China largest FDI recipient in 2020 amidst global plunge -- UNCTAD report
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China largest FDI recipient in 2020 amidst global plunge -- UNCTAD report
26 Jan 2021
Global foreign direct investment (FDI) plunged by 42 percent in 2020, a new report by the United Nations Conference on Trade and Development (UNCTAD) showed on Sunday, while China bucked the trend becoming the world's top recipient of investment flows. In its latest Investment Trends Monitor, the Geneva-based UN trade and development body said that FDI fell sharply to an estimated 859 billion U.S. dollars last year, from 1.5 trillion U.S. dollars in 2019, and warned of further weakness this year, putting a sustainable recovery from COVID-19 pandemic at risk. "FDI finished 2020 more than 30 percent below the trough after the global financial crisis in 2009 and back at a level last seen in the 1990s," the report wrote. The data showed that the decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated 229 billion U.S. dollars, the lowest level in 25 years. Flows to Europe dried up completely, tumbling by two-thirds to minus 4 billion U.S. dollars, it noted. In Britain, FDI fell to zero, and declines were recorded in other major European recipients. A sharp decrease of 49 percent to 134 billion U.S. dollars was also recorded in the United States. CHINA A BRIGHT SPOT The decline in developing economies was relatively measured at 12 percent to an estimated 616 billion U.S. dollars, the report showed, while China topped the ranking of the largest FDI recipients. FDI flows to China rose by 4 percent to 163 billion U.S. dollars, making the country the world's largest recipient in 2020, followed by the United States. China's high-tech industries saw an increase of 11 percent in 2020, and cross-border mergers and acquisitions (M&As) rose by 54 percent, mostly in information and communications technology (ICT) and pharmaceutical industries, the report said. "A return to positive gross domestic product (GDP) growth and the government's targeted investment facilitation program helped stabilize investment after the early (coronavirus) lockdown," James Zhan, UNCTAD's director of investment and enterprise, said in a virtual press conference. "The global dependence on the supply chains of multinational enterprises in China during the pandemic also sustained the FDI growth in China," he added. The country saw its GDP increase 2.3 percent year on year last year and is expected to be the only major economy to post growth in the pandemic-ravaged year, according to the National Bureau of Statistics (NBS). UNCERTAIN OUTLOOK Looking ahead, UNCTAD warned that the global FDI trend is expected to remain weak this year. "Risks related to the latest wave of the pandemic, the pace of the roll-out of vaccination programs and economic support packages, fragile macroeconomic situations in major emerging markets, and uncertainty about the global policy environment for investment will all continue to affect FDI in 2021," it wrote. While sharply lower greenfield project announcements suggest that a turnaround in industrial sectors is not yet in sight, UNCTAD however stressed that strong deal activity in technology and pharmaceutical industries could push M&A-driven FDI flows higher. "Overall, the global FDI is likely to follow a U-shape recovery, unlike the global trade and GDP which have been predicted to be a V-shape recovery starting already 2021. International investment projects tend to have a long gestation period and react to crises with a delay, both on the downward slope and in the recovery," Zhan estimated. Earlier this month, UNCTAD announced that Secretary-General Mukhisa Kituyi will step down from his post on Feb. 15. The selection process for his successor will start after a vacancy is posted at the beginning of February. Source: Xinhua
Interview: China's strong economic performance good sign for global recovery, says scholar
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Interview: China's strong economic performance good sign for global recovery, says scholar
25 Jan 2021
China managed to control the COVID-19 early on, and register a positive economic growth in 2020, which are good signs for global economy, a scholar said here in a recent interview with Xinhua. "It is quite a performance in such a difficult year," said Cai Daolu, a visiting senior fellow of the National University of Singapore Business School, when commenting on the data that China registered a 2.3 percent GDP growth in 2020 and became the only major economy that recorded a positive growth in the year amid the pandemic. China's strong economic performance in 2020 has been translated into two important features, namely "a stable labor market" and "a rising disposable income" in China, Cai said. With a strong central government coordinating the efforts with the local governments, China has been very committed and efficient in containing the spread of the virus, which creates a safe environment for household spending and the labor force's return to work, he said. "The key crucial element (for the economic performance) is the containment of the virus that grants confidence to the population," Cai said. Other elements also apply. As some countries tended to turn inward and closed their doors amid the pandemic last year, China reaffirmed its commitment to trade of goods and services, and to investment, signing the Regional Comprehensive Economic Partnership (RCEP) free trade agreement with 14 other countries, and concluding the negotiations of the China-EU investment treaty. These multilateral agreements will not only help mitigate the economic damage of COVID-19, but also boost the confidence of investors, thus facilitate global economic recovery, he said. "We need an economically healthy and strong China." A lot of travel restrictions have been imposed almost worldwide to control the coronavirus right now, but Cai noted that there's an urgency for the world to be more connected to combat the pandemic, because the global supply chains are so complex and interconnected, and people need access to goods and services. "Only in this way can we maximize the provision of goods, such as medical equipment, and take full advantage of our comparative advantages of each country," he noted. Touching upon the China-proposed Belt and Road Initiative, Cai believed that it aims to connect China with the rest of the world through connectivity and can help build a more integrated globe. "When countries are more connected, when the transaction costs are reduced, it gives market access to everyone that is part of this network," he said, adding that the initiative can play an important and transformative role in lifting people out of poverty. Thus, the initiative can have a substantial economic benefit for the global economy, he said. Source: Xinhua
