Precise measures required to meet specific needs of local economies

Workers are seen at an assembly line in factory that manufactures engines in Jinan, East China's Shandong province on March 31, 2020.3 percentage points from its historical low in February, hitting 52 percent in March, the National Bureau of Statistics said on Tuesday, indicating the world's second-

Foreign trade firms quicken pace to resume production in China: ministry

In this undated photo, employees check traditional Chinese medicine products at a factory in Nantong, Jiangsu province. (Photo: People’s Daily)BEIJING, April 2 (Xinhua) -- Chinas foreign trade firms have quickened their pace in resuming production weighed down by the COVID-19 outbreak as efforts are in the pipeline to revive global industrial chains, an official said Thursday.By Monday, about 75.6 percent of the countrys key import and export firms had recovered over 70 percent of their production capacity, up 4.2 percentage points from last week, Liu Changyu, a senior official with the Ministry of Commerce, told an online press conference.Over half of the foreign trade companies in Hubei had also recovered more than 70 percent of their production capacity, Liu added.Noting that the outbreak has rippled around the world, Liu said the ministry will boost foreign trade to secure the stabilization of the global industrial chain, helping the world to gain an upper hand in the battle against the epidemic and saving the world economy from recession.China will step up support for general trade, which represents a longer production chain and creates a large share of jobs as the key indicator of a countrys foreign trade competence, Liu said.Efforts will also be made to promote the integration of processing trade with service trade while nurturing the transformation and upgrading of foreign trade to shore up the global industrial chain.

China pledges wider opening-up to mitigate virus impact on foreign trade, investment

Containers are unloaded from a ship at a port of Qingdao, East Chinas Shandong province, on Feb 17, 2020. (Photo: Xinhua)BEIJING, April 2 (Xinhua) -- China will seek further opening-up and upgrade of foreign trade and investment, the hardest-hit sectors amid the global pandemic of COVID-19, to offset its economic shock, according to Zhong Shan, the countrys commerce minister.Despite the pandemic, China, instead of closing its door, will open wider to the outside world, which would translate into strong support for the two sectors, Zhong wrote in an article published on Qiushi Journal, a flagship magazine of the Communist Party of China Central Committee.Disrupted global supply chain, volatility in global capital markets and a massive oil price tumble has fueled risk of a global economic crisis, weighing on both the supply and demand side of Chinas foreign trade and investment, which plays a significant role in ensuring supplies and creating new jobs, said the minister.In the face of the stress, China would work to streamline clearance procedures, improve logistic service and advance free trade agreement negotiations to strengthen trade, Zhong said.He also underscored innovation and upgrade in the foreign trade sector, pledging to nurture new business models, including cross-border e-commerce and market procurement trade, as well as expedite transformation and upgrading of service outsourcing.The import and export value of cross-border e-commerce in the first two months surged 36.7 percent to 17.4 billion yuan (about 2.45 billion U.S. dollars), unleashing great potential amid the epidemic, he said.To facilitate foreign investment, China will shorten the negative list on foreign investment, further open up the service sector including the financial industry, and improve Chinas business environment, Zhong said.He also called for sound preparation for the China International Import Expo and China Import and Export Fair to improve the international ma...

Intl cooperation, policy coordination can help lessen COVID-19 economic impact

Zhu Jun, head of the International Department of the People's Bank of] International cooperation and macroeconomic policy coordination can mitigate the unprecedented economic impacts of the novel coronavirus and preserve financial market stability, and governments should take more pr

China endeavors to invigorate car market

Employees work on an assembly line at a factory of vehicle manufacturer BYD Auto in Xi'an, Northwest China's Shaanxi province, on Feb 25, 2020.BEIJING - China will endeavor to stabilize new car sales, loosen purchase restrictions in certain cities and invigorate the used-car market in a bid to unlea

