Posted on

Chinas GDP tops 100 trln yuan in 2020

(Xinhua)10:17, January 18, 2021

BEIJING, Jan. 18 (Xinhua) — Chinas gross domestic product (GDP) expanded 2.3 percent year on year in 2020, exceeding the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold to 101.5986 trillion yuan, official data showed Monday.

The pace was faster than the 0.7-percent increase in the first three quarters, data from the National Bureau of Statistics (NBS) showed.

In the fourth quarter of 2020, the countrys GDP expanded 6.5 percent year on year, faster than the 4.9-percent growth in the third quarter, the data showed.

The countrys economic operation has recovered steadily with employment and peoples well-being effectively guaranteed, the NBS said, adding that the major tasks of economic and social development have been completed better than expected.

Chinas job market remained stable in 2020, with the surveyed unemployment rate in urban areas standing at 5.6 percent, below the governments annual target of around 6 percent, the data showed.

Posted on

Xinhua Commentary Chinas historic economic comeback, beacon of hope for world

(Xinhua)15:28, January 18, 2021

BEIJING, Jan. 18 (Xinhua) — China has done something no other major economy did in 2020.

Beating expectations with a 6.5-percent growth in the fourth quarter, Chinas gross domestic product (GDP) expanded 2.3 percent year on year last year, exceeding the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold for the first time, official data showed Monday.

That makes China the only major economy to post growth in 2020. In the context of the unprecedented COVID-19 pandemic and recession, the good news from China is even more commendable.

The early days of 2020 were devastating for the worlds second-largest economy. But after a quarter-long lull in economic activity, the resumption of business forged ahead with resolute and targeted virus containment measures in place.

The unique formula China adopted in response to this global health crisis is well captured in the acronym PROTECT — the Partys strong leadership, responsibility at all levels, openness and transparency, technology, early action, cooperation, and targeted measures. The formula shows how the Chinese economy fought its way out of the virus-induced slump.

Not only did China avert a full-blown recession, but the scale and speed of its V-shaped recovery were impressive. Its worth noting that the Chinese leadership decided in May not to set a numeric growth target for 2020. High on the agenda was people-first development and a new development paradigm.

In addition to stabilizing its economy, China has also reached a number of development milestones: the elimination of absolute poverty, wrapping up the 13th Five-Year Plan period, and comprehensively designing the next.

Given Chinas stellar growth figures over past decades, a 2.3-percent growth may seem not worthy of a victory lap. But at a time when the world is still struggling under the pandemic-triggered recession, the hard-won expansion will provide precious experience for economic recovery in the new year.

Chinas contribution to world economic growth has long been around 30 percent as the major growth engine. The latest World Economic Outlook report released by the Organization for Economic Cooperation and Development predicts that China will contribute more than one-third of global economic growth in 2021.

The vicious onslaught of the pandemic has plunged the world economy into its worst crisis since the Great Depression of 1929. This time, the world may take longer to regain its footing, as the crisis will leave long-lasting sequelae and pose major global challenges.

If the past is any guide, the sweeping crisis will lead to structural changes in the global economic landscape. As domestic demand in developed countries starts to decline, new engines of economic growth emerge around the world.

When policymakers in some countries have resorted to populism, insular nationalism, and the politicization of economic issues while dealing with a crisis of such a magnitude, China has championed free trade, multilateralism, and the construction of a community with a shared future for humanity.

Since the beginning of 2020, China has fully implemented its foreign investment law. Its negative list for market access in pilot free trade zones has been further shortened to the benefit of foreign investors. It has steadily promoted financial market access and introduced its master plan for the construction of the Hainan free trade port, a new highland of open economy.

All these moves have opened up a broad space for Chinas economic development and injected strong impetus into the recovery of the world economy.

The year 2020 also marked Chinas strong pushback against attacks on the multilateral trading system. China joined the worlds largest free-trade bloc by sealing the Regional Comprehensive Economic Partnership (RCEP) agreement. It also completed negotiations on the China-EU investment treaty, bringing the two major economies closer.

Its work has paved the way for a better 2021, with China eliminating absolute poverty and entering its 14th Five-Year Plan period, highlighting innovation and green development while driving forward a more integrated world economy.

There is no doubt that 2021 is going to be another year of challenges, but China will stand as a beacon of hope amid the sea of uncertainties. As it further opens to the outside world, China will create more opportunities for mutually beneficial cooperation across the globe, and make greater contributions to the stability and prosperity of the world in the post-pandemic era.

