Expo gives boost to Hainan as int'l tourism consumption center
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Expo gives boost to Hainan as int'l tourism consumption center
7 May 2021
Aerial photo taken on April 30, 2021 shows the Hainan International Convention and Exhibition Center in Haikou, South China's Hainan province. [Photo/Xinhua] HAIKOU -- The first China International Consumer Products Expo, to be held from May 7 to 10 in South China's Hainan province, will inject new impetus into the building of the island province into an international tourism consumption center. The four-day expo, which focuses on high-end consumer products, has attracted the participation of more than 1,300 brands from 69 countries and regions. Covering 80,000 square meters, including 60,000 square meters of international exhibition space featuring products including jewelry, food and health products from leading brands, the expo is expected to attract more than 20,000 buyers and over 200,000 visitors. According to the provincial bureau of international economic development, the first batch of 20,000 tickets for the public was sold within four hours via the Internet. "The expo will realize direct transactions between global buyers and sellers, introduce foreign high-quality consumer goods, and make up for the shortage of domestic high-end product supplies," said Wang Bingnan, China's vice minister of commerce. "The expo will build a global exhibition and trading platform for international consumer products, conducive to building Hainan into an international tourism consumption destination," Wang added. With the expo just around the corner, batches of imported products have been delivered to Haikou, capital of Hainan province, in recent days. Among them is a G. Patton GX vehicle, manufactured in the United States and weighing 3.1 tonnes, arriving at Haikou's Xiuying Port. "The car is worth 3.8 million yuan (about $580,260). Other vehicles from automobile brands like Lamborghini, Mercedes-Benz and Rolls-Royce will arrive at the port soon," said Zak Yuen Lee, president of KAWO International Trading (Hainan) Co Ltd. "China is speeding up the construction of the Hainan free trade port (FTP) and there are a lot of preferential policies, such as tax cuts, which will save us hundreds of thousands of yuan in costs," said Lee, who registered the company in Hainan last year. China proposed setting up a free trade zone in Hainan in 2018 and began construction of the Hainan FTP last year. On April 8, China released a guideline to support easing market access in the Hainan FTP. Over the past three years, a number of domestic and foreign companies have settled in Hainan. Hainan's duty-free market has also been gathering steam. Official data showed the province's offshore duty-free sales are likely to exceed 60 billion yuan in 2021, up from 30 billion yuan last year, which had doubled from 15 billion yuan in 2019. To ramp up its efforts to build itself into an international tourism consumption center, since July 1, 2020, Hainan has raised its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person. The categories of duty-free goods have been expanded from 38 to 45, with electronic products such as mobile phones and laptops added. Visitors' purchases at the consumer products expo will not be included in their annual quota. Many foreign-invested firms are eyeing great potential in the consumption growth of the Hainan FTP. Blackmores, an Australian health supplements company, has already confirmed its participation in the expo. It will have an exhibition booth of 200 square meters to offer visitors an immersive shopping experience. "We will seize the opportunity of the expo to have direct contact with Chinese consumers to better know their demands and meet their needs for a better life," said Kitty Liu, managing director of Blackmores Group in China. "The policies of the Hainan FTP and its international business environment have brought unprecedented chances to multinational enterprises like Blackmores. We will continue to actively ramp up our layout in Hainan," Liu added. Johnson & Johnson Consumer Health, a leading healthcare company, has also signed up for the expo to expand its business in China. "As our strategic key market, China is not only a crucial growth engine for our global business, but also an increasingly vital innovation engine in the world," said Farrell Wang, managing director with Johnson & Johnson Consumer Health China. The company will showcase its eight brands to consumers at the expo. "We hope the Hainan FTP will become an important gateway for China's opening-up and play a key role in promoting the innovation-driven high-quality development," said Wang. "The expo will build an important bridge for global brands to enter the Chinese market. Consumption will promote the agglomeration of industry, capital and other factors to accelerate the construction of Hainan as an international tourism consumption center," Liu added. Source: Xinhua
China's growth prospects, further opening-up in favor of attracting FDI inflows: OECD expert
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China's growth prospects, further opening-up in favor of attracting FDI inflows: OECD expert
6 May 2021
China's favorable growth prospects and further opening-up policies are key factors that attract foreign direct investment (FDI), said an official of the Organization for Economic Cooperation and Development (OECD) on Monday. FDI inflows to China increased 14 percent last year, making the country the top destination worldwide, noted Margit Molnar, head of the China desk at the OECD Economics Department, in an interview with Xinhua. Meanwhile, global FDI flows dropped by 38 percent in 2020 to 846 billion U.S. dollars, the lowest level since 2005, according to data released by the Paris-based economic organization on Friday. China surpassed the United States as the world's largest FDI recipient last year when the two economies received inflows of 212 billion dollars and 177 billion dollars, respectively. The OECD attributed the global FDI decrease to the COVID-19 fallout. "COVID-19 created extraordinary circumstances, where lockdowns were not conducive to set up new projects and thus have likely delayed decisions to invest abroad," explained Molnar. "As China's lockdown was very short in an international comparison and its economy reopened swiftly after gaining control of the outbreak, it became a more realistic destination for FDI than its competitors still under lockdown," she said. China's increased opening was another important factor in attracting FDI, she added. "According to the OECD's FDI Regulatory Restrictiveness Index, from 2019 to 2020, China reduced barriers to FDI, most visibly in financial services but regulations also eased in manufacturing, agriculture and construction," she noted. The economist stressed that stabilizing foreign investment inflows is an important policy target, as it is key to technological upgrading and ultimately to long-term growth. "China has leapfrogged ahead of many advanced economies in newly emerging areas such as e-commerce or AI, but needs to continue its technology upgrading in other areas, including traditional and manufacturing industries," she said. China is also becoming a major international investor and "its share of overall outward FDI stock has been increasing rapidly," Molnar said. China has continued to invest at high rates, with its outward FDI flows reaching 16 percent of global flows last year, up from 12 percent in 2019, the expert noted. Source: Xinhua
Sino-German ties can serve as role model for global unity: China Daily editorial
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Sino-German ties can serve as role model for global unity: China Daily editorial
30 Apr 2021