US firms 1st to apply for mutual fund qualification in China

BlackRock Financial Management and Neuberger Berman Investment Advisers LLC became the first two foreign financial service providers to apply for mutual fund qualification in China as the limit for foreign ownership in mutual funds was completely eliminated on April 1.As the world's largest asset ma

Bumper grain harvest expected this year: Commerce Ministry

A farmer harvests organic rice in Caofeidian district of Tangshan city, North China's Hebei province, Oct 30, 2019.This year is very likely to yield a bumper grain harvest, and current reserves are sufficient for domestic demand, the Ministry of Commerce said on Thursday.Wang Bin, head of the minist

HNA unit helps fight COVID-19 outbreak in Ghana

Africa World Airlines Ltd maintenance workers inspect an aircraft's condition at Ghana's Accra International Airport. [Photo provided to chinadaily.Wang Shiyan, the Chinese ambassador to Ghana, said China is willing to share its experience and expertise in epidemic control and prevention with Africa

Millions tune in and buy during celebrity livestream

Luo Yonghao on his first-ever livestreaming show, April 1, 2020.More than 110 million yuan of products were sold by internet celebrity Luo Yonghao on his first-ever livestreaming show late Wednesday, which broke sales records on Douyin — the Chinese version of Tiktok.Business income from this lives

Hong Kong stocks close 0.84 pct higher

HONG KONG, April 2 (Xinhua) - Hong Kong stocks closed up 194.27 points, or 0.84 percent, to 23,280.06 points on Thursday.(File photo: VCG)The benchmark Hang Seng Index traded between 22,756.13 and 23,280.06. Turnover totaled 89.72 billion Hong Kong dollars (about 11.58 billion US dollars).

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Tea industry helps locals to get rid of poverty in Fuxi, Anhui

Farmers pick tea leaves at Fuxi Township in Huangshan City, east China's Anhui Province, April 1, 2020. With the help of tea business cooperative, 215 households in the township have benefited an increase of 1,200 yuan (about 169 U. dollars) on annual family income through selling tea leaves to the

European stocks rebound slightly at open

Europes main stock markets rose in opening deals on Thursday, rebounding somewhat from the previous days coronavirus-fuelled losses.File photoIn initial deals, Londons FTSE 100 index gained 0.7 percent to 5,494.38 points compared with Wednesdays closing level.In the eurozone, Frankfurts DAX added 0.5 percent to 9,593.53 points and the Paris CAC 40 won 0.6 percent to 4,231.07.All three bourses had shed about 4.0 percent on Wednesday in a global rout as the human and economic toll from the coronavirus continued to rise and more governments shut down activity to try to contain the outbreak.Sentiment was jarred after US President Donald Trump said late Tuesday that the US was in for "a very, very painful two weeks" as health experts warned the nations death count could reach 240,000.

AI a smart career for migrant workers


Virtual currency haven of illusion, regulator warns

Representations of virtual currency Bitcoin are seen in this picture illustration taken March 13, 2020.Chinese financial regulator warned of virtual currency investment risk and fake information from illegal foreign-based trading platforms.The warning was posted by the National Internet Finance Asso

BYD net profit down 42% in 2019

Robotic arms paint a car at the BYD Automobile Company Limited Xi'an plant, in Shaanxi province, Dec 25, 2019.SHENZHEN - China's leading new energy vehicle manufacturer BYD said its net profit fell 42 percent year-on-year in 2019 on falling sales and scaled-back subsidies.61 billion yuan ($227 mill

Smartisan's founder breaks sales record on Douyin

Luo Yonghao, founder of Chinese smartphone maker Smartisan, speaks at a product launch event in Beijing, May 20, 2014.Luo Yonghao, founder of the smartphone company Smartisan, attracted an audience of 48 million to his first show as a livestreaming celebrity featuring products for third parties on t

Tokyo stocks decline in morning on US economic, Japan healthcare concerns

TOKYO, April 2 (Xinhua) -- Tokyo stocks fell Thursday morning on concerns the U.S. shutdown could last longer than expected and severely hurt the economy, with concerns rising Japans healthcare system could buckle if spikes in COVID-19 infections continue in urban areas.File photoThe 225-issue Nikkei Stock Average dropped 154.34 points, or 0.85 percent, from Wednesday to 17,911.07.The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 15.39 points, or 1.14 percent, at 1,335.69.Air transportation, consumer credit and metal product-oriented issues comprised those that declined the most by the morning break.