Posted on

Chinas historic economic comeback, beacon of hope for world

(Xinhua)08:38, January 19, 2021

BEIJING, Jan. 18 (Xinhua) — China has done something no other major economy did in 2020.

Beating expectations with a 6.5-percent growth in the fourth quarter, Chinas gross domestic product (GDP) expanded 2.3 percent year on year last year, exceeding the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold for the first time, official data showed Monday.

That makes China the only major economy to post growth in 2020. In the context of the unprecedented COVID-19 pandemic and recession, the good news from China is even more commendable.

The early days of 2020 were devastating for the worlds second-largest economy. But after a quarter-long lull in economic activity, the resumption of business forged ahead with resolute and targeted virus containment measures in place.

The unique formula China adopted in response to this global health crisis is well captured in the acronym PROTECT — the Partys strong leadership, responsibility at all levels, openness and transparency, technology, early action, cooperation, and targeted measures. The formula shows how the Chinese economy fought its way out of the virus-induced slump.

Not only did China avert a full-blown recession, but the scale and speed of its V-shaped recovery were impressive. Its worth noting that the Chinese leadership decided in May not to set a numeric growth target for 2020. High on the agenda was people-first development and a new development paradigm.

In addition to stabilizing its economy, China has also reached a number of development milestones: the elimination of absolute poverty, wrapping up the 13th Five-Year Plan period, and comprehensively designing the next.

Given Chinas stellar growth figures over past decades, a 2.3-percent growth may seem not worthy of a victory lap. But at a time when the world is still struggling under the pandemic-triggered recession, the hard-won expansion will provide precious experience for economic recovery in the new year.

Chinas contribution to world economic growth has long been around 30 percent as the major growth engine. The latest World Economic Outlook report released by the Organization for Economic Cooperation and Development predicts that China will contribute more than one-third of global economic growth in 2021.

The vicious onslaught of the pandemic has plunged the world economy into its worst crisis since the Great Depression of 1929. This time, the world may take longer to regain its footing, as the crisis will leave long-lasting sequelae and pose major global challenges.

If the past is any guide, the sweeping crisis will lead to structural changes in the global economic landscape. As domestic demand in developed countries starts to decline, new engines of economic growth emerge around the world.

When policymakers in some countries have resorted to populism, insular nationalism, and the politicization of economic issues while dealing with a crisis of such a magnitude, China has championed free trade, multilateralism, and the construction of a community with a shared future for humanity.

Since the beginning of 2020, China has fully implemented its foreign investment law. Its negative list for market access in pilot free trade zones has been further shortened to the benefit of foreign investors. It has steadily promoted financial market access and introduced its master plan for the construction of the Hainan free trade port, a new highland of open economy.

All these moves have opened up a broad space for Chinas economic development and injected strong impetus into the recovery of the world economy.

The year 2020 also marked Chinas strong pushback against attacks on the multilateral trading system. China joined the worlds largest free-trade bloc by sealing the Regional Comprehensive Economic Partnership (RCEP) agreement. It also completed negotiations on the China-EU investment treaty, bringing the two major economies closer.

Its work has paved the way for a better 2021, with China eliminating absolute poverty and entering its 14th Five-Year Plan period, highlighting innovation and green development while driving forward a more integrated world economy.

There is no doubt that 2021 is going to be another year of challenges, but China will stand as a beacon of hope amid the sea of uncertainties. As it further opens to the outside world, China will create more opportunities for mutually beneficial cooperation across the globe, and make greater contributions to the stability and prosperity of the world in the post-pandemic era.

Posted on

Financial sector official clarifies misunderstandings of intl community over Chinas economy

(Xinhua)09:10, January 19, 2021

HONG KONG, Jan. 18 (Xinhua) — Guo Shuqing, Party chief of the Peoples Bank of China and chairman of the China Banking and Insurance Regulatory Commission, clarified a number of misunderstandings the international community has on Chinas economy Monday at a forum.

At the 14th Asian Financial Forum, Guo said that for a long time, Chinas economic and social development have made a positive global impact and over the past decade, China contributed 30 percent on average to global growth.

Yet internationally, there have been some negative remarks on Chinas economy, he said, pointing out that obviously misunderstandings exist.

He said the private sector now accounts for 60 percent of Chinas economy while before 1978, there were hardly any, and Chinas industrial policies in general have been consistent with the market-oriented reforms.

At the end of 1970s, China encouraged light industries and lifted import restrictions on consumer goods, making China expo of brands of all nations. Since late 1980s, Chinas main policies have been to prevent duplicated constructions resulting from over competition, he added.

Guo noted that state-owned enterprises (SOEs) in general are subject to negative subsidies from the government budget.