Chinese Premier Li Keqiang co-chairs the sixth China-Germany inter-governmental consultation with German Chancellor Angela Merkel via video link in Beijing, capital of China, April 28, 2021.[Photo/Xinhua] The rampancy of the COVID-19 pandemic calls for international cooperation, as only by working together can countries win the war against the deadly virus and boost a global economic recovery. China and Germany have set a good example in this regard. Their frequent high-level dialogues, a defining feature in China-German interaction even during the pandemic, have guaranteed the sustainability of bilateral ties, which also occupy a special niche in China's cooperation with the European Union as a whole. The sixth China-Germany intergovernmental consultation, which was held on Wednesday via video link, once again showed the two sides' determination to maintain dialogue and cooperation despite the United States intensifying its efforts to persuade its European allies to join it in confronting China. Co-chaired by Premier Li Keqiang and German Chancellor Angela Merkel, Wednesday's meeting brought together 25 ministerial officials from both sides, underscoring the importance each country attaches to promoting bilateral ties. As Premier Li pointed out in his opening remarks, the intergovernmental consultation works as a "super engine" powering and deepening bilateral pragmatic cooperation. Cooperation and win-win results have become the main thrust of the China-Germany all-around strategic partnership. After displaying strong momentum last year, China-Germany trade grew by 41.5 percent year-on-year in the first quarter, fully demonstrating the huge potential of bilateral cooperation. Their growing trade ties have not only brought real benefits to the two peoples but also contributed to the security and stability of the global industrial and supply chains. Their positive interaction sends a strong signal to the other EU members that they will be on the wrong track if they let Washington's geopolitical considerations commandeer the EU's relations with China. Considering that the pandemic is far from over and protectionism still exists, China and Germany, both major, influential economies, should continue to uphold their commitment to multilateralism and free trade so as to nourish a healthy trend of openness, reciprocity and win-win cooperation in the world. To this end, the two should continue to work to enhance their anti-epidemic cooperation, promote fair and equitable distribution of COVID-19 vaccines, and reject vaccine nationalism. China also stands ready to work with Germany — and the EU at large — to jointly promote the signing and entry into force of the China-EU investment agreement as soon as possible so as to facilitate the healthy and stable development of bilateral relations as well as world economic growth. With the world becoming more turbulent and facing formidable challenges from the pandemic and other crises, such as climate change, they need to shoulder important global responsibilities as their cooperation extends beyond bilateral ties and they need to contribute their wisdom to addressing the pressing global issues. Sharing similar views on a wide range of global issues, the two countries should enhance their coordination so they can send a strong message of cooperation and demonstrate the strength of unity. Source: China Daily
Belt and Road gains momentum in challenging times
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Belt and Road gains momentum in challenging times
29 Apr 2021
Entering its eighth year of solid progress, the Belt and Road Initiative (BRI) is injecting growing impetus and stability into global cooperation in a world of uncertainties. Just days ago at the Boao Forum for Asia annual conference, Chinese President Xi Jinping likened the BRI to "a public road open to all" rather than "a private path owned by one single party." His use of this analogy indicates that China, as the initiator of the BRI, endeavors to share opportunities with the rest of the world. Faced with the unprecedented challenges of COVID-19, rising unilateralism and increasing protectionism, the world requires closer ties among all nations. Against this backdrop, the BRI is particularly valuable for cementing connectivity, bridging differences and advancing global cooperation. Facts speak louder than words. Bucking a global COVID-19-driven downturn, China's non-financial direct investment into countries along the Belt and Road jumped 18.3 percent year on year to 17.8 billion U.S. dollars in 2020. Trade is also thriving along the ancient but exuberant pathway, which has helped transport valuable medical supplies to those in urgent need amid COVID-19. In the first quarter of this year, the China-Europe freight train services recorded 3,398 journeys, surging 75 percent year on year. A total of 89,000 tonnes of anti-pandemic supplies had been transported across continents via the services by late March. China is also working with all willing participants to build the BRI into a pathway to poverty alleviation and growth. According to a report from the World Bank, Belt and Road projects could by 2030 help lift 7.6 million people out of extreme poverty and 32 million people out of moderate poverty across the world. As of the end of January, a total of 171 countries and international organizations have signed 205 cooperation agreements with China on the joint construction of the Belt and Road. With more partners jumping on board for a mutually beneficial journey, there is more to expect in the future: Countries can work together to fight COVID-19, economic slowdowns, poverty, climate change and other common challenges, regardless of geographical or ideological boundaries. Source: Xinhua
Sustainable socio-economic development in Uzbekistan: recent trends
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Sustainable socio-economic development in Uzbekistan: recent trends
28 Apr 2021
Uzbekistan is one of the few countries in the world with a fast-growing economy. Over the last decade, the Republic's GDP growth rate has been steadily exceeding the average rate for the group of leading CIS countries (Russia, Kazakhstan, Belarus) and several countries of the Central Asian region (Kyrgyzstan, Tajikistan). Even during the pandemic crisis of 2020, when these countries recorded a decline in the economy (with the exception of Tajikistan), Uzbekistan managed to maintain positive economic growth. To learn more aboutUzbekistan's economic development, please read click the following link: Sustainable socio-economic development in Uzbekistan: recent trends
China makes ecological cooperation key part of BRI, says former Bangladeshi minister
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China makes ecological cooperation key part of BRI, says former Bangladeshi minister
27 Apr 2021
China has made ecological cooperation a key part of the Belt and Road Initiative, Dilip Barua, former Bangladeshi Minister of Industries, said here Sunday. "A number of green action initiatives have been launched covering wide-ranging efforts in green infrastructure, green energy, green transport, green finance to bring enduring benefits to the people of all Belt and Road partner countries," Barua, also general secretary of the Communist Party of Bangladesh, told Xinhua in an interview. China has also made a commitment to helping developing countries build capacity against climate change through various forms of result-oriented South-South cooperation, he added. Lauding Chinese President Xi Jinping's speech at the virtual Leaders Summit on Climate made via video link on Thursday as "outstanding, intellectually comprehensive and innovative," Barua said Xi "has grasped the genuine problem of climate change, and has given the Chinese solution to solving the problem on the basis of man and nature living in harmony." To build a community of life for man and nature, Xi made a six-pronged proposal as to what the international community must be committed to -- from harmony between man and nature, green development, systemic governance, a people-centered approach, to multilateralism and the principle of common but differentiated responsibilities. Barua praised Xi's proposal, saying if the international community accepts the proposal, the ecosystem of the nature will be protected in a scientific way. The ongoing COVID-19 pandemic has added difficulties to economic and social development across countries, he said. "In the face of unprecedented challenges in global governance, the international community needs to act with a sense of responsibility and unity, and work together to foster a community of life for man and nature," he added. Source: Xinhua
Sino-Greece Session: 2021 International Youth Friendly Art Exchange Competition
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Sino-Greece Session: 2021 International Youth Friendly Art Exchange Competition
6 Apr 2021
Aiming at the promotion of mutual understanding and friendship as well as of cooperation in the fields of culture, art, tourism and sports amongst countries through art exchanges of young people, the Sino-Greece Session of the International Youth Friendly Art Exchange Competition will be held, under the auspices of the Consulate General of Greece in Shanghai. The main themes of the painting competition are: “Friendship between Greece and China”, “Children see Greece”, “Go to Greece with a Sketchpad”, “Greek mythology”, “Aegean scenery” and “Mediterranean food”. Participants will be divided in three groups: 3-6 years old, 6-9 years old, 9-16 years old. The deadline for the submission of paintings is April 20, 2021. For further information, please contact info@bwfer.com.
