Posted on

Chinese yuan strengthens to 6.5719 against USD Monday

(Xinhua)09:59, November 23, 2020

BEIJING, Nov. 23 (Xinhua) — The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 67 pips to 6.5719 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In Chinas spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Posted on

Digital economy powering global economic recovery report

(Xinhua)09:07, November 24, 2020

WUZHEN, Zhejiang Province, Nov. 23 (Xinhua) — With the COVID-19 epidemic hitting global economic and social development, the digital economy is viewed as a new engine for global economic recovery, according to a report released by the Chinese Academy of Cyberspace Studies on Monday.

The outbreak of the COVID-19 epidemic has accelerated the digital transformation of the global economy, with the digital economy likely to become a key force that reshapes the economic system and enhances governance capacity, said the World Internet Development Report 2020, which was released during the 2020 World Internet Conference — Internet Development Forum, held in the water-town of Wuzhen, in east Chinas Zhejiang Province.

According to the report, the COVID-19 epidemic has stimulated the demand for cloud-terminal coordination and intelligentization, while Internet-related industries face new development opportunities.

The digital economy accounted for between 4.5 and 15.5 percent of the worlds GDP in 2019, according to the Digital Economy Report 2019 released by United Nations Conference on Trade and Development.

At the start of 2020, more than 4.5 billion people were using the Internet, with 3.8 billion social-media users and nearly 60 percent of the global population online, according to the Digital 2020 Global Overview Report, citing the World Internet Development Report 2020.

Posted on

Chinas digital economy reaches 35.8 trln yuan in 2019

(Xinhua)11:04, November 24, 2020

HANGZHOU, Nov. 23 (Xinhua) — Chinas digital economy reached 35.8 trillion yuan (5.45 trillion U.S. dollars) in 2019, accounting for 36.2 percent of the countrys total GDP, according to a report released by the Chinese Academy of Cyberspace Studies.

Unveiled at the World Internet Conference — Internet Development Forum, which opened Monday in Wuzhen, in east Chinas Zhejiang Province, the report said the raging COVID-19 pandemic has underscored the importance of the Internet, while the digital economy has become an important force in mitigating the impact of the virus, reshaping the economy and improving governance capability.

By the end of May, Chinas fiber-optic network had covered all urban and rural areas, with the number of fiber-optic subscribers accounting for 93.1 percent of the countrys fixed broadband users, the highest in the world, according to the report.

In 2019, there were 5.44 million 4G base stations in China, and the consumption of mobile-data traffic reached 122 billion GB, ranking first in the world. As of September this year, China had built more than 480,000 5G base stations.

Chinas e-commerce transactions hit 34.81 trillion yuan last year, up 6.7 percent year on year.

Posted on

Chinese investors look to Greece for opportunities in post-pandemic era

(Xinhua)14:34, November 24, 2020

BRUSSELS, Nov. 23 (Xinhua) — Preparing for a projected post-pandemic boom, Chinese companies are considering exploring opportunities in Greece, as they look upon the Mediterranean country as a leader in the foreseeable recovery from the health crisis.

During the pandemic, the Greek economy has shown strong resilience while the control and prevention of the outbreaks has been managed in an orderly and scientific way, said Zhang Qiyue, Chinese ambassador to Greece.

That has further improved the environment for economic development and also recovery, and has enhanced confidence of international investors in Greece, Zhang told an online seminar on Monday.

Organized by China Chamber of Commerce to the European Union (CCCEU) together with Athens Chamber of Commerce and Industry and the Hellenic Trade Council, the webinar grouped a number of ministerial officials, top diplomats and business leaders from the two countries.

Kostas Karamanlis, Greeces minister of infrastructure and transport, said his country will be a leading player in the region regarding the economic prospects after the pandemic.

He said that the EU Recovery Fund will help Greece return to pre-pandemic growth rates, as it offers an opportunity to invest in significant infrastructure projects in key sectors where the country has a geostrategic comparative advantage, such as logistics, railway network, ports, and airports.

Outlining the governments plans, the minister said that the further upgrade of Piraeus port, as well as ports in northern Greece, has helped enhance Greeces position as an entry gate into Europe for logistics and trade between Asia and the European continent.