He also said banks and SOEs are financially independent from each other and banks ownership has long been well diversified. Even banks with relatively large state-owned shares, are impossible to transfer benefits to state-owned enterprises.

The strong competitiveness of Chinese production is not due to a lack of labor protection, Guo said, noting that Chinas Constitution and laws provide strong protection for peoples interests and in the past 10 years, the income of Chinese workers has grown rapidly.

Organized by the Hong Kong Special Administrative Region (HKSAR) government and the Hong Kong Trade Development Council, the forum is an online event being held from Monday to Tuesday.

Under the theme Reshaping the World Economic Landscape, the forum runs round the clock across different time zones, providing a platform for policymakers, financial experts, investors, business leaders and economists to examine the current economic landscape and explore global business opportunities.

Posted on

Third-party assessment shows Chinas business environment improving

(Xinhua)09:21, January 15, 2021

BEIJING, Jan. 14 (Xinhua) — A third-party assessment shows that China has made remarkable progress in improving its business environment, and the process is speeding up, according to an official with the Development Research Center of the State Council.

Entrusted by the State Council, the center has evaluated the result of a guideline for improving the business environment that was implemented in the country a year ago.

Enterprises were satisfied with the convenience of tax administration, starting or changing their businesses, tax and fee cuts, standardized government services, and convenient online services, said Zhang Junkuo, vice president of the center, citing the assessment results.

Meanwhile, the enterprises also raised prominent problems regarding bidding, intermediary services and financing, Zhang said.

Local governments should continue and intensify reforms, and step up efforts to promote the balanced improvement of the business environment in different regions, he said.

Posted on

Hong Kong holds online forum on BR opportunities, economic recovery

(Xinhua)10:38, December 01, 2020

HONG KONG, Nov. 30 (Xinhua) — The two-day Belt and Road Summit organized by the Hong Kong Special Administrative Region (HKSAR) government started Monday online, focused on Belt and Road (BR) opportunities and the global economic recovery after the COVID-19 pandemic.

When addressing the forum, HKSAR Chief Executive Carrie Lam stressed Hong Kongs advantage in bridging mainland and overseas markets and contributing to sound and sustainable financing and partnership along the Belt and Road.

Hong Kong also boasts multi-talented financial and related services professionals, the rule of law, an open and efficient market, the free flow of capital, information and people, and a simple and low tax regime, Lam said.

Commissioner of the Chinese foreign ministry in the HKSAR Xie Feng said COVID-19 has impacted the global economy and posed unprecedented challenges to economic globalization.

The Belt and Road Initiative and globalization will advance in tandem and complement each other, with high-quality Belt and Road cooperation making the new type of globalization more open, inclusive, balanced and beneficial to all, Xie said.

Over the past seven years, China has launched more than 2,000 projects with Belt and Road partners, Xie said, voicing support for Hong Kong in expanding exchanges and cooperation and serving as the super-connector along the Belt and Road.

Wang Bingnan, Chinas vice minister of commerce, also expressed support for Hong Kong in developing the Belt and Road platform, integrating into the countrys development and taking advantage of opportunities in the mainland markets.

Wang said the Ministry of Commerce will also actively support Hong Kong in participating in the international and regional economic cooperation.

Co-organized by the HKSAR government and the Hong Kong Trade Development Council, this years summit is the fifth since 2016, attracting attendees from government officials to business leaders from countries and regions along the Belt and Road to discuss opportunities the Belt and Road brings.

Posted on

Tibetan herdsman becomes online celebrity for eye-catching image, lifestyle

(Xinhua)10:39, December 01, 2020

CHENGDU, Nov. 30 (Xinhua) — With Bambi eyes and a bright smile, 20-year-old Tibetan herdsman Tamdrin became the latest internet celebrity after a video clip and photos featuring his handsome face went viral online.

Tamdrin was spotted and videotaped by a photographer in his hometown in Litang County, Tibetan Autonomous Prefecture of Garze, southwest Chinas Sichuan Province. The seven-second video garnered nearly 3 million likes on Douyin, the Chinese version of video-sharing platform TikTok, in less than three weeks.

Meanwhile, Ding Zhen, Tamdrins name in Mandarin, continues to trend on Sina Weibo, the Chinese equivalent of Twitter. People also got to know him as more videos came out, in which he used stumbling Mandarin to introduce himself and express his affection toward his chubby pony Pearl, and the animal has gained over 80,000 followers on its own Weibo account.