SRCIC Attends Education, Economic and Trade Cooperation Meeting between Shaanxi and Mogilev
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SRCIC Attends Education, Economic and Trade Cooperation Meeting between Shaanxi and Mogilev
7 Dec 2020
2 December 2020, the online exchange meeting concerning education and economic and trade cooperation was held between Shaanxi, China and Mogilev, Belarus. Speeches were delivered respectively by Yao Hongjuan, Member of the Shaanxi Provincial Party Committee and Director of the Provincial Foreign Affairs Office, Tang Yugang, Deputy Director of the Department of Commerce, Marinenko Pavel Leonidovich, Vice Chairman of the Executive Committee and Economic Committee of Mogilev, Ivanistov Aleksandr Nikolaevich, Director of the Scientific Research Department of the Belarusian Academy of Agricultural Sciences, Yartsev Andrey Viktorovich, Director of Free Economic Zone of Mogilev, and Luo Jun, Vice President of Northwest Agricultural and Forestry University. In addition, representatives of 12 enterprises in food industry, meat import and export, dairy products and other fields promoted their products at the meeting. Diane Bian, Secretary General of the SRCIC, was also invited to the online meeting. SG Bian introduced the major conferences and international activities held by the SRCIC since its establishment, and also elaborated how the SRCIC actively use its member network and cooperative platform to boost economic and trade cooperation, and cultural exchanges between China and Belarus. SG Bian said that the SRCIC is committed to mobilizing its member resources to strengthen the collaboration between the Sino-Belarusian business communities and enabling the enterprises of Shaanxi and Mogilev to participate in the Belt and Road construction, so as to share the development dividend of the B&R initiative. Finally, SG Bian gave an introduction to the Silk Road Urban Alliance (SRUA) initiated by SRCIC in 2018. She warmly welcomed Mogilev to join in the SRUA for the potential collaboration and win-win development.
SRCIC Holds its 6th Presidium Meeting on Line
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SRCIC Holds its 6th Presidium Meeting on Line
23 Nov 2020
On November 16, 2020, SRCIC held its 6th Presidium meeting on line. The meeting was attended by SRCIC Chairman Lu Jianzhong, Honorary Chairmen Jemal Inaishvili, Liu Changle (represented by He Daguang, Vice Executive Chairman of the Phoenix TV), Wang Shi, Executive Chairman Jean-Guy Carrier, Executive Vice Chairman Wu Yunguo, Vice Chairman Li Zhonghang, and Secretary General Diane Bian. During the meeting, Chairman Lu gave a report on the work of SRCIC in 2020 and SRCIC’s plan for the next stage. The attendees also had a discussion on the proposal for the Silk Road Business Summit to be held in Haikou, Hainan in 2021. Chairman Lu praised SRCIC members’ efforts to tackle the global challenge of COVID-19 and to promote the Belt and Road international cooperation, demonstrating the sense of responsibility of the organization. He then briefed on SRCIC’s plan to build an international culture museum park and an artwork trading center in the backdrop of the construction of the Hainan Free Trade Port and signing of the Regional Comprehensive Economic Partnership. He subsequently sought SRCIC chairmen and members’ attention and participation in those projects. All Chairmen expressed their support for SRCIC's work plan in 2021 and their acknowledgement for the excellent performance of SRCIC Secretariat in the past months, especially during the COVID-19 outbreak. Chairman Jemal stated his appreciation to Chairman Lu and other Chairmen for their effort in responding to our common challenge of the pandemic. He also suggested a webinar should be held at the end of the year to strengthen the exchange among SRCIC members. Chairman Carrier thanked Chairman Lu for his endeavors in pioneering SRCIC's development and suggested SRCIC maintain close contacts with international organizations such as the International Chamber of Commerce. SRCIC Deputy Secretaries-General Mr. Li Qiang, Mr. Wang Yan, Mrs. Tian Xiaohong and Mr. Huang Zhe were also present at the meeting.
SRCIC participating in the China-Belarus Online Business Forum
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SRCIC participating in the China-Belarus Online Business Forum
11 Nov 2020
10 November 2020, the China-Belarus Online Business Forum, one of the supporting activities of the 3rd China International Import Expo (CIIE), was held via videoconferencing. SRCIC was invited to attend the Forum. Mr. Vladimir Ulakhovich, Chairman of Belarusian Chamber of Commerce and Industry (SRCIC member), addressed the opening ceremony. Focusing on the topics of Sino-Belarusian trading tie, cooperative prospects and investment potential, the participants including H.E. Rudy Kiryl, Ambassador Extraordinary and Plenipotentiary of Belarus in China, Ms. Zhao Qiuyan, Counsellor of the Economy and Commerce of the Embassy of China in Belarus, Bogdanov Alexey Igorevich, Head of the Main Directorate of Foreign Economic Activity of the Ministry of Agriculture and Food of Belarus, Mr. Aliaksandr Yarashenka, Head of Great Stone China-Belarus Industrial Park Administration, and Ms. Diane Bian, Secretary General of SRCIC stated their points from different aspects respectively. On behalf of SRCIC Chairman Lu Jianzhong, SG Bian extended congratulations on the opening of the Forum. She said that for a long time to come, the Digital Silk Road would be an important part and direction of the Belt and Road international cooperation, and would drive high-quality construction of the Belt and Road Initiative in joint effort. SG Bian briefed on SRCIC's initiative to build the Silk Road International Artwork Trading Center in China's Hainan Province. Ms. Bian has invited business communities of all countries, especially those from Belarus, to embrace opportunities and benefits brought by the Digital Silk Road and the Hainan Free Trade Port. She also introduced the Hainan International Culture Week 2021 to be held in Hainan by SRCIC next year, which includes the Silk Road Business Summit, the China International Artwork Trading Exhibition, and the China Private Culture and Tourism Enterprise Development Conference.