NEW AREAS

Piraeus port is now the largest container port in the Mediterranean and the fourth largest in Europe, 10 years after Chinas COSCO Shipping acquired the majority of the port authority. The project has been seen as a win-win example as a result of the implementation of the Belt and Road Initiative and the establishment of 17+1 platform.

I truly believe that Greece will be the new emerging destination in the post COVID-19 Europe for international investors as well as for Chinese investors, said Zhang.

The ambassador voiced hope that Chinese businesses will look into new areas such as the green energy, innovation and e-commerce, especially as China is embarking on the path of high quality development and as Greece is restructuring its own economy.

Zhou Lihong, chairwoman of the CCCEU, said in the last decade Greece has been a key harbor for logistics, maritime trade and the shipping industry, noting that digital economy, green and sustainable development are key areas for future cooperation, which will offer more diversified complements to the current projects involving Chinese groups like the Three Gorges and COSCO.

The Greek market is relatively new for us, but we are very much interested in exploring opportunities here, said Li Jing, general manager of international investment department of Legend Holdings, a Chinese investment holding company.

Her company, owned by computer giant Legend Group, now holds 90 percent of Bank International Luxemburg, the largest independent bank in Luxemburg, and has bought one of the top 10 salmon producers in the world.

Li said the over 1,000 companies that Legend Holdings has invested in will provide unique opportunities for Greek companies that want to go to China, while her company is also seeking expansion in Europe.

Friendly environment, supportive measures and accessibility for discussion are regarded as the companys top concerns when choosing a destination for investment, said Li, who believes that Greece, a dream destination for travelers, will be a dream destination for investors as well.

TOURISTS DREAM

Located by the Aegean Sea, Greece boasts a rich culture, charming scenery and a well-known tourism destination. But for Chinese, the Aegean Sea has an additional meaning, as it pronounces like what means love in the Chinese language.

The Aegean Sea has a natural affinity with Chinese people, and it is the first choice for young Chinese to spend their honeymoon there, noted Zhou.

She added that the Mediterranean cuisine has become popular in China as well. Once the China-EU Geographical Indications Agreement enters into force, many famous Greek agricultural products that have been included in the list will be further protected in the Chinese market, she said.

The potential boom in the tourism sector seems more tangible as people in China, the worlds most valuable and largest outbound market, are eager to travel, as already shown during the National Day holiday in early October when people were out for traveling domestically despite the pandemic and relevant health measures.

In 2019 alone, Greece recorded over 220,000 visits from China, worth around 300 million yuan (over 45 million U.S. dollars), registering a year-on-year growth of 86 percent, said James Tang, senior vice president of Trip.com Group, a leading Chinese online travel service provider.

With about 300 million users, Trip.com will continue to invest in its operation in Greece, and promote the European country as a high-end, unique and fantastic destination for Chinese tourists, Tang said.

When it is safe and proper to travel around the world, we look forward to working closely with destinations and local partners to introduce new business models and more, he said.

Posted on

Beijing 2022 mascot toys handed over to organizers after lunar journey

(Xinhua)16:17, December 21, 2020

BEIJING, Dec. 21 (Xinhua) — Olympic flags, emblem pins and mascot toys that returned to Earth after a moon trip onboard Chinas Change-5 probe were handed over to the Beijing 2022 Organizing Committee (BOCOG) at its Shougang headquarters on Monday.

The return capsule of the Change-5 probe touched down on Earth on December 17 after a 23-day space travel, bringing back Chinas first moon samples as well as iconic Beijing 2022 items that the probe carried.

An Olympic flag, a Paralympic flag, two flags of the Beijing 2022 Olympic and Paralympic Games, two pairs of emblem pins, one pair of mascot toys and two pairs of mascot pins that returned from the journey to the moon were unveiled jointly by BOCOG executive vice president Zhang Jiandong and vice administrator of China National Space Administration (CNSA) Wu Yanhua at the handover ceremony, followed by a video display of how these items were loaded into and retrieved from the probe.

Han Zirong, vice president and secretary-general of BOCOG, noted that the successful return of the Change-5 probe is a vivid demonstration of the lunar exploration spirit of pursuing dreams, daring to explore, collaborating in tackling difficulties and win-win cooperation, which shares great similarity of the Olympic motto of faster, higher, stronger.

This strengthens our confidence and determination to deliver a fantastic, extraordinary and excellent 2022 Olympic and Paralympic Winter Games, she said.

