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Chinese automaker JAC sees rising sales in June

Chinese automaker Anhui Jianghuai Automobile Group Corp.JAC sold 41,400 cars last month, up 30.37 percent year on year, the company said in a statement filed with the Shanghai Stock Exchange.

Alibaba hits 5-yr goal of $1t in gross merchandise volume

According to its latest financial report, the revenue of the group hit 509.71 billion yuan in the fiscal year of 2020, jumping 35 percent year-on-year.Chinese business giant Alibaba Group has completed its target set five years ago to achieve $1 trillion in gross merchandise volume this fiscal year,

Canada's jobless rate down to 12.3 percent in June 5 Photos

Canada's jobless rate down to 12.3 percent in June

A shoe store employee wearing a face mask adjusts a mannequin at CF Toronto Eaton Center in Toronto, Canada, on July 10, 2020. The economy added 953,000 jobs in Canada, and the jobless rate fell to 12.3 percent in June, as businesses reopened after the COVID-19 shutdown, according to Statistics Cana

US to impose tariffs on French products amid digital services tax dispute

File photoWASHINGTON, July 10 (Xinhua) -- The United States plans to impose 25-percent additional tariffs on about 1.3 billion U.S. dollars worth of French products in response to the countrys digital services tax that impacts major U.S. technology companies, the Office of the United States Trade Representative (USTR) announced Friday."In determining the level of trade covered by the additional duties, the U.S. Trade Representative considered the value of digital transactions covered by Frances DST (digital services tax) and the amount of taxes assessed by France on U.S. companies," the USTRs Office said in a notice."Additional duties of 25 percent on the products of France covered by the trade action should result in the collection of tariffs on goods of France at comparable, though somewhat lower amounts," the notice said.The USTR has also determined to suspend the additional tariffs on French products for up to 180 days, a period ending on Jan. 6, 2021, to "allow additional time for bilateral and multilateral discussions that could lead to a satisfactory resolution of this matter."The United States had launched and completed a Section 301 probe into Frances digital services tax regime but agreed to delay the imposition of tariffs on the country, as the two sides were negotiating a multilateral deal on international taxation at the Organization for Economic Cooperation and Development (OECD).But in a letter to four European finance ministers in June, U.S. Treasury Secretary Steven Mnuchin said the United States will not continue with the negotiations on digital taxation at the OECD as discussions had reached an "impasse."In response, French Economy and Finance Minister Bruno Le Maire said that "this letter is a provocation towards all the partners at the OECD when we were centimeters away from an agreement." France will apply taxes on digital giants this year "whatever happens," he sai...

FTZs further opening-up, reform efforts

Containers are seen at the Yangshan Special Comprehensive Bonded Area in Shanghai, China on March 18, 2020. [Photo/Xinhua]Steps tested at pilot zones cut operating costs of companies, boost innovationChina has implemented 260 reform measures that were tested and used at the various pilot free trade zones over the last six years, an indication of the nations renewed commitment to deepen reform and expand opening-up to shore up economic growth, government officials said on Friday.The comments came after the State Council decided to implement the sixth batch of measures tested at the pilot FTZs, including the China (Shanghai) Pilot Free Trade Zone, across the rest of the country earlier this week.The new measures, spread over 37 items, will effectively cut companies operating costs, boost governments work efficiency and innovation ability, encourage the financial sector to better serve the real economy and conduct in-depth differentiated exploration based on each FTZs strategic positioning and industrial foundation, said Tang Wenhong, director-general of the department of pilot free trade zone and free trade port at the Ministry of Commerce.To be replicated nationwide are measures in 31 articles, covering areas like investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight and human resources. The rest six items will be introduced in the countrys pilot FTZs and Customs-supervised bonded sites.To reform investment management, green channels will be set up for approvals to electricity projects, registration of real estate will be made more convenient, and small-scale value-added tax declaration will be assisted by smart technologies.With more uncertainties affecting the global economy, Tang said the implementation of the new measures will help maintain stability in six key areas-employment, financial operations, foreign trade, foreign investment, domestic investment and expectations-a...

Honda invests in China's leading lithium-ion battery maker

Japanese automaker Honda will buy a one-percent stake in Contemporary Amperex Technology Co. Limited (CATL), China's largest lithium-ion battery maker, the two companies announced on Friday.