Colombia's Ambassador to China H.E. Luis Diego Monsalve Visits SRCIC Secretariat
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Colombia's Ambassador to China H.E. Luis Diego Monsalve Visits SRCIC Secretariat
20 Oct 2020
SRCIC Secretary General Diane Bian and Ambassador Luis Diego Monsalve On October 19 of 2020, Colombian Ambassador to China H.E. Luis Monsalve paid a visit to the Tang West Market. Diane Bian, Secretary General of the Silk Road Chamber of International Commerce (SRCIC) held a meeting with Ambassador Louis Monsalve at SRCIC's “Belt and Road” Cultural Exhibition Center. Ambassador Monsalve gave an introduction to Colombia's national conditions, business environment and Chinese enterprises' investment in Colombia. He highly recognized the efforts and contributions made by the Tang West Market in promoting cultural exchanges and cooperation between China and other "Belt and Road" countries, as well as the role of SRCIC in building a platform and mechanism for pragmatic economic and trade cooperation. He expects that SRCIC platform would connect more Chinese and Colombian enterprises to further deepen cooperation between the business communities of the two countries. SG Bian extended her welcome to Ambassador Monsalve and expressed her gratitude to His Excellency for his support for the development of the SRCIC. She said that SRCIC has always been committed to promoting and building a platform for exchanges and cooperation among businesses of various countries. To this end, it has held a series of activities including the Silk Road Business Summits. She hopes that with the support of His Excellency, the two sides can work together to promote cooperation among business associations and entrepreneurs from China, Colombia, and other Silk Road countries. SG Bian also noted the 5th Silk Road Business Summit and the 2nd annual meeting of the Silk Road Urban Alliance to be held in 2021. She invited the Ambassador and Colombian entrepreneurs to attend the above gatherings to promote high-quality projects and seek cooperation opportunities. At last, the two sides exchanged views on Colombian cities’ joining the Silk Road Urban Alliance.
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
Expo gives boost to Hainan as int'l tourism consumption center
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Expo gives boost to Hainan as int'l tourism consumption center
7 May 2021
Aerial photo taken on April 30, 2021 shows the Hainan International Convention and Exhibition Center in Haikou, South China's Hainan province. [Photo/Xinhua] HAIKOU -- The first China International Consumer Products Expo, to be held from May 7 to 10 in South China's Hainan province, will inject new impetus into the building of the island province into an international tourism consumption center. The four-day expo, which focuses on high-end consumer products, has attracted the participation of more than 1,300 brands from 69 countries and regions. Covering 80,000 square meters, including 60,000 square meters of international exhibition space featuring products including jewelry, food and health products from leading brands, the expo is expected to attract more than 20,000 buyers and over 200,000 visitors. According to the provincial bureau of international economic development, the first batch of 20,000 tickets for the public was sold within four hours via the Internet. "The expo will realize direct transactions between global buyers and sellers, introduce foreign high-quality consumer goods, and make up for the shortage of domestic high-end product supplies," said Wang Bingnan, China's vice minister of commerce. "The expo will build a global exhibition and trading platform for international consumer products, conducive to building Hainan into an international tourism consumption destination," Wang added. With the expo just around the corner, batches of imported products have been delivered to Haikou, capital of Hainan province, in recent days. Among them is a G. Patton GX vehicle, manufactured in the United States and weighing 3.1 tonnes, arriving at Haikou's Xiuying Port. "The car is worth 3.8 million yuan (about $580,260). Other vehicles from automobile brands like Lamborghini, Mercedes-Benz and Rolls-Royce will arrive at the port soon," said Zak Yuen Lee, president of KAWO International Trading (Hainan) Co Ltd. "China is speeding up the construction of the Hainan free trade port (FTP) and there are a lot of preferential policies, such as tax cuts, which will save us hundreds of thousands of yuan in costs," said Lee, who registered the company in Hainan last year. China proposed setting up a free trade zone in Hainan in 2018 and began construction of the Hainan FTP last year. On April 8, China released a guideline to support easing market access in the Hainan FTP. Over the past three years, a number of domestic and foreign companies have settled in Hainan. Hainan's duty-free market has also been gathering steam. Official data showed the province's offshore duty-free sales are likely to exceed 60 billion yuan in 2021, up from 30 billion yuan last year, which had doubled from 15 billion yuan in 2019. To ramp up its efforts to build itself into an international tourism consumption center, since July 1, 2020, Hainan has raised its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person. The categories of duty-free goods have been expanded from 38 to 45, with electronic products such as mobile phones and laptops added. Visitors' purchases at the consumer products expo will not be included in their annual quota. Many foreign-invested firms are eyeing great potential in the consumption growth of the Hainan FTP. Blackmores, an Australian health supplements company, has already confirmed its participation in the expo. It will have an exhibition booth of 200 square meters to offer visitors an immersive shopping experience. "We will seize the opportunity of the expo to have direct contact with Chinese consumers to better know their demands and meet their needs for a better life," said Kitty Liu, managing director of Blackmores Group in China. "The policies of the Hainan FTP and its international business environment have brought unprecedented chances to multinational enterprises like Blackmores. We will continue to actively ramp up our layout in Hainan," Liu added. Johnson & Johnson Consumer Health, a leading healthcare company, has also signed up for the expo to expand its business in China. "As our strategic key market, China is not only a crucial growth engine for our global business, but also an increasingly vital innovation engine in the world," said Farrell Wang, managing director with Johnson & Johnson Consumer Health China. The company will showcase its eight brands to consumers at the expo. "We hope the Hainan FTP will become an important gateway for China's opening-up and play a key role in promoting the innovation-driven high-quality development," said Wang. "The expo will build an important bridge for global brands to enter the Chinese market. Consumption will promote the agglomeration of industry, capital and other factors to accelerate the construction of Hainan as an international tourism consumption center," Liu added. Source: Xinhua
China's growth prospects, further opening-up in favor of attracting FDI inflows: OECD expert
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China's growth prospects, further opening-up in favor of attracting FDI inflows: OECD expert
6 May 2021