Nonfinancial ODI in BRI nations up 18.3%
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Nonfinancial ODI in BRI nations up 18.3%
22 Jan 2021
Faster growth seen in sectors like tech, scientific research services and leasing China's nonfinancial outbound direct investment in 58 countries participating in the Belt and Road Initiative rose 18.3 percent to $17.79 billion in 2020 despite the 0.4 percent fall in the overall nonfinancial ODI to $110.15 billion, the Ministry of Commerce said on Thursday. Nonfinancial ODI into the BRI-involved economies accounted for 16.2 percent of the total nonfinancial ODI in 2020, up 2.6 percentage points from a year earlier, said Gao Feng, a spokesman for the ministry. Contracts for new projects in the BRI-related economies amounted to $141.46 billion, accounting for 55.4 percent of the total amount last year. Though the overall ODI reached $132.94 billion last year, up by 3.3 percent on a yearly basis, the ODI into some sectors saw a faster growth than others. These sectors included leasing and commercial services, wholesale and retail, scientific research and technical services, and power production and supply. In 2020, ODI in the leasing and business services industry rose by 17.5 percent on a yearly basis to $41.79 billion. ODI in the wholesale and retail sector was $16.07 billion, a year-on-year increase of 27.8 percent. Investment into power production and supply, and scientific research and technical services increased 10.3 percent and 18.1 percent, respectively, in the same period. Nonfinancial ODI from local enterprises rose 16.4 percent on a yearly basis to $80.75 billion last year. Looking at the data for last year, it is obvious that Chinese enterprises continued to repose immense faith in globalization and played a significant role in the recipient countries' development and global economic recovery from the COVID-19 pandemic, experts said. "Companies from China are now more confident and willing to invest abroad, thanks to the country's proactive globalization strides," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing. Despite the rising protectionism and anti-globalization disruptions in recent years, Chinese enterprises are still committed to overseas investment and international economic and trade cooperation, because they have witnessed the protection and enhancement of global economic and trade order due to globalization, Zhou said. Through overseas investment and participation in international competitions and resource allocation, Chinese enterprises have optimized their business operations and presence globally to boost their performance and capabilities, he said, adding that the free trade agreements inked by the Chinese government have played a key role in spurring the go-global efforts of Chinese companies. Besides, the pandemic has severely impacted international industrial and supply chains. Thanks to the country's effective control measures, Chinese enterprises have resumed business activities and recovered from the COVID-19 effect rather quickly and are able to meet the demand from other regions in the world as planned. Through new investment, Chinese enterprises furthered employment, tax and exports overseas and also provided the impetus for local economic recovery and development, he said. Bai Ming, deputy director of the Institute of International Market Research at the CAITEC, said the higher investment in BRI-related countries demonstrates the deepening economic and trade cooperation between China and those countries, which will also contribute to global economic recovery. Source: China Daily
China's economy to grow by over 7 pct in 2021: Credit Suisse
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China's economy to grow by over 7 pct in 2021: Credit Suisse
21 Jan 2021
China's economic growth will increase to over 7 percent in 2021, Swiss bank Credit Suisse has predicted. China's economy will remain strong in the first quarter of 2021, and consumption is expected to become the main driving force of China's economic growth in the next few years, the Swiss bank said in an online media conference on China's market outlook for 2021 held on Monday. As the world's only major economy to post positive growth in the pandemic-shadowed year 2020, China saw its gross domestic product exceeding the 100-trillion-yuan threshold for the first time in 2020. Source: Xinhua
Interview: China's economic recovery "a blueprint" for others, WEF director says
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Interview: China's economic recovery "a blueprint" for others, WEF director says
20 Jan 2021
China's faster than expected economic rebound after the COVID-19 shock is a bright spot and could serve as a roadmap for other countries, said Saadia Zahidi, a Managing Director at the World Economic Forum (WEF), in an interview with Xinhua on Monday. "China is clearly one of the few large economies in the world that has seen that kind of recovery in the growth numbers," she said. China's National Bureau of Statistics (NBS) said on Monday that the country's economy grew more than expected in 2020 by 2.3 percent year-on-year. Accordingly, China is expected to be the only major economy to post growth in the pandemic-ravaged year. The country's gross domestic product (GDP) exceeded the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold in 2020, NBS said. This marked a new economic milestone for the Chinese economy after the country's GDP per capita exceeded 10,000 U.S. dollars in 2019 for the first time in history. Earlier this month, the World Bank Group said that it expected China's economy to expand by 7.9 percent in 2021, while the global economy is on track to grow by 4 percent. Zahidi said that the recovery from the COVID-19 pandemic should be "green." "We need to ensure that coming out of the crisis, economies are dealing with mitigating some of the future concerns. One is the concern around social fragmentation. For that it is important that the future economy provides jobs, inclusion, skills and education for everybody." "The second element is that we have to ensure that our future economies are embedding sustainability from the beginning. A growth model which has inclusion and sustainability at its core. That is what is going to be critical for China and for other big economies," she said. China is currently transitioning to a green and low-carbon economy. The country aims to see its CO2 emissions peak before 2030 and achieve carbon neutrality by 2060. Source: Xinhua
RCEP to take effect by end of this year
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RCEP to take effect by end of this year
20 Jan 2021