China sees double-digit growth in broad money supply

BEIJING - China's central bank said Friday the country's M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent year-on-year to 213.49 trillion yuan at the end of June.

China's new yuan loans, M2 on the rise

BEIJING, July 10 (Xinhua) -- Chinas new yuan-denominated loans expanded to 12.09 trillion yuan (about 1.73 trillion U.S. dollars) in the first six month of the year, up 2.42 trillion yuan year on year, data showed Friday.File photo: China DailyIn June alone, new yuan loans hit 1.81 trillion yuan, a year-on-year increase of 147.4 billion yuan, said the Peoples Bank of China (PBOC), the central bank.The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent year on year to 213.49 trillion yuan at the end of June, the PBOC data showed.The growth rate was unchanged from that seen at the end of May, and up 2.6 percentage points when compared with that for the same period last year.The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, stood at 60.43 trillion yuan by the end of June, up 6.5 percent from a year ago.M0, the amount of cash in circulation, rose 9.5 percent year on year to 7.95 trillion yuan by the end of last month.Newly-added social financing, a measurement of funds the real economy receives from the financial system, came in at 20.83 trillion yuan in H1, up 6.22 trillion yuan year on year. Enditem

China sees double-digit growth in broad money supply

Photo: CGTNBEIJING, July 10 (Xinhua) -- Chinas central bank said Friday the countrys M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent year on year to 213.49 trillion yuan (about 30.52 trillion U.S. dollars) at the end of June.The growth rate was unchanged from that seen at the end of May, and up 2.6 percentage points compared with that in the same period last year, said the Peoples Bank of China, the central bank.The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, stood at 60.43 trillion yuan by the end of June, up 6.5 percent from a year ago.M0, the amount of cash in circulation, rose 9.5 percent year on year to 7.95 trillion yuan by the end of last month. Enditem

Alibaba hits 5-yr goal of $1t in gross merchandise volume

The logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, Nov 10, 2019.The achieved volume is an important milestone to Alibaba, Zhang said, and it is setting a new target of servicing 1 billion C

Asian markets turn lower as infection rates jump

File photo: AgenciesAsian markets fell Friday as rising virus infection rates in the US put the brakes on the latest rally.Equities have shown a healthy resilience to the worryingly rapid spread of the disease around the world, with hopes for the economic recovery, the easing of lockdowns and government largesse providing crucial support.But several days of figures showing a record number of new cases in highly populated states including Florida, Texas and California -- leading to the reimposition of containment measures -- were beginning to sink in.Analysts also pointed out that while global markets have enjoyed healthy gains, those have mostly come thanks to traders moving into tech firms, which are more likely to benefit from further lockdowns.This is reflected in the tech-heavy Nasdaq index on Wall Street hitting multiple record highs over the past week, including Thursday.The US saw 65,551 new coronavirus cases, a record for a 24-hour period, with top infectious diseases expert Anthony Fauci calling for a pause in states reopenings, though he added: "I dont think we need to go back to an extreme of shutting down."Donald Trump, who has openly said he disagrees with Fauci, has downplayed the spike in cases, saying the rise in cases was because more testing was being carried out.The Dow fell more than one percent and the S&P 500 also dropped, with traders unmoved by data showing the number of US workers filing for unemployment benefits last week fell by 99,000.Analysts warned the figure remained high and the latest reclosures in some states could lead to fresh layoffs.- No sugar-coating -Asia tracked the New York losses, with profit-taking also playing a part after a broadly strong week.Tokyo ended the morning 0.3 percent down and Hong Kong shed 0.8 percent.Shanghai, which has been surging over the past week, was down more than one percent, also hit by news that authorities were cracking down on margin financing to avoid another bubble form...

