. 17 (Xinhua) — China has done the right thing at the right time in its response to the COVID-19 pandemic, said Fiorenzo Manganiello, first vice president of the Swiss private bank Banque Profil de Gestion (BPDG).

Chinas further economic opening-up and a simplified regulatory environment are good news for foreign investors, Manganiello told Xinhua in a recent interview.

China became an example of efficient dealing with uncertain events like the global pandemic. It was because of the resources China has, whether manpower or technology, Manganiello said.

The infrastructure and measures needed at the time of the outbreak were built and taken by China. The Chinese economy expanded 3.2 percent from a year earlier in the second quarter and could be the only major global economy to grow in 2020, the banker said.

BPDG is a Geneva-based private bank with its core activities encompassing wealth management, mergers acquisitions advisory and asset management.

Speaking of the China-EU investment agreement which is expected to be concluded by the end of this year, Manganiello said this regional cooperation could be fruitful in the coming years … the countries in the agreement will benefit from each other in economic, financial and many other ways.

Large European companies are and will be in China, while small and medium companies are in clear need of market share, Manganiello added.

The Chinese government has taken a batch of measures to further open up the worlds second-biggest economy and improve the business environment for foreign investors, such as shortening the negative list for foreign investments and enhancing protection of intellectual property rights.

China is moving towards relaxed regulations for foreign companies. This is a key for foreign investors like us as the conditions for doing business are favourable, he said.

I believe that Chinas economic transformation and modernization will make the processes of trading more efficient and effective without compromises on quality. Hence, it will be easier for us to build technology hubs in the country, create join ventures with Chinese companies and invest capital into local businesses, Manganiello added.

He also said that the pandemic will have an impact on economic globalization due to the delocalization of production in some countries, especially in labor-intensive industries.

The rise towards a digital globalization, dominated by smart working, video conferencing, telemedicine and e-learning, represents a clear development opportunity, Manganiello said.