One-third of China's foreign trade goods to be tariff-free after deal implementation The Regional Comprehensive Economic Partnership agreement is expected to take effect by the end of this year, enabling more than one-third of China's foreign trade goods to enjoy zero tariffs in the next stage, a senior government official said on Monday. Commerce Minister Wang Wentao said the pact will drive the opening-up of services and investments, promote trade facilitation and improve the business environment in the country. China will take the opportunity to expand trade and investment activities in the region, stabilize industrial and supply chains and form new advantages in global economic cooperation and competition. Besides, China will highlight the characteristics of local economic development and fully integrate into the huge market, Wang said. The minister said at a national online training session that the government will systematically introduce articles about the deal on goods, services, investment, rules of origin, Customs facilitation and other areas. Its goal is to assist local governments, industry associations and export-oriented companies to be familiar with RCEP rules. The mega trade deal was signed by China, Japan, the Republic of Korea, Australia, New Zealand and 10 member states of the Association of Southeast Asian Nations on Nov 15, 2020. The RCEP is also the world's biggest free trade bloc, covering 2.27 billion people, or almost 30 percent of the global population, with a combined gross domestic product of $26 trillion, or about 30 percent of global GDP in 2019, data from the ministry showed. At present, all the signatories are actively pushing for early clearances for the pact. It will come into force and be implemented after ratification by six ASEAN economies and three non-ASEAN countries, said Wang Shouwen, vice-minister of commerce. With the signing of the RCEP, China has sealed 19 free trade agreements with other countries and has 26 free trade partners, he said. After the implementation of the RCEP, China's foreign trade volume with its FTA partners will increase from 27 percent to 35 percent, indicating more than one-third of its foreign trade goods will be tariff-free. Wang urged Chinese companies to take advantage of the cumulative rules of origin, because the benefit of the RCEP lies in the adoption of such rules. "When products are exported to other RCEP member states, intermediate goods from multiple member states can be added into the value-added standard, which greatly lowers the threshold of the goods benefits," he said. "Therefore, more goods can have access to tariff reductions." The RCEP will build a solid foundation for China to substantially push forward the China-Japan-ROK free trade process, together with China's announcement of favorably considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, said Wang. Zhao Ping, vice-president of the research institute at the Beijing-based China Council for the Promotion of International Trade, said China must seize this rare opportunity to mitigate the COVID-19 pandemic effect and other uncertainties to the regional economy by actively promoting the implementation of the RCEP, sharing the development dividends of the FTA and relying on the regional market and various connectivity facilities to achieve win-win cooperation. Promoting regional economic and trade ties on the RCEP platform will open new frontiers for economic growth in China and provide new impetus to regional and even global economic recovery and growth, Zhao said at an economic forum held by China News Service on Monday. Source: China Daily
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
DRAFT letter from Chairman Lu to members of the SRCIC Board and to SRCIC members
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DRAFT letter from Chairman Lu to members of the SRCIC Board and to SRCIC members
14 May 2020
Dear friends and colleagues, We have all been living through an extraordinary time, for our families and friends, our businesses and partnerships. All of us have grieved for someone, family or friend and we have all been affected in many ways. The only consolation we have is that sometimes a crisis is needed to bring us together, to show us that though we live in different parts of the world we are really all the same. A virus such as the one unleashed over the past few months crosses all borders, affects all lives. We are at last beginning to see on the horizon signs that the ravages of this disease are coming to an end. We are starting to re-build again, our relationships, our businesses and most of all our hopes for the future. For the Silk Road Chamber of International Commerce, this worldwide crisis has been a heavy blow. The purpose of our existence has been challenged by closed borders, travel bans and other restrictions to trade, investment and business relationships. I am writing to assure you that our SRCIC is well and prepared to resume its job of bringing together the business communities along the Silk Roads. I am grateful for your support through these difficult times. The years ahead will be marked by this crisis. It will be more important than ever that business leaders use their talents, ambitions and their resources to support the development of a world where everyone can be a winner. The SRCIC will make every effort to assist our members to achieve that goal, and to make each one of you proud to be part of an international business community which remains committed to rebuilding a world economy which is based on multilateralism, open trade and investment, and addressing the challenges of a changing climate. I wish for everyone the best in the coming year, and I pledge myself and the SRCIC to walk with you on the difficult path of recovery and renewal. Chairman Lu Jianzhong
China largest FDI recipient in 2020 amidst global plunge -- UNCTAD report
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China largest FDI recipient in 2020 amidst global plunge -- UNCTAD report
26 Jan 2021
Global foreign direct investment (FDI) plunged by 42 percent in 2020, a new report by the United Nations Conference on Trade and Development (UNCTAD) showed on Sunday, while China bucked the trend becoming the world's top recipient of investment flows. In its latest Investment Trends Monitor, the Geneva-based UN trade and development body said that FDI fell sharply to an estimated 859 billion U.S. dollars last year, from 1.5 trillion U.S. dollars in 2019, and warned of further weakness this year, putting a sustainable recovery from COVID-19 pandemic at risk. "FDI finished 2020 more than 30 percent below the trough after the global financial crisis in 2009 and back at a level last seen in the 1990s," the report wrote. The data showed that the decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated 229 billion U.S. dollars, the lowest level in 25 years. Flows to Europe dried up completely, tumbling by two-thirds to minus 4 billion U.S. dollars, it noted. In Britain, FDI fell to zero, and declines were recorded in other major European