China's favorable growth prospects and further opening-up policies are key factors that attract foreign direct investment (FDI), said an official of the Organization for Economic Cooperation and Development (OECD) on Monday. FDI inflows to China increased 14 percent last year, making the country the top destination worldwide, noted Margit Molnar, head of the China desk at the OECD Economics Department, in an interview with Xinhua. Meanwhile, global FDI flows dropped by 38 percent in 2020 to 846 billion U.S. dollars, the lowest level since 2005, according to data released by the Paris-based economic organization on Friday. China surpassed the United States as the world's largest FDI recipient last year when the two economies received inflows of 212 billion dollars and 177 billion dollars, respectively. The OECD attributed the global FDI decrease to the COVID-19 fallout. "COVID-19 created extraordinary circumstances, where lockdowns were not conducive to set up new projects and thus have likely delayed decisions to invest abroad," explained Molnar. "As China's lockdown was very short in an international comparison and its economy reopened swiftly after gaining control of the outbreak, it became a more realistic destination for FDI than its competitors still under lockdown," she said. China's increased opening was another important factor in attracting FDI, she added. "According to the OECD's FDI Regulatory Restrictiveness Index, from 2019 to 2020, China reduced barriers to FDI, most visibly in financial services but regulations also eased in manufacturing, agriculture and construction," she noted. The economist stressed that stabilizing foreign investment inflows is an important policy target, as it is key to technological upgrading and ultimately to long-term growth. "China has leapfrogged ahead of many advanced economies in newly emerging areas such as e-commerce or AI, but needs to continue its technology upgrading in other areas, including traditional and manufacturing industries," she said. China is also becoming a major international investor and "its share of overall outward FDI stock has been increasing rapidly," Molnar said. China has continued to invest at high rates, with its outward FDI flows reaching 16 percent of global flows last year, up from 12 percent in 2019, the expert noted. Source: Xinhua
Sino-German ties can serve as role model for global unity: China Daily editorial
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Sino-German ties can serve as role model for global unity: China Daily editorial
30 Apr 2021
Chinese Premier Li Keqiang co-chairs the sixth China-Germany inter-governmental consultation with German Chancellor Angela Merkel via video link in Beijing, capital of China, April 28, 2021.[Photo/Xinhua] The rampancy of the COVID-19 pandemic calls for international cooperation, as only by working together can countries win the war against the deadly virus and boost a global economic recovery. China and Germany have set a good example in this regard. Their frequent high-level dialogues, a defining feature in China-German interaction even during the pandemic, have guaranteed the sustainability of bilateral ties, which also occupy a special niche in China's cooperation with the European Union as a whole. The sixth China-Germany intergovernmental consultation, which was held on Wednesday via video link, once again showed the two sides' determination to maintain dialogue and cooperation despite the United States intensifying its efforts to persuade its European allies to join it in confronting China. Co-chaired by Premier Li Keqiang and German Chancellor Angela Merkel, Wednesday's meeting brought together 25 ministerial officials from both sides, underscoring the importance each country attaches to promoting bilateral ties. As Premier Li pointed out in his opening remarks, the intergovernmental consultation works as a "super engine" powering and deepening bilateral pragmatic cooperation. Cooperation and win-win results have become the main thrust of the China-Germany all-around strategic partnership. After displaying strong momentum last year, China-Germany trade grew by 41.5 percent year-on-year in the first quarter, fully demonstrating the huge potential of bilateral cooperation. Their growing trade ties have not only brought real benefits to the two peoples but also contributed to the security and stability of the global industrial and supply chains. Their positive interaction sends a strong signal to the other EU members that they will be on the wrong track if they let Washington's geopolitical considerations commandeer the EU's relations with China. Considering that the pandemic is far from over and protectionism still exists, China and Germany, both major, influential economies, should continue to uphold their commitment to multilateralism and free trade so as to nourish a healthy trend of openness, reciprocity and win-win cooperation in the world. To this end, the two should continue to work to enhance their anti-epidemic cooperation, promote fair and equitable distribution of COVID-19 vaccines, and reject vaccine nationalism. China also stands ready to work with Germany — and the EU at large — to jointly promote the signing and entry into force of the China-EU investment agreement as soon as possible so as to facilitate the healthy and stable development of bilateral relations as well as world economic growth. With the world becoming more turbulent and facing formidable challenges from the pandemic and other crises, such as climate change, they need to shoulder important global responsibilities as their cooperation extends beyond bilateral ties and they need to contribute their wisdom to addressing the pressing global issues. Sharing similar views on a wide range of global issues, the two countries should enhance their coordination so they can send a strong message of cooperation and demonstrate the strength of unity. Source: China Daily
Belt and Road gains momentum in challenging times
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Belt and Road gains momentum in challenging times
29 Apr 2021
Entering its eighth year of solid progress, the Belt and Road Initiative (BRI) is injecting growing impetus and stability into global cooperation in a world of uncertainties. Just days ago at the Boao Forum for Asia annual conference, Chinese President Xi Jinping likened the BRI to "a public road open to all" rather than "a private path owned by one single party." His use of this analogy indicates that China, as the initiator of the BRI, endeavors to share opportunities with the rest of the world. Faced with the unprecedented challenges of COVID-19, rising unilateralism and increasing protectionism, the world requires closer ties among all nations. Against this backdrop, the BRI is particularly valuable for cementing connectivity, bridging differences and advancing global cooperation. Facts speak louder than words. Bucking a global COVID-19-driven downturn, China's non-financial direct investment into countries along the Belt and Road jumped 18.3 percent year on year to 17.8 billion U.S. dollars in 2020. Trade is also thriving along the ancient but exuberant pathway, which has helped transport valuable medical supplies to those in urgent need amid COVID-19. In the first quarter of this year, the China-Europe freight train services recorded 3,398 journeys, surging 75 percent year on year. A total of 89,000 tonnes of anti-pandemic supplies had been transported across continents via the services by late March. China is also working with all willing participants to build the BRI into a pathway to poverty alleviation and growth. According to a report from the World Bank, Belt and Road projects could by 2030 help lift 7.6 million people out of extreme poverty and 32 million people out of moderate poverty across the world. As of the end of January, a total of 171 countries and international organizations have signed 205 cooperation agreements with China on the joint construction of the Belt and Road. With more partners jumping on board for a mutually beneficial journey, there is more to expect in the future: Countries can work together to fight COVID-19, economic slowdowns, poverty, climate change and other common challenges, regardless of geographical or ideological boundaries. Source: Xinhua
Sustainable socio-economic development in Uzbekistan: recent trends
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Sustainable socio-economic development in Uzbekistan: recent trends
28 Apr 2021
Uzbekistan is one of the few countries in the world with a fast-growing economy. Over the last decade, the Republic's GDP growth rate has been steadily exceeding the average rate for the group of leading CIS countries (Russia, Kazakhstan, Belarus) and several countries of the Central Asian region (Kyrgyzstan, Tajikistan). Even during the pandemic crisis of 2020, when these countries recorded a decline in the economy (with the exception of Tajikistan), Uzbekistan managed to maintain positive economic growth. To learn more aboutUzbekistan's economic development, please read click the following link: Sustainable socio-economic development in Uzbekistan: recent trends
China makes ecological cooperation key part of BRI, says former Bangladeshi minister
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China makes ecological cooperation key part of BRI, says former Bangladeshi minister
27 Apr 2021