Being wild, sweet and pure, as his fans described, Tamdrin stands out from most internet celebrities for his innocence, the traditional Tibetan costumes he wears and the breathtaking views of his hometown in the background of the videos.

Sensing Tamdrins soaring popularity, the local government invited him to be the tourism ambassador of Litang County just days after his first video went viral. He was also hired by a local culture and tourism promotion company for a monthly salary of 3,500 yuan (about 532 U.S. dollars).

Dubbed the city in the sky, Litang is located over 4,000 meters above sea level and 654 km from Chengdu, the provincial capital. In the Tibetan language, Litang means flat grasslands like bronze mirrors.

The county, with a population of some 73,000, just shook off poverty in February. Compared with its neighboring Daocheng County, Litangs tourism has not been robust, though its views are no less impressive, according to local authorities. Tamdrins overnight fame gives the local government a boost to develop local tourism.

With his new title, Tamdrin appeared in a three-minute promotional video that came out last week in which he showed audiences his life of herding yaks beside the snowy Geyen Mountain, racing horses in endless meadows, praying in temples and singing love songs with his friends around a bonfire.

The world is big, but I love my hometown the most, he said in the monologue.

The sincerity of Tamdrin and the beauty of Litang soothe our anxious minds, read a comment below the video on Douyin.

Many netizens are seriously considering a tour to Litang. According to a recent report of Trip.com, Chinas major online tourism company, the search volume of Litang increased over six-fold in the 10 days after Nov. 20, four times more than during the National Day Holiday in October.

The interest was shown both in and outside Sichuan, making Litang a possible tourism hotspot during the upcoming New Year holiday, according to Trip.com.

More and more travel websites have published articles introducing travel routes to Litang, hotels to stay in and places to visit there.

Interestingly, some careless fans originally thought Tamdrins hometown was in the Tibet Autonomous Region and expressed their wish to travel there, which prompted Sichuans media groups and tourism department to demonstrate the fact on Weibo that Tamdrin belongs to them.

However, their counterparts in Tibet took the chance to promote the regions own tourism resources and invited Tamdrin to its capital Lhasa, a place he had expressed hope to visit one day in an interview.

Over the weekend, more provinces and autonomous regions around China, including Qinghai, Gansu, Shandong and Zhejiang, joined the rivalry for Tamdrins visit as well as tourists attention by showing their sceneries on Weibo.

Obviously, theres no loser in this fight. People jokingly called Tamdrin a real social media influencer that drives the national tourism economy.

Du Dong, general manager of the company where Tamdrin works, told Xinhua that peoples enthusiasm projects a prosperous tourism market in the coming year.

I hope Tamdrin could grow together with Litangs tourism industry, he said.

Tamdrin is happy with all the invitations and the fact that he could help promote his hometown to more people. He will be a qualified tourism ambassador, but has no intention to become a star as many other internet celebrities did, he told Xinhua.

As he said in the promotional video, his dream is to keep the title of the prince on the horseback given by his friends in Litang and win every race.

I just want to ride my pony over the mountains and hills, he said.

Posted on

Chinas solid waste imports plunge as countdown to total ban begins

(Xinhua)10:59, December 01, 2020

BEIJING, Nov. 30 (Xinhua) — Chinas imports of solid waste have continued to drop amid the countrys green development drive, and a sweeping ban on such imports will take effect from the beginning of next year.

As of Nov. 15, China had imported 7.18 million tonnes of solid waste this year, down 41 percent year on year, said Qiu Qiwen, an official with the Ministry of Ecology and Environment (MEE), on Monday.

The plunge is consistent with the downward momentum seen since late 2017 when the State Council, Chinas cabinet, tightened curbs on solid waste imports. The figures for the previous three years stood at 42.27 million tonnes, 22.63 million tonnes and 13.48 million tonnes, respectively.

According to a notice issued recently by the MEE, the Ministry of Commerce, and the General Administration of Customs, China will ban all imports of solid waste from Jan. 1, 2021. The dumping, stacking and disposal of waste products from abroad on Chinese territory will also be banned.

Any violation of the ban will be severely punished, according to Qiu.

China began importing solid waste as a source of raw materials in the 1980s and for years has been the worlds largest importer, despite its limited garbage disposal capacity. Some companies illegally brought foreign waste into the country for profit, posing a threat to the environment and public health.

Posted on

17th China-ASEAN Expo concludes amid boost to BRI cooperation

(Xinhua)11:01, December 01, 2020

NANNING, Nov. 30 (Xinhua) — The 17th China-ASEAN Expo and the concurrent China-ASEAN Business and Investment Summit concluded Monday in Nanning, the capital city of south Chinas Guangxi Zhuang Autonomous Region, promoting high-quality cooperation under Belt and Road Initiative (BRI).