recipients. A sharp decrease of 49 percent to 134 billion U.S. dollars was also recorded in the United States. CHINA A BRIGHT SPOT The decline in developing economies was relatively measured at 12 percent to an estimated 616 billion U.S. dollars, the report showed, while China topped the ranking of the largest FDI recipients. FDI flows to China rose by 4 percent to 163 billion U.S. dollars, making the country the world's largest recipient in 2020, followed by the United States. China's high-tech industries saw an increase of 11 percent in 2020, and cross-border mergers and acquisitions (M&As) rose by 54 percent, mostly in information and communications technology (ICT) and pharmaceutical industries, the report said. "A return to positive gross domestic product (GDP) growth and the government's targeted investment facilitation program helped stabilize investment after the early (coronavirus) lockdown," James Zhan, UNCTAD's director of investment and enterprise, said in a virtual press conference. "The global dependence on the supply chains of multinational enterprises in China during the pandemic also sustained the FDI growth in China," he added. The country saw its GDP increase 2.3 percent year on year last year and is expected to be the only major economy to post growth in the pandemic-ravaged year, according to the National Bureau of Statistics (NBS). UNCERTAIN OUTLOOK Looking ahead, UNCTAD warned that the global FDI trend is expected to remain weak this year. "Risks related to the latest wave of the pandemic, the pace of the roll-out of vaccination programs and economic support packages, fragile macroeconomic situations in major emerging markets, and uncertainty about the global policy environment for investment will all continue to affect FDI in 2021," it wrote. While sharply lower greenfield project announcements suggest that a turnaround in industrial sectors is not yet in sight, UNCTAD however stressed that strong deal activity in technology and pharmaceutical industries could push M&A-driven FDI flows higher. "Overall, the global FDI is likely to follow a U-shape recovery, unlike the global trade and GDP which have been predicted to be a V-shape recovery starting already 2021. International investment projects tend to have a long gestation period and react to crises with a delay, both on the downward slope and in the recovery," Zhan estimated. Earlier this month, UNCTAD announced that Secretary-General Mukhisa Kituyi will step down from his post on Feb. 15. The selection process for his successor will start after a vacancy is posted at the beginning of February. Source: Xinhua
Interview: China's strong economic performance good sign for global recovery, says scholar
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Interview: China's strong economic performance good sign for global recovery, says scholar
25 Jan 2021
China managed to control the COVID-19 early on, and register a positive economic growth in 2020, which are good signs for global economy, a scholar said here in a recent interview with Xinhua. "It is quite a performance in such a difficult year," said Cai Daolu, a visiting senior fellow of the National University of Singapore Business School, when commenting on the data that China registered a 2.3 percent GDP growth in 2020 and became the only major economy that recorded a positive growth in the year amid the pandemic. China's strong economic performance in 2020 has been translated into two important features, namely "a stable labor market" and "a rising disposable income" in China, Cai said. With a strong central government coordinating the efforts with the local governments, China has been very committed and efficient in containing the spread of the virus, which creates a safe environment for household spending and the labor force's return to work, he said. "The key crucial element (for the economic performance) is the containment of the virus that grants confidence to the population," Cai said. Other elements also apply. As some countries tended to turn inward and closed their doors amid the pandemic last year, China reaffirmed its commitment to trade of goods and services, and to investment, signing the Regional Comprehensive Economic Partnership (RCEP) free trade agreement with 14 other countries, and concluding the negotiations of the China-EU investment treaty. These multilateral agreements will not only help mitigate the economic damage of COVID-19, but also boost the confidence of investors, thus facilitate global economic recovery, he said. "We need an economically healthy and strong China." A lot of travel restrictions have been imposed almost worldwide to control the coronavirus right now, but Cai noted that there's an urgency for the world to be more connected to combat the pandemic, because the global supply chains are so complex and interconnected, and people need access to goods and services. "Only in this way can we maximize the provision of goods, such as medical equipment, and take full advantage of our comparative advantages of each country," he noted. Touching upon the China-proposed Belt and Road Initiative, Cai believed that it aims to connect China with the rest of the world through connectivity and can help build a more integrated globe. "When countries are more connected, when the transaction costs are reduced, it gives market access to everyone that is part of this network," he said, adding that the initiative can play an important and transformative role in lifting people out of poverty. Thus, the initiative can have a substantial economic benefit for the global economy, he said. Source: Xinhua
Nonfinancial ODI in BRI nations up 18.3%
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Nonfinancial ODI in BRI nations up 18.3%
22 Jan 2021
Faster growth seen in sectors like tech, scientific research services and leasing China's nonfinancial outbound direct investment in 58 countries participating in the Belt and Road Initiative rose 18.3 percent to $17.79 billion in 2020 despite the 0.4 percent fall in the overall nonfinancial ODI to $110.15 billion, the Ministry of Commerce said on Thursday. Nonfinancial ODI into the BRI-involved economies accounted for 16.2 percent of the total nonfinancial ODI in 2020, up 2.6 percentage points from a year earlier, said Gao Feng, a spokesman for the ministry. Contracts for new projects in the BRI-related economies amounted to $141.46 billion, accounting for 55.4 percent of the total amount last year. Though the overall ODI reached $132.94 billion last year, up by 3.3 percent on a yearly basis, the ODI into some sectors saw a faster growth than others. These sectors included leasing and commercial services, wholesale and retail, scientific research and technical services, and power production and supply. In 2020, ODI in the leasing and business services industry rose by 17.5 percent on a yearly basis to $41.79 billion. ODI in the wholesale and retail sector was $16.07 billion, a year-on-year increase of 27.8 percent. Investment into power production and supply, and scientific research and technical services increased 10.3 percent and 18.1 percent, respectively, in the same period. Nonfinancial ODI from local enterprises rose 16.4 percent on a yearly basis to $80.75 billion last year. Looking at the data for last year, it is obvious that Chinese enterprises continued to repose immense faith in globalization and played a significant role in the recipient countries' development and global economic recovery from the COVID-19 pandemic, experts said. "Companies from China are now more confident and willing to invest abroad, thanks to the country's proactive globalization strides," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing. Despite the rising protectionism and anti-globalization disruptions in recent years, Chinese enterprises are still committed to overseas investment and international economic and trade cooperation, because they have witnessed the protection and enhancement of global economic and trade order due to globalization, Zhou said. Through overseas investment and participation in international competitions and resource allocation, Chinese enterprises have optimized their business operations and presence globally to boost their performance and capabilities, he said, adding that the free trade agreements inked by the Chinese government have played a key role in spurring the go-global efforts of Chinese companies. Besides, the pandemic has severely impacted international industrial and supply chains. Thanks to the country's effective control measures, Chinese enterprises have resumed business activities and recovered from the COVID-19 effect rather quickly and are able to meet the demand from other regions in the world as planned. Through new investment, Chinese enterprises furthered employment, tax and exports overseas and also provided the impetus for local economic recovery and development, he said. Bai Ming, deputy director of the Institute of International Market Research at the CAITEC, said the higher investment in BRI-related countries demonstrates the deepening economic and trade cooperation between China and those countries, which will also contribute to global economic recovery. Source: China Daily
China's economy to grow by over 7 pct in 2021: Credit Suisse
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China's economy to grow by over 7 pct in 2021: Credit Suisse
21 Jan 2021
China's economic growth will increase to over 7 percent in 2021, Swiss bank Credit Suisse has predicted. China's economy will remain strong in the first quarter of 2021, and consumption is expected to become the main driving force of China's economic growth in the next few years, the Swiss bank said in an online media conference on China's market outlook for 2021 held on Monday. As the world's only major economy to post positive growth in the pandemic-shadowed year 2020, China saw its gross domestic product exceeding the 100-trillion-yuan threshold for the first time in 2020. Source: Xinhua
Interview: China's economic recovery "a blueprint" for others, WEF director says
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Interview: China's economic recovery "a blueprint" for others, WEF director says
20 Jan 2021
China's faster than expected economic rebound after the COVID-19 shock is a bright spot and could serve as a roadmap for other countries, said Saadia Zahidi, a Managing Director at the World Economic Forum (WEF), in an interview with Xinhua on Monday. "China is clearly one of the few large economies in the world that has seen that kind of recovery in the growth numbers," she said. China's National Bureau of Statistics (NBS) said on Monday that the country's economy grew more than expected in 2020 by 2.3 percent year-on-year. Accordingly, China is expected to be the only major economy to post growth in the pandemic-ravaged year. The country's gross domestic product (GDP) exceeded the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold in 2020, NBS said. This marked a new economic milestone for the Chinese economy after the country's GDP per capita exceeded 10,000 U.S. dollars in 2019 for the first time in history. Earlier this month, the World Bank Group said that it expected China's economy to expand by 7.9 percent in 2021, while the global economy is on track to grow by 4 percent. Zahidi said that the recovery from the COVID-19 pandemic should be "green." "We need to ensure that coming out of the crisis, economies are dealing with mitigating some of the future concerns. One is the concern around social fragmentation. For that it is important that the future economy provides jobs, inclusion, skills and education for everybody." "The second element is that we have to ensure that our future economies are embedding sustainability from the beginning. A growth model which has inclusion and sustainability at its core. That is what is going to be critical for China and for other big economies," she said. China is currently transitioning to a green and low-carbon economy. The country aims to see its CO2 emissions peak before 2030 and achieve carbon neutrality by 2060. Source: Xinhua
RCEP to take effect by end of this year
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RCEP to take effect by end of this year
20 Jan 2021
One-third of China's foreign trade goods to be tariff-free after deal implementation The Regional Comprehensive Economic Partnership agreement is expected to take effect by the end of this year, enabling more than one-third of China's foreign trade goods to enjoy zero tariffs in the next stage, a senior government official said on Monday. Commerce Minister Wang Wentao said the pact will drive the opening-up of services and investments, promote trade facilitation and improve the business environment in the country. China will take the opportunity to expand trade and investment activities in the region, stabilize industrial and supply chains and form new advantages in global economic cooperation and competition. Besides, China will highlight the characteristics of local economic development and fully integrate into the huge market, Wang said. The minister said at a national online training session that the government will systematically introduce articles about the deal on goods, services, investment, rules of origin, Customs facilitation and other areas. Its goal is to assist local governments, industry associations and export-oriented companies to be familiar with RCEP rules. The mega trade deal was signed by China, Japan, the Republic of Korea, Australia, New Zealand and 10 member states of the Association of Southeast Asian Nations on Nov 15, 2020. The RCEP is also the world's biggest free trade bloc, covering 2.27 billion people, or almost 30 percent of