China has made ecological cooperation a key part of the Belt and Road Initiative, Dilip Barua, former Bangladeshi Minister of Industries, said here Sunday. "A number of green action initiatives have been launched covering wide-ranging efforts in green infrastructure, green energy, green transport, green finance to bring enduring benefits to the people of all Belt and Road partner countries," Barua, also general secretary of the Communist Party of Bangladesh, told Xinhua in an interview. China has also made a commitment to helping developing countries build capacity against climate change through various forms of result-oriented South-South cooperation, he added. Lauding Chinese President Xi Jinping's speech at the virtual Leaders Summit on Climate made via video link on Thursday as "outstanding, intellectually comprehensive and innovative," Barua said Xi "has grasped the genuine problem of climate change, and has given the Chinese solution to solving the problem on the basis of man and nature living in harmony." To build a community of life for man and nature, Xi made a six-pronged proposal as to what the international community must be committed to -- from harmony between man and nature, green development, systemic governance, a people-centered approach, to multilateralism and the principle of common but differentiated responsibilities. Barua praised Xi's proposal, saying if the international community accepts the proposal, the ecosystem of the nature will be protected in a scientific way. The ongoing COVID-19 pandemic has added difficulties to economic and social development across countries, he said. "In the face of unprecedented challenges in global governance, the international community needs to act with a sense of responsibility and unity, and work together to foster a community of life for man and nature," he added. Source: Xinhua
Forthcoming book: China for SMEs Essential Elements of Success
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Forthcoming book: China for SMEs Essential Elements of Success
12 Apr 2021
Mr. Daryl Guppy, SRCIC member and Chairman of Australia China Business Council (ACBC), will release his new book China for SMEs Essential Elements of Success. He is also the founder and CEO of Guppytraders.com, an international financial market education and training organisation with offices in Darwin, Singapore and Beijing. As China grows in importance to companies around the world, it is vital for companies to understand the Chinese business culture. This book is an essential read for anyone serious about successful business in modern China.Mr. Daryl Guppy outlines the crucial ingredients for success, culled from more than 20 years of experience in China business, official meetings and government advisory. Reviews "If you want to do business in China, this book is an absolute must. Nobody I know understands China and the Chinese people as well as Daryl Guppy. His knowledge and insights are built on his decades of business experience, his wide networks and friendships. I strongly recommend this book for anyone currently doing business, studying business or wanting to do business with China." John Brumby Former Premier of Victoria, Australia and National President of the Australia China Business Council 2014–2019 "Guppy's great skill is to eschew the usual cliches and urban myths about doing business in China. Instead, he emphasises the background work required to know your customer, know your market, know the diversity of China, even within a single city, know yourself, and know your offer, be it in products or services. Guppy's analysis will help many to get to success for years to come." Geoff Raby Former Australian Ambassador to China Independent ASX company director, Chairman, Geoff Raby and Associates "Daryl Guppy's book is a rich repository of behavioural observations, nuances and understandings which are fundamental to building the all-important relationships and trust that drive successful engagement with the Chinese. Anyone looking to engage successfully with the Chinese would benefit greatly from exploring the insights which shape the 'deep seated' perceptions of the Chinese people." Hon. Andrew Robb AO Former Minister for Trade and Investment and architect of the China Australia Free Trade Agreement For the further information , please download from https://worldscientific.com/worldscibooks/10.1142/12167
COVID-19 passport success relies on coordination: Daryl Guppy
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COVID-19 passport success relies on coordination: Daryl Guppy
15 Mar 2021
An International Certificate of Vaccination or Prophylax is shown in front of the Berlaymont, the EU Commission headquarter in Brussels, Belgium, March 13, 2021. /Getty 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 views and not necessarily those of CGTN. Responses to COVID-19 in 2020 exposed significant cracks in the implementation of public health policy. Unfortunately that same dysfunction threatens the resumption of international travel and commerce because of lack of agreement about the form of a COVID-19 passport. In China, the public health response to COVID-19 was disciplined, coordinated and effective; in the United States, the response was disjointed with inconsistent standards applied by different states and by the political leadership; in the United Kingdom, the response was an abject failure of planning and implementation. Some countries – like Australia and New Zealand – effectively kept COVID-19 contained and managed by the simple expedient of closing their island borders. Celebration of the low infection rate in Australia disguised the failure to develop any nationally recognized track and trace system, with each State setting their own standards for quarantine, tracking and border closures. People have every reason to expect that the management of the post-COVID-19 recovery will draw on the lessons learned during the COVID-19 crisis. Unfortunately this does not appear to be the case as some countries are developing their own COVID-19 passport solutions without reference to others. Some other countries are simply not actively considering the issue at this time. At one level, developing a secure COVID-19 passport is simply a matter of applying the appropriate technology. It should be a straightforward solution using blockchain security features. The inability to develop COVID-19 track and trace systems in some countries suggests the problem of an acceptable COVID-19 passport may be more difficult to resolve. The passport must rest of unquestionable proof of vaccination. Currently, several groups are developing COVID-19 passports. China has just launched its digital version of a health certificate for international travelers. It uses an encrypted QR code based on blockchain security. Singapore has a government-led process. GovTech (Singapore) developed digital COVID-19 test credentials for travellers pre-departure validation. These are fully compliant with Singapore's SafeTravel program. Considerable work with blockchain based passports has been undertaken by the International Air Transport Association and the EU. They are well advanced in developing and adopting a standard. This initiative is led by business; so the challenge is to persuade governments to recognize the solutions. Elsewhere business organizations are taking the lead. The Australia China Business Council is urging the Australian government to support the development of a COVID-19 vaccine passport using blockchain technology to help open international travel. President David Olsson said "We see an opportunity for the Australian government to work with China and other nations in our region to develop the recommended standards for security, authentication, privacy and data exchange." Michelle Reeves and Marc Reeves and their family's passports to Australia seen on the counterspace, July 27, 2020. /Getty These varied approaches means questions remain around the compatibility and cross border acceptance of these COVID-19 passports. Mutual recognition of these different approaches is the first barrier to overcome before international travel can truly resume. However, immunization in itself poses a problem. People who have been vaccinated will show lingering historical evidence of a low level COVID-19 infection. These viral remnants may be picked up by the nucleic and serum IgM antibody tests regimes and deliver a COVID-19 positive result. This may prevent a green tick on the COVID-19 passport. The suggested solution is for proof of vaccination to be given absolute priority over any lingering COVID-19 positive result. At a deeper level, and more alarmingly, are the problems associated with the architectural foundations of a COVID-19 passport. It's an issue that is concerning many business organizations because it goes to the heart of the efficacy of a COVID-19 passport. This issue rests on the recognition of a range of vaccines that will provide the platform for a major boost for international tourism and for a resumption of international business and student travel. The COVID-19 passport is not genuinely useful unless it includes and recognizes "approved" vaccination sources which will enable quarantine free international travel. The architecture of the COVID-19 passport is the key issue because it rests on the mutual recognition of vaccines as suitable for permitting quarantine free travel. A COVID-19 passport requires much more than a green tick. Business groups have an important role to play in ensuring that the operational details of a COVID-19 passport, including mutual vaccine recognition, really make international business and tourist travel accessible and possible. Source: CGTN