Hong Kong shares down 1.17 pct by midday

HONG KONG, July 10 (Xinhua) - Hong Kong stocks lost 307.30 points, or 1.17 percent, to close Fridays morning session at 25,902.86 points.(File photo: VCG)

China's aviation industry sees narrow loss in Q2 2020

Chinas aviation industry has witnessed promising signs of recovery in this years second quarter, as recent data shows that the industrys total loss has narrowed, compared to the previous quarters record losses.The industry lost 34.25 billion yuan ($4.9 billion) in the second quarter, a decrease of 3.85 billion yuan from losses in the first quarter, Jin Junhao, an official from Civil Aviation Administration of China (CAAC) said on Friday.(Photo: courtesy of Air China)In June, the industry lost 7.62 billion yuan, a loss of 17 billion yuan less than that in February, and 3.8 billion yuan less than that in May, he said.He attributed the improved numbers to the fact that the country is on its way back to work as normal, as the countrys COVID-19 control and prevention measures have been making strong progress, producing market demand.Chinese airlines saw a massive business slump in February due to the worldwide pandemic, as the industry recorded losses of 24.5 billion yuan in February, including a loss of 20.96 billion yuan for various carriers, the largest loss ever recorded.In February, Chinas aviation sector traffic saw a year-on-year decrease of 73.9 percent, with a total of 2.52 billion ton-km transported, and passenger traffic stood at 8.34 million, a decrease of 84.5 percentHowever, recent data shows that Chinas air passenger traffic dropped 42.4 percent year-on-year to 30.74 million in June. The number of passengers dropped 45.8 percent year-on-year in the first half.In June, domestic and international routes completed 4.42 billion ton-km and 1.63 billion ton-km, respectively; that is, they recovered to 65.9 percent and 42.1 percent to that of the same period last year, respectively.The CAAC said the international air cargo capacity had increased dramatically.Before the COVID-19 pandemic, China maintained regular cargo flights; that is, 1,014 cargo flights operated per week, with 75 overseas destinations in 31 c...

China's air passenger volume down 42.4 pct in June

March 16, 2020 picture of people wearing face masks walk at Beijing Capital International Airport as the country tries to contain imported cases of coronavirus. (Photo: CGTN)BEIJING, July 10 (Xinhua) -- Chinas civil aviation industry has gradually recovered in June as key indicators reported narrowing declines from a month ago, data from the countrys aviation regulator showed Friday.Airlines flew a total of 30.74 million passengers last month, down 42.4 percent year on year. The decline narrowed 10.2 percentage points from May, according to the Civil Aviation Administration of China.In the first half of the year, air passenger numbers hit 150 million, equivalent to 45.8 percent of the volume during the same period last year.Air cargo volume fell 5.8 percent year on year to 578,000 tonnes last month, compared with a 12-percent decrease registered in May.

Chinese shares lower at midday Friday

(File photo: CFP)BEIJING, July 10 (Xinhua) -- Chinas major stock indices ended lower in the morning session Friday, with the benchmark Shanghai Composite Index down 1.05 percent at 3,414.21 points.The Shenzhen Component Index went down 0.13 percent to end at 13,736.42 points at midday.

BRI nations key destinations for overseas investment

Employees assemble diesel engines in the China-Belarus Industrial Park in the Belarusian capital of Minsk.Counties involved in the Belt and Road Initiative have become important destinations for Chinese companies' overseas investments, while building high-standard industrial parks will be important

Retail jobs lost despite measures

A woman carrying shopping bags walks by Regent street after the reopening of retail stores, amid the spread of the coronavirus disease , in London, Britain, June 16, 2020.On a bleak day for British retail as thousands of jobs in the industry were cut, business leaders warned millions more could be m

PBOC and Didi team up to test digital currency

Headquarters of the People's Bank of China , the central bank, is pictured in Beijing.China's central bank is reportedly partnering with several internet companies including Didi Chuxing, the ride-hailing major, to test the use of its digital currency, as the nation pioneers the world in its efforts

China's key stock indices open lower Friday

BEIJING, July 10 (Xinhua) - Chinas benchmark Shanghai Composite Index opened at 3,418.93 points on Friday, down 0.92 percent.(File photo: CFP)The Shenzhen Component Index opened 0.67 percent lower at 13,662.38 points. The ChiNext Index, Chinas NASDAQ-style board of growth enterprises, was down 0.47 percent to open at 2,744.61 points Friday.

Hong Kong stocks open 1.06 pct lower

HONG KONG, July 10 (Xinhua) - Hong Kong stocks lost 278.38 points, or 1.06 percent, to open at 25,931.78 points on Friday.(File photo: VCG)

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