the global population, with a combined gross domestic product of $26 trillion, or about 30 percent of global GDP in 2019, data from the ministry showed. At present, all the signatories are actively pushing for early clearances for the pact. It will come into force and be implemented after ratification by six ASEAN economies and three non-ASEAN countries, said Wang Shouwen, vice-minister of commerce. With the signing of the RCEP, China has sealed 19 free trade agreements with other countries and has 26 free trade partners, he said. After the implementation of the RCEP, China's foreign trade volume with its FTA partners will increase from 27 percent to 35 percent, indicating more than one-third of its foreign trade goods will be tariff-free. Wang urged Chinese companies to take advantage of the cumulative rules of origin, because the benefit of the RCEP lies in the adoption of such rules. "When products are exported to other RCEP member states, intermediate goods from multiple member states can be added into the value-added standard, which greatly lowers the threshold of the goods benefits," he said. "Therefore, more goods can have access to tariff reductions." The RCEP will build a solid foundation for China to substantially push forward the China-Japan-ROK free trade process, together with China's announcement of favorably considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, said Wang. Zhao Ping, vice-president of the research institute at the Beijing-based China Council for the Promotion of International Trade, said China must seize this rare opportunity to mitigate the COVID-19 pandemic effect and other uncertainties to the regional economy by actively promoting the implementation of the RCEP, sharing the development dividends of the FTA and relying on the regional market and various connectivity facilities to achieve win-win cooperation. Promoting regional economic and trade ties on the RCEP platform will open new frontiers for economic growth in China and provide new impetus to regional and even global economic recovery and growth, Zhao said at an economic forum held by China News Service on Monday. Source: China Daily
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
Mr. Francis Chua Was Invited To Attend Belt and Road International Cooperation Forum
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Mr. Francis Chua Was Invited To Attend Belt and Road International Cooperation Forum
23 Dec 2020
The picture showsMr. Francis Chuamaking an opening speech for the forum, as well as the opening ceremony and site of the forum. The 2020 "Belt and Road" International Cooperation Forumwas held in Shenzhen on December 20. At the opening ceremony, Executive vice Chairman Xu Lejiang of All-China Federation of Industry and Commerce, President Gao Yan of CcPIT, Vice Governor Wang Xi of Guangdong Provincial People's Government, and President Song Zhiping of China Listed Companies Association delivered speeches respectively. Mr. Francis Chua, Founding Chairman of PSRICC as well as SRCIC's Vice Chairman, was the introductory speaker and delivered a video address at the first Forum on "Leveraging our strengths to Help Global cooperation against COVID-19". The Forum wasconvened under the theme of "work together to meet challenges to promote win-win cooperation", covering topics including "global disease resistant cooperation, promote the construction of human destiny community" and "promote the development of digital economy, to build digital silk road", "enhance the level of international cooperation and build a new development pattern", "to strengthen the international industry collaboration, Hong Kong and Macao to help big bay area construction" . At the critical juncture of the global spread of COVID-19, Chinese listed companies have given full play to their industry advantages and actively participated in the international cooperation against COVID-19.Listed companies actively shared China's experience in fighting the epidemic, and discussed opening up the "lifeline" of global anti-epidemic materials, earnestly fulfilling corporate social responsibilities, promoting the resumption of overseas projects, and maintaining the stability of the global industrial chain. Wang Yiwei, professor and doctoral supervisor of the School of International Relations and Director of the Institute of International Affairs of Renmin University of China, was another guest speaker at the first forum on "Leveraging our Own strengths to Boost Global cooperation against COVID-19". Senior leaders from SINOtrans, Dalian Port Group, Robust Medical Supplies, Shenzhen Mindray Bio-medical Electronics, Sinomart International Engineering co., LTD., as well as the Ambassador of Pakistan and the Ambassador of Laos respectively made speeches and participated in the discussion. Mr. Francis Chuasaid in thestatement: "The world today is undergoing greatchanges unseen in a century.The ongoing serious epidemic has claimed millions of lives and has had a disastrous impact on the economic and social development of mankind.At present, the COVID-19 is still spreading globally and some countries are facing the second wave of threats.There is still a long way to go to stabilize our economy and protect our livelihood in the fight against the virus. Novel Coronavirus is our common enemy. We should firmly grasp the premise and key of economic and social recovery,which is strengthen cooperation in epidemic prevention. Therefore, we need to strengthen regional cooperation to promote post-epidemic recovery, promote the "One Belt And One Road" construction, and jointly create a better future for mankind. We are very pleased to see that after the outbreak, the Chinese government has taken strong measures to contain the spread of the epidemic, unreservedly shared their experience in prevention, control and treatment, and provided assistance to other countries and international organizations.China's victory in the fight against the epidemic has given the world great confidence. Since the outbreak of COVID-19 in the Philippines, the Chinese government has provided several rounds of anti-epidemic assistance to the Philippines, and Chinese local governments and enterprises have also provided active anti-epidemic assistance to the Philippines.In addition, Chinese embassies and consulates in the Philippines, through local governments and Non-Governmental organizations, have provided "friendship packages" to those in need affected by the epidemic. In the face of the challenge of the epidemic, the governments and peoples of the two countries have supervised and helped each other, worked together to build closer partnership and set an example for international cooperation against the epidemic.In the face of the post-epidemic "new normal" of the economy and society, the Philippines will work more closely with China and take advantage of market