A total of 86 investment projects worth 263.87 billion yuan (around 40.1 billion U.S. dollars) were signed at the four-day event, up 43.6 percent year on year, according to data released by the expos secretariat at the closing ceremony.

The investment projects in the fields of health, big data, logistics, new manufacturing, new materials, new energy and finance, accounted for 85.3 percent of the total.

With an exhibition area of 104,000 square meters, this years expo set up 5,400 booths for 1,668 enterprises, including Fortune 500 and industry-leading companies. In addition, 1,956 enterprises from home and abroad participated virtually in the event.

This years expo featured an exhibition area accommodating 108 companies from 22 countries, mostly countries participating in the BRI, including Pakistan, Iran, France, Italy and Russia.

More than 150 trade and investment promotion activities were also held both online and offline during the expo.

The 18th China-ASEAN Expo is preliminarily scheduled for Sept. 10 to 13, 2021, with Laos continuing as the Country of Honor and Pakistan the Special Partner Country.

PROMOTING BRI COOPERATION

This years expo has achieved good results conducive to pushing forward the development of the Belt and Road Initiative (BRI) and deepening cooperation among participating countries, according to the expos secretariat.

During the expo, a strategic cooperation framework agreement among several logistics companies along the New International Land-Sea Trade Corridor was signed to speed up development of the BRI.

The New International Land-Sea Trade Corridor is a trade and logistics passage jointly built by western Chinese provincial regions and ASEAN member states. It serves as a bridge between the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Meanwhile, nine commercial banks from provinces and cities along the corridor also signed a proposal to offer financial support for the construction of the land-sea trade corridor.

Over the last 17 years, the China-ASEAN Expo not only demonstrated the achievements by China and ASEAN in strengthening business and investment cooperation but also became an important force in promoting the construction of the BRI, Sonexay Siphandone, Lao Deputy Prime Minister and Minister of Planning and Investment, said during the expo.

Djauhari Oratmangun, Ambassador of Indonesia to China, said during the expo that better cooperation between China and ASEAN in the near future will benefit and serve the welfare of people in China, ASEAN and BRI countries.

This years expo also highlighted the Regional Comprehensive Economic Partnership (RCEP), the worlds biggest trade pact, which was signed earlier this month by 15 Asia-Pacific countries, including ASEANs 10 members and China.

Wang Lei, secretary-general of the expos secretariat, said that the high-level dialogue platform of the expo will be expanded from China and ASEAN to RCEP countries, encouraging them to play a more active role in development of the BRI.

Posted on

Chinese mainland reports 4 new domestically transmitted COVID-19 cases

(Xinhua)11:07, December 01, 2020

BEIJING, Dec. 1 (Xinhua) — Chinas National Health Commission said Tuesday that it received reports of 12 newly confirmed COVID-19 cases on the Chinese mainland Monday, including four domestically transmitted cases and eight imported ones.

All the domestically transmitted cases were reported in Inner Mongolia, the commission said in its daily report.

No new suspected cases or new deaths related to COVID-19 were reported Monday, the commission said.

A total of 12 COVID-19 patients were newly discharged from hospitals after recovery on the Chinese mainland on Monday.

By the end of Monday, a total of 3,866 imported cases had been reported on the mainland. Among them, 3,621 had been discharged from hospitals following recovery, and 245 remained hospitalized. No deaths had been reported among the imported cases.

The total number of confirmed COVID-19 cases on the mainland reached 86,542 by Monday, including 277 patients still receiving treatment, eight of whom were in severe conditions.

A total of 81,631 patients had been discharged following recovery on the mainland, and 4,634 had died of the virus, according to the commission.

There were six suspected COVID-19 cases on the mainland on Monday, and 7,147 close contacts remained under medical observation.

Monday saw five newly reported asymptomatic cases, four of whom arrived from outside the mainland. On the same day, five asymptomatic cases were re-categorized as confirmed cases.

A total of 264 asymptomatic cases were under medical observation, including 259 who arrived from outside the mainland.

By the end of Monday, 6,314 confirmed COVID-19 cases, including 109 deaths, had been reported in Hong Kong Special Administrative Region (SAR), with 46 confirmed cases reported in Macao SAR, and 675 cases, including seven deaths, in Taiwan.

A total of 5,344 COVID-19 patients in Hong Kong SAR had been discharged from hospitals following recovery, while 46 had been discharged from hospitals in Macao SAR, and 565 in Taiwan.