US Fed eases leverage requirements for banks to encourage lending

WASHINGTON, April 1 (Xinhua) -- The U.S. Federal Reserve on Wednesday temporarily eased its leverage requirements for large banks so as to encourage lending to households and businesses amid coronavirus uncertainty.File photo"To ease strains in the Treasury market resulting from the coronavirus and increase banking organizations ability to provide credit to households and businesses, the Federal Reserve Board on Wednesday announced a temporary change to its supplementary leverage ratio rule," the Fed said in a statement.The supplementary leverage ratio, which applies to large banks with more than 250 billion U.S. dollars in total consolidated assets, requires banks to hold capital equal to at least 3 percent of their total assets to absorb losses.The new change, which will be in effect until March 31, 2021, would exclude U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation for these banks supplementary leverage ratios, according to the Fed."Liquidity conditions in Treasury markets have deteriorated rapidly, and financial institutions are receiving significant inflows of customer deposits along with increased reserve levels," the Fed said, adding the change to the supplementary leverage ratio will mitigate the effects of regulatory restrictions and better enable firms to support the economy."As the Board has previously stated, financial institutions have more than doubled their capital and liquidity levels over the past decade and are encouraged to use that strength to support households and businesses," said the central bank.The latest move came after the Fed on Tuesday announced the establishment of a temporary repurchase agreement facility with foreign central banks to help support the U.S. Treasury market and ease strains in global U.S. dollar funding markets.

Control measures reduce COVID-19 cases by 96% during first 50 days in China: Study

Fig.The role of interventions in controlling the COVID-19 outbreak across China.A study published Tuesday in Science Journals, the premier globalscience weekly, suggests that control measures, including the Wuhan travel ban and the national emergency response, limited the number of confirmed cases reported to 29,839, 96% fewer than expected in the absence of interventions during the first 50 days of the COVID-19 epidemic in China.The study called "An investigation of transmission control measures during the first 50 days of the COVID-19 epidemic in China" was conducted by scientists from China, the US and the UK."Without the Wuhan travel ban or the national emergency response, there would have been 744,000 (± 156,000) confirmed COVID-19 cases outside Wuhan by February 19, day 50 of the epidemic," the study suggests.With the Wuhan travel ban alone, this number would have decreased to 202,000 (± 10,000) cases, the study notes, adding with the national emergency response alone (without the Wuhan travel ban), the number of cases would have decreased to 199,000 (± 8,500).The study also shows that suspending intra-city public transport, closing entertainment venues and banning public gatherings, which were introduced at different times in different places, were associated with the overall containment of the epidemic.

S.Korea consumer price rises 1 pct in March

SEOUL, April 2 (Xinhua) -- South Koreas consumer price rose 1 percent in March from a year earlier, staying above 1 percent for the third consecutive month, statistical office data showed Thursday.File photoThe consumer price index (CPI) stood at 105.54 in March, up 1.0 percent from a year earlier, according to Statistics Korea.The consumer price inflation hovered above 1 percent for the third consecutive month, after recording 1.5 percent in January and 1.1 percent in February each. For the whole year of last year, the headline inflation stayed below 1 percent.Core consumer price, which excludes volatile agricultural and oil products, gained 0.7 percent in March from a year earlier. The OECD-method core price, which excepts volatile food and energy costs, added 0.4 percent, marking the lowest in over 20 years since December 1999.The so-called living cost index, which reflects the price for 141 daily necessities, advanced 1.8 percent in the month.Fresh food index, which gauges the cost for fish, shellfish, vegetable and fruit, went up 3.8 percent last month.


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