opening and innovation opportunities for common development. First, there are huge market opportunities in China. It is estimated that China will import more than $22 trillion of foreign goods in the next 10 years. At the third China Import Expo, which ended last month, more than 40 Philippine companies signed hundreds of millions of dollars worth of export orders with Chinese importers, including tropical fruits, seafood and health food.China is the Philippines' largest trading partner and its largest export destination.The business communities of the two countries can make further use of such platforms as the China International Import Expo, the Canton Fair and the China-Asean Expo to expand bilateral economic and trade cooperation, jointly promote economic recovery and development of the two countries and better benefit their people. Second, win-win opportunities for opening-up. In the face of economic recovery after the epidemic, China and the Philippines have worked together to plan for future development, and steadily promoted the "One Belt And One Road" initiative and the "Build, Build, Build" to create new growth points for the Philippines' economic recovery.China-Philippines intergovernmental cooperation projects have been progressing smoothly on the whole, bringing hope for the Philippines' economic recovery. To date, the two countries have completed 11 inter-governmental cooperation projects covering drug control, counter-terrorism, food security, radio and television services and other fields.Six projects are being implemented and 18 are being planned, relating to infrastructure such as roads and railways, flood control and irrigation, and other livelihood projects. With the transformation and upgrading of China's economy, more and more Chinese companies are going overseas.The Philippines is a neighbor of China and an important member of the China-Asean Free Trade Area and the Regional Comprehensive Economic Cooperation Agreement.It could definitely be a hot spot for Chinese companies to invest.In recent years, according to reports from the Chinese Embassy in the Philippines, many Chinese companies have invested in the Philippines. China Telecom will invest at least $5 billion in Dito Telecom.Hebei Iron and Steel Group of China invested us $4.4 billion to build a large steel enterprise and supporting port in Cajayan de Oro on Mindanao island.Panghua group, another steelmaker, plans to invest $3.5 billion to build an integrated steel mill in General Santos in The city of General Santos in Mindanao.These two projects alone will create tens of thousands of jobs in the Philippines, effectively contributing to the country's economic recovery and helping the Philippines enter the ranks of middle - and high-income economies early. Third, innovation opportunities that complement each other's strengths. The epidemic has spawned new business models, including 5G Internet applications, remote online education and artificial intelligence, which have changed the way people live and produce.China and the Philippines share common advantages in the above areas and can actively promote cooperation. The Philippines has a large young population and high social media penetration.Digital economy, such as e-commerce and financial technology, has entered the stage of rapid development and has good prospects for development.Indeed, in recent years, large Chinese Internet companies such as Alibaba, Tencent, Baidu and Toutiao have begun to deploy in the Philippine market.China's 51Talk 51Talk English online education company has made full use of human resources in the Philippines, employing more than 20,000 Filipino English teachers to teach Chinese students online, and will recruit another 30,000 Filipino English teachers in the future. China has drawn up a blueprint for the next 15 to 30 years, and the Philippines has put forward a "2040 vision".The Philippines and China are seizing the opportunity, following the trend, consolidating and developing bilateral relations and jointly creating a better future for our two countries and Asia. Ladies and gentlemen, the PhilippineChamber of Commerce and Industry, the International Chamber of Commerce of the PhilippineSilk Road International Chamber of Commerce will do their best to bridge the gap and assist Chinese companies to invest and set up factories in the Philippines.We will also provide relevant advice and assistance to Chinese companies." Later in the forum, the China-Africa Development Fund, Pakistan's ambassador to Guangzhou Consulate, Tsinghua University, Renmin University of China, Sun Yat-sen University and other colleges and universities and research institutions, sinotrans, the Shanghai stock exchange, Shenzhen stock exchange, Guosen securities, CICAgroup, Standard Chartered Bank, head of the listed company at the conference speechandcommunicate, about the practice participatedin the construction of"B&R", for the epidemic prevention and control,give theirvaluable advicefor "B&R"goes deep and solid under the post-epidemic. The forum was hosted by China Council for the Promotion of International Trade, All-China Federation of Industry and Commerce, Guangdong Provincial People's Government and World Trade Centers, and hosted by Shenzhen Municipal People's Government, Shenzhen Stock Exchange, Guangdong Council for the Promotion of International Trade and Guangdong Province Federation of Industry and Commerce. More than 400 representatives from government departments, business communities, professional institutions and enterprises from countries and regions along the "One Belt And One Road" participated in the offline forum, and more than 100 guests participated in the online forum. Editor/Linguister: Stephanie Tan Source: PSRICC
CSEBA attends the CHINA-CEE Countries Business Dialogue video conference
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CSEBA attends the CHINA-CEE Countries Business Dialogue video conference
9 Dec 2020