CNSA chief engineer Liu Yongde lauded the successful combination of the aerospace technology and Olympic Winter Games culture through the Change-5 mission and deemed it an important step in Chinas quest to become an aerospace and sporting power.

According to the BOCOG, these items will be presented in the Exhibition Hall of the Shougang headquarters and later Beijing 2022 venues where they will be open to public visits, especially for the young generation.

Posted on

Production capacity of COVID-19 vaccine from Sinopharm subsidiary CNBG to reach 1 billion next year

(Global Times)14:12, December 13, 2020

The inactivated COVID-19 vaccine production workshop of Sinopharm China National Biotec Group (CNBG) in Beijing Photo: Courtesy of CNBG

China National Biotec Group (CNBG), a subsidiary of Sinopharm, said Saturday that it expects the production capacity of its COVID-19 vaccine to reach 1 billion doses next year. It has carried out phase III clinical trials in 10 countries and regions worldwide, with 60,000 subjects included in the testing, Beijing Daily reported.

As of November 26, a total of 48 COVID-19 vaccines worldwide have entered clinical trials, of which 11 have entered phase III clinical trials. China has four vaccines in the phase III stage, including three inactivated vaccines and one viral vector vaccine, CNBG chairman Yang Xiaoming said at an infectious diseases seminar in Beijing.

CNBGs current workshops in Beijing and Wuhan can produce 300 million doses a year. With the construction of more workshops to be completed by the end of the year, it expects the production capacity to reach 1 billion doses in 2021.

Tests have proved that the serum of subjects vaccinated with CNBGs vaccine can produce a cross-neutralization effect with several virus strains, indicating that the vaccine can protect people against COVID-19 infections in many places around the world, Yang noted.

He added that of all the 60,000 subjects vaccinated during the phase III clinical trials, none has reported any antibody-dependent enhancement effects.

Posted on

Xi chairs leadership meeting on economic work for 2021

(Xinhua)09:03, December 12, 2020

BEIJING, Dec. 11 (Xinhua) — Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Friday presided over a meeting of the Political Bureau of the CPC Central Committee to analyze the economic work for 2021.

The meeting also heard a report of the CPC Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission, made plans for the anti-corruption work for 2021, and reviewed a set of work rules for elections of local Party organizations.

This year has been eventful, and despite tough challenges, China has been strategically focused, gained accurate insights and made careful plans, said a statement released after the meeting, adding that the country took resolute actions and achieved progress that is satisfactory to the people and has attracted global attention.

The statement also pointed out that China has become the only major economy with positive growth. Three tough battles against major risks, poverty and pollution have achieved decisive outcomes. Scientific and technological innovation saw major progress and new breakthroughs have been made in reform and opening up.

The 13th Five-Year Plan (2016-2020) for national economic and social development is drawing to a close this year. After five years of efforts, China has leaped to new levels in the economy, science and technology, comprehensive national strength and peoples living standards, according to the meeting.

Chinas economy has been gradually rebounding to normal performances. However, uncertainties related to COVID-19 and the external environment continue to loom large, the statement said, calling for a focus on opportunities and risks, scientific arrangements, efficient policy implementation and seizing the initiative in the economy.

Noting that 2021 will be an especially important year for China in advancing modernization, the meeting stressed adhering to the new development philosophy and urged efforts to form a new development paradigm as well as focus on advancing high-quality development.

More efforts are needed to consolidate and proliferate the gains made in epidemic control as well as economic and social development, and better coordinate development and security, the statement said.

The meeting called for sound and precise implementation of macro policies, keeping the economy running within a reasonable range, and adhering to the strategy of expanding domestic demand. It also stressed enhancing the strategically important role of science and technology and expanding high-level opening-up.

The efforts will pave the way for ensuring a good start for the 14th Five-Year Plan period (2021-2025) and celebrating the CPCs 100th founding anniversary with outstanding achievements, according to the meeting.

Reforms on both supply and demand sides should be carried out to achieve a dynamic equilibrium on a higher level, in which demand and supply can boost each other, said the statement.

Efforts should be made to build more independent and controllable industrial and supply chains and form a strong domestic market, it said.

The meeting also called for strengthened antitrust efforts and the prevention of disorderly expansion of capital, and stressed efforts to promote the stable and healthy development of the real estate market.