Main Fairs and Exhibitions in Cuba 2021
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Main Fairs and Exhibitions in Cuba 2021
15 Mar 2021
【About the Chamber of Commerce of the Republic of Cuba】 The Chamber of Commerce of the Republic of Cuba was created on February 1, 1963. The Chamber was seen as an effective instrument to contribute to the search for new markets, support the great reorganization of foreign trade, and to enable business relationships with other countries. 【Fairs & Exhibitions】 Nowadays, fairs and exhibitions have become an essential component of Cuba’s commercial and business scene. Below are some of the fairs and exhibitions to be held in Cuba in 2021. February International Book Fair March International Agricultural Fair March INFORMATICA 2021 - 18th International IT Convention & Fair April International Hotel Trade Fair May International Tourism Fair May International Fair Renewable energy June Cubaindustria 2021 June EXPOMATANZAS June EXPOCARIBE September International Fair Transport & Logistic November Havana International Trade Fair, FIHAV December International Crafts Fair 【Trade & Investment】 Cuba, as an important gateway to South America, enjoys political stability and crucial strategic position. The country is rich in agriculture, fishery and tourism resources, bringing great potential for development. On the website of Procuba www.procuba.cu you can find the portfolio of investment opportunities and the Cuban exportable offer. 【Mariel Special Development Zone (MSDZ)】 MSDZ is situated 45km west of Havana and has an area of 465.4km². Since its establishment more than seven years ago, MSDZ has become an important platform for Cuba to attract foreign investment. Activities and sectors prioritized in the MSDZ: Biotechnology, development and production of drugs Containers and Packaging Industry Renewable energy Agriculture Food industry Industry Telecommunications and Informatics Tourism and Real Estate Investments in Infrastructure For more information, please visit www.zedmariel.com/en or download Business with Cuba.
Development funding is not debt trap diplomacy: Daryl Guppy
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Development funding is not debt trap diplomacy: Daryl Guppy
5 Jan 2021
Passenger trains on the Mombasa-Nairobi Standard Gauge Railway (SGR) line stand at platforms at the Nairobi StandardGauge Railway(SGR) Terminus in Nairobi, on Tuesday, Aug. 18, 2020. /Getty Images The shanty town between Manila's airport and the city captures Asia's infrastructure deficit problem, estimated by the World Bank to be a shortfall in the order of $459 billion per year. That's the annual shortfall amount required to meet current infrastructure needs for bridges, roads, railways, ports, housing, sewerage works and civic utilities. There are several international funding sources available which help bridge this infrastructure deficit. They include the World Bank, the Asian Development Bank (ADB), ironically headquartered in Manila, the Asia Infrastructure Investment Bank (AIIB) and a number of programs falling under China's Belt and Road Initiative (BRI). Work by the AIIB and the BRI programs has been criticized by the United States and some of its allies as a program of"debt trap diplomacy."According to them, the idea is that China uses the BRI and the AIIB(which is in fact not even owned by China, but a multilateral financial institution)to extend credit facilities to vulnerable nations and then, when the nations cannot repay, the asset is taken over by China. It's a story that has been repeated frequently by some Western media and political leaders. It's been repeated so often that it is now accepted by many as a matter of fact but closer examination suggests these allegations are exaggerated. Countries with significant infrastructure needs make use of multiple sources of funding. They borrow from Western donors and aid agencies, from the World Bank, and the ADB, from multilateral banks, and private bond holders. The Asian financial crisis of 1997 highlighted the problem of heavy reliance on just a few sources of funding denominated in a single currency. Asia survived the subsequent market crises, including the global financial crisis by moving to more diversified sources of finance. China is but one of the sources of finance and closer examination suggests there is no reason to think that countries have become particularly dependent on China. There are multiple funders available and developing countries have choices. Many prefer to use Chinese financing for big projects in transport and power. Private funding is usually too expensive and it's usually short-term with five year lending periods. The Western sources of funding have shifted their focus away from infrastructure. In its earlydays, 70percentof World Bank financing went to economic infrastructure but now, it is around 30percent. Undertaking big infrastructure projects with the Western donors is very bureaucratic and time-consuming. Poor countries which often have poorly developed administrative capacity, have to follow increasingly complex first-world regulations which include a whole range of added compliance factors which, whilst relevant to Western economies, are often an unfair burden on developing countries. Now these traditional donors have abandoned hard infrastructure funding almost completely. However, the infrastructure deficit has not gone away so it makes rational sense to access China funding in this area. Filling this gap is not"debt trap diplomacy"although the ultimate impact of providing upgraded access roads is also a diplomatic coup. But so too is Western funding of better social services and administrative capacity. The traditional funding sources prefer to finance projects including social services, and administration. Increasingly they also prefer some element promoting Western democratic values. Developing countries make rational decisions in their search for developmental funding. They look to China to do transport and power and to Western donors to do social sectors. They turn to private bondholders to provide general and short-term budget finance. It's these big ticket infrastructure items that are most frequently cited as examples of debt diplomacy. In response, the U.S. has launched a new development finance institution to compete with China. This is designed to counter BRI infrastructure projects but, as usual, all borrowers are beholden to their lenders and debt-for-equity swaps are a common solution for all parties. China's share of African debt is around one-third of total African debt obligations. China finance is important, but with two-thirds of debt owed to other official creditors and the private sector, it means they are collectively even more important.Rather than taking control of assets China has joined the other G20 countries in offering poor countries a moratorium on debt servicing during 2020.Allegations of coercive "debt trap diplomacy"are more a figment of imagination and political posturing than a reflection of reality. Resolving these debt issues will involve restructuring or write downs and this is normally organized through the Paris Club, of which China is not a member.Rather than castigating China with a false "debt trap diplomacy"narrative, it would be more useful for these critics to bring China into the Paris Club and cooperate on debt relief. The infrastructure deficit is huge and any attempt to reduce this should be welcomed. Call it what you will, but when done correctly, lending is always good for diplomatic relations. Source: CGTN