Representatives of the China Southeast European Business Association (CSEBA), President Mario Rendulić, CSEBA Chongqing / China Presidency Member Matej Balen and CSEBA Asia & Pacific Coordinator Zhenwei Li attended a CHINA-CEE Countries Business Dialogue video conference organized by the International Department of Communist Party of China (IDCPC). Thanks to the CPC Central Committee, the China Economic Cooperation Center wants to boost the economic recovery of Eastern European countries despite the current health crisis, establish even stronger relations and support infrastructure development, investment in new projects, and strengthen e-commerce and telemedicine. This conference aims not only to raise the awareness of business people in Eastern Europe but also to emphasize to potential Chinese companies that regardless of the pandemic, the economy cannot stop, and neither can international cooperation, Chinese companies invest in countries affected by the current crisis. In his speech, Mario Rendulić pointed out that the current health crisis in our countries should not be seen as an obstacle to progress, but rather as an opportunity to deepen mutual cooperation and trust. The safest and fastest ways of economic recovery go through the development of "green lines" in order to facilitate the free flow of people and goods and maintain a stable supply chain. There are new areas that are evolving rapidly: smart cities, 5G, artificial intelligence, e-commerce, big data, blockchain and telemedicine - all of which need to be developed while mutually strengthening data security, communication and policy coordination. Looking at the current global, regional and national health crisis in most European countries, it is clear that our response was not as swift or decisive as in China. However, it is important to look to the future, focus on policies that will deepen mutual cooperation and strengthen trust. All this must be developed with mutual strengthening of data security, policy communication and mutual coordination, said Rendulić. The fastest development of the coronavirus vaccine can only happen through international cooperation, and not through mutual competition in development that some companies (and countries) are trying to lead, concluded Rendulić. This conference sends an important message of cooperation, not only to business communities in Europe, but also to Chinese companies to continue with their investments into CEE countries. Despite the current pandemic, international cooperation and development of global economy cannot stop. Over the past decade, Chinese economic growth brought China into a position to globally challenge the American economy. The USA and the European Union now suggest the anti-Chinese coalition, to limit the growth of Chinese economy, at any price. This reaction from the “West”, previously the engine of the global economy, is now trying to limit international trade and cooperation, something that is now widely criticized by economic experts all around the World. “Requests” from the West for limitations in cooperation between CEE countries and China only decreases economic perspectives for countries of Central and Eastern Europe. This current trend is, once again, bringing us back to the time before the World War Two, when closed economies, unemployment and poverty were common, end weaker countries were only being exploited by the “powerful West”. Today, when we have already witnessed the successes of the globalised economy, global society and international cooperation, especially in the developing countries, PR China is giving hope for the continuation of economic growth and improvement in living condition. PR China is not any kind of threat, but rather a voice of reason that is trying to strengthen us all. The same as in 2008, Chinese growth can once again help our countries, Rendulić said. This is the first video conference organized by IDCPC to aim for business dialogue between CEE countries since the start of the Covid-19 global pandemic to establish a new format of cooperation between China and Eastern European countries that should encourage development and increase GDP in the CEEC region. As China helped the world economy overcome the crisis and begin development not only in Western countries but also in Eastern Europe, Africa and South America in 2008, now again in times of global crisis caused by the Covid-19 pandemic, China is openly taking the initiative to help establish new frameworks and ways of cooperating in international trade with the aim of recovering the economies of countries in crisis based on their own experience of GDP growth during the pandemic. Among the world's major economies, China will remain the only one to achieve positive economic growth. The OECD predicted in early December that the world economy would grow by 4.2 percent in 2021, and the Chinese economy would grow by eight percent. The OECD report points out that China's economic growth in 2021 will contribute to the growth of the world economy by more than one third. Source: CSEBA
Председатель Международного экономического союза «Шелковый путь Таджикистана» Шариф Саид дал эксклюзивное интервью газете «Дайджест-Press»
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Председатель Международного экономического союза «Шелковый путь Таджикистана» Шариф Саид дал эксклюзивное интервью газете «Дайджест-Press»
9 Dec 2020
25 ноября 2020 года газета «Дайджест-Press» опубликовала интервью с Шарифом Саидом, являющимся членом Международной торговой палаты Шелкового пути, бывшим Председателем Торгово-промышленной палаты Таджикистана и Председателем Международного экономического союза «Шелковый путь Таджикистана». Ниже приводится отрывок из интервью: Если брать период моей деятельности с 2003 по 2018 годы – это целых 15 лет. Весь этот период велась кропотливая работа, встречи с руководителями международных торгово-промышленных палат, дипломатическим корпусом, предпринимателями и зарубежными компаниями. Если их всех суммировать, то в общем получится свыше 2094 встреч. Было проведено 295 круглых столов. Если говорить о международных форумах, включая инвестиционные форумы с участием зарубежных предпринимателей, было проведено 271 форум. За 15 лет было проведено более 320 конференций и семинаров по актуальным вопросам. В рамках подготовки кадров 2357 предпринимателей и бизнесменов получили международный сертификат. За период моей работы в ТПП РТ подписано 1744 соглашений и меморандумов с зарубежными торговыми палатами и с ведущими организациями и компаниями. Мои обращения, как председателя ТПП РТ получили более 180 государств и регионов мира, с палатами, организациями и с зарубежными компаниями в количестве -25720. Количество членов палат достигло около 700. Проведено свыше 400 международных выставок в стране и за рубежом. Вся деятельность ТПП РТ направлена на улучшение благосостояния республики. Налог в бюджет республики за счет проводимых работ и услуг за период 2003-2018 годов увеличился в 16 раз. В межторговом обороте за 15 лет Республика Таджикистан достигла с Россией с 230 млн долларов до 1,5 млрд долларов, КНР с 32 млн долларов стало 1,5-2 млрд долларов... Доля частного сектора в ВВП страны достиг 70%. Пандемия Covid-19 вносит свои коррективы. Но благодаря интернету и мобильной связи мы продолжаем работать. Экономический союз «Шелковый путь Таджикистана» стремится знакомить друг с другом людей, налаживая мосты дружбы и сотрудничества. Наша страна имеет большое и светлое будущее. Мы располагаем огромными ресурсами и возможностями. Уверен, что под руководством созидательной и дальновидной политики Лидера нации, Президента Республики Таджикистан уважаемого Эмомали Рахмона, правительства и трудолюбивого народа мы достигнем высоких результатов.
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