Authorities will carry out a systematic assessment of efforts to complete the building of a moderately prosperous society in all respects while consolidating and expanding poverty relief results, the statement said.

As the holidays approach, the meeting called on officials to make arrangements in advance and stressed continued efforts on epidemic control.

Commending the work of Party disciplinary organs and supervisory commissions at both central and local levels, the meeting called on them to facilitate the effective implementation of the Partys decisions and arrangements.

Efforts from anti-corruption organs were also urged to ensure officials do not dare to be, are not able to be, and do not want to be corrupt, and to make anti-corruption work more standardized and law-based so as to provide a strong guarantee for embarking on a new journey to fully build a modern socialist China, according to the meeting.

A previous meeting of the Standing Committee of the Political Bureau of the CPC Central Committee presided over by Xi had heard the 2020 work report of the CPCs CCDI and the National Supervisory Commission and a report on the preparations for the 19th CCDIs fifth plenary session, scheduled for Jan. 22-24 in 2021.

The work rules for elections of local Party organizations reviewed at Fridays meeting were lauded as the basic guidelines for elections of local Party organizations in the new era.

The meeting called for continued efforts to encourage intra-Party democracy, act on the Partys democratic centralism, broaden and improve the orderly and effective participation, as well as respect and safeguard the democratic rights of Party members.

The meeting also urged scientific, standardized and rigorous election work to select capable local Party officials and ensure better and more professional work in advancing reforms, facilitating development and maintaining stability.

Posted on

China says U.S. exposes blatant hypocrisy on human rights

(Xinhua)09:58, December 12, 2020

BEIJING, Dec. 11 (Xinhua) — China said Friday the U.S. practices on human rights have demonstrated to the whole world what textbook human rights hypocrisy looks like.

China resolutely opposes and rejects any country interfering in Chinas internal affairs under the pretext of human rights, Foreign Ministry spokesperson Hua Chunying said.

Hua made the remarks at a daily news briefing in response to a Weibo post by the U.S. Embassy in China related to Chinas human rights.

She said that under the gloom of the COVID-19 pandemic, peoples right to life is the most important of all human rights. However, the single-day death toll in the United States from COVID-19 has exceeded that of the 9/11 attacks, which is shocking and saddening.

When a government does not even care about or try to protect the lives of its own citizens, how can it convince others that it genuinely cares about and works to protect human rights in other countries? She asked.

Indeed, where are the human rights of the 15 million COVID-19 confirmed cases and nearly 300,000 deaths in the United States? Where are the human rights of the more than 40 million African Americans? And where are the human rights of the millions of Iraqi and Afghan civilians thrown into wars? Hua asked quoting comments left by netizens under the U.S. embassy post.

In contrast, she said, the Chinese government always puts human lives at the top and makes the best possible efforts to protect their health and safety and safeguard everyones value and dignity, Hua said.

Highlighting some of the countrys achievements, Hua said China has ensured subsistence for 1.4 billion people, lifted more than 850 million out of poverty and created employment for 770 million.

It has also woven a basic security net for 250 million elderly citizens, 85 million disabled and 43 million low-income residents in urban and rural areas, the spokesperson said.

China has the largest middle-income group in the world, and has put in place the worlds biggest systems of education, social security, medical care and community-based institutions of democracy, she added.

Human rights are neither a fancy empty slogan nor a tool for interfering in other countries internal affairs, said Hua, adding human rights should help usher in real improvements in peoples lives and realize the value and dignity of humans.

China calls on all countries to uphold the principles of impartiality, objectivity and non-selectivity, conduct international cooperation and strengthen exchanges on human rights based on equality and mutual respect, and oppose politicization and double standards over human rights issues, Hua said.

Posted on

Change-5 orbiter-returner completes orbital maneuver to prepare for return

(Xinhua)13:11, December 12, 2020

A graphic simulation shows the orbiter and returner combination of Chinas Change-5 probe after its separation from the ascender. (CNSA/Handout via Xinhua)

BEIJING, Dec. 12 (Xinhua) — The orbiter-returner combination of Chinas Change-5 probe on Saturday completed an orbital maneuver, preparing to leave the lunar orbit for a trajectory that returns it to Earth, according to the China National Space Administration.