China's opening-up continues: Daryl Guppy
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China's opening-up continues: Daryl Guppy
28 Dec 2020
Editor's note:Daryl Guppy is an international financial technical analyst. 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 opinions and not necessarily the views of CGTN. For the first time in 44 years, moon rock samples came back to earth with the Chang'e-5 lunar mission. In a clear example of China's continued engagement with the world, these were immediately made available for international study. This is at a time when the U.S. and others have done their best to isolate China during 2020. Some justify this isolation with the claim that China is looking more inwardly following the pandemic and the decoupling initiated by the U.S. The elimination of absolute poverty, often cited as China's shining achievement, is built on the back of the country's opening up and engagement with the world for over more than 40 years. The path to a moderately prosperous society rests firmly on more opening up and China's policy developments in 2020 reflect this commitment. There are three important aspects. The first is the opening up of capital market which is designed to integrate China into the global financial economy. The second aspect is support for the global institutions that define international relations. The third aspect is support for new global trade agreements which improve the existing structure of global trade, underpin economic prosperity and progress towards a moderately prosperous society. In 2020, capital market reform gave foreign investors access to China's $15 trillion bond market. Global pension funds have access to safe government debt that pays more than three percent and that is a challenge to the European and American bond markets. Some describe this as just as important as China's admission to the WTO in 2001. As foreshadowed in the 14th Five-Year Plan, Chinese investors may soon find it a lot easier to invest in foreign companies. Competition for global capital will be stronger if Washington expands on moves to reduce Chinese borrowers' access to American capital. This opening-up is a competitive threat to other global markets. The growth of China's capital market has in many ways been accelerated by moves to exclude some Chinese companies from listing in U.S. capital markets. Despite the challenges of 2020 the Shanghai and Shenzhen Stock Exchanges saw a 82-percent increase in terms of funds raised compared with 2019. The STAR Market contributed 47 percent of the funds raised in the A-share market during the year, establishing the Shanghai Stock Exchange as one of the top three exchanges in terms of total funds raised. A simulated illustration of Chang'e-5 probe's orbiter-returner's separation from the ascender on the moon orbit, December 6, 2020. /CNSA As one of the largest commodity consumers in the global economy, China has long been at the mercy of price set by foreign commodity exchanges. In previous years China expanded the Shanghai and Dalian Futures Exchanges with commodity contracts covering oil, rubber, cotton and iron ore. In 2020 a copper futures contract was added. The areas covered by commodity futures will expand and provide an alternative price mechanism to that dominated by foreign exchanges. More active pricing is an essential part of China's engagement with the global financial markets. The development of China's sovereign digital currency – the digital yuan – is a further example of China's opening up as it will provide easier international access to cross border trade settlement.The expansion of capital market engagement belies the idea that China is looking more inwardly in 2020. Rather than withdraw from global participation, China stepped up engagement, including participation in the COVAC alliance vaccine rollout. The anti-Chinese media sees this as a threat, but it's an engagement welcomed by much of the world. Under President Donald Trump, the United States withdrew from many global organizations doing its best to destroy the WTO and undermining UN agencies like the WHO. China's approach was the exact opposite. When President Trump crippled the WTO appellate system by refusing to confirm the appointment of new judges, China, along with other countries, established an alternative dispute settlement mechanism to ensure the settlement of trade disputes would continue. China has not only defended global institutions like the WTO and WHO, it has been actively involved in creating new institutions designed to encourage global engagement and expand trade facilities. The signing of the multilateral RCEP trade agreement underlines China's engagement with the global economy. Participation in these new global agreements is consistent with a desire to open up and provides further evidence that China is not looking inwards and withdrawing from the world. 2020 has seen concerted attempts by some to isolate China from the world but the result has been the exact opposite. Although China has been rebuffed by some Western countries closely allied to the U.S., it has not withdrawn from global engagement and has not resiled from the path of opening up. China will neither be forced to open up as Western powers attempted to make it do in the 19th century, nor will it allow itself to be prevented from opening-up. Source: CGTN
Interview: BRI cooperation to deepen Ukraine-China relations -- expert
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Interview: BRI cooperation to deepen Ukraine-China relations -- expert
28 Dec 2020
Cooperation to jointly construct the Belt and Road Initiative (BRI) will create new opportunities for the development of relations between Ukraine and China, said a Ukrainian expert on Thursday. Ukraine and China signed on Wednesday an agreement on the joint construction of the BRI, which Irina Nikorak, executive director and founder of Ukrainian Silk Road Association Silk Link, deems as "an important event in the context of the development of relations between Ukraine and the China." "China is our strategic partner, which means that we are ready to deepen cooperation in all areas. Despite the challenges that our countries face now, we were able to agree on a plan for further cooperation," said Nikorak in an interview with Xinhua. Kiev and Beijing are discussing the issue of mutual trade liberalization, which will benefit both sides. Over the next five years, two-way trade between Ukraine and China may grow by more than 50 percent to 20 billion U.S. dollars, Nikorak said. At the same time, she pointed out, within the framework of cooperation, the Ukrainian side is ready to offer a number of joint projects, including the processing of agricultural products, the creation of industrial parks and high-tech development zones. In addition, China could help modernize Ukraine's transport infrastructure, with which the country could become a major logistics hub connecting Europe and Asia. Nikorak voiced confidence that the law on state support for projects with significant investments, which was adopted by the Verkhovna Rada, or parliament, on Dec. 17, will become an important incentive to strengthen cooperation between Ukraine and China in infrastructure and other areas. The modernization and development of Ukraine, she said, is facilitated not only by practical cooperation with China, but also by learning from the Chinese experience. China is "an example of creating the miracle of rapid economic growth. China is now firmly committed to the further development of economic globalization, the protection of free trade, active participation and improvement of global governance, and is making efforts to build an open global economy," said Nikorak. The plan of cooperation on the joint construction of the BRI was signed at the fourth meeting of the China-Ukraine Inter-government Cooperation Committee, co-chaired via video link by Chinese Vice Premier Liu He and Ukrainian Deputy Prime Minister Olga Stefanishina. Stefanishina said Ukraine is willing to work with China to overcome the adverse impact of the COVID-19 pandemic to expand mutually beneficial cooperation in various areas and promote the sustainable development of bilateral relations. After the meeting, the two sides witnessed the signing of multiple cooperation documents. Source: Xinhua
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