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China's rail freight volume up 4.1 pct in 2020

BEIJING, March 6 (Xinhua) -- The volume of freight carried on Chinas railways reported a year-on-year increase of 4.1 percent last year, as economic activity steadily recovered.A China-Europe freight train carrying medical supplies bound for Madrid of Spain departs the city of Yiwu, east Chinas Zhejiang Province, June 5, 2020. (Photo: Xinhua)Railways transported 3.58 billion tonnes of cargo in 2020, up 141 million tonnes compared to a year earlier, according to data from the China State Railway Group Co., Ltd. (China Railway).The number of containers transported through railways surged 36.7 percent year on year, the data showed.Rail cargo volume is widely seen as a key indicator for economic activity.

US extends tariff exclusion on China's medical supplies for six months

Workers make facial masks at the workshop of a company in Wuhan, central Chinas Hubei Province, January 28, 2020. (Photo: Xinhua)The U.S. is extending exclusions on tariffs for face masks, cleaning supplies and other personal protective equipment from China for six months, providing protection against higher costs as the nation fights against the COVID-19 pandemic, according to Bloomberg on Friday.

China's fiscal policy to remain basically stable with no sharp turns in 2021: minister

File photo: CGTNChina will keep its fiscal policy basically stable and make no sharp turns in 2021, the finance minister said Friday.The country will lower the deficit ratio and quota of the local government special bonds from last year, Minister of Finance Liu Kun told a press conference on the sidelines of the annual national legislative session.However, compared with 2019, Chinas total deficit will increase by 810 billion yuan (about 124.8 billion U.S. dollars) to 3.57 trillion yuan this year. The quota of the newly-added special-purpose local government bonds for 2021 will stand at 3.65 trillion yuan, up by 1.5 trillion yuan from 2019.The general expenditure of the central government has decreased for two consecutive years. The money saved was used to expand transfer payments to the local governments, Liu said.Liu vowed that China will continue to improve management of government debt, keep the macro leverage ratio basically stable, maintain the necessary support for economic recovery, and leave policy space to cope with future risks and challenges.

Recovery hopes push US stocks higher, oil hits records

Pump jacks operate at sunset in an oil field in Midland, Texas, U.S., August 22, 2018. (Photo: CGTN)U.S. stocks ended sharply higher on Friday after a whipsaw session in which the belief that the U.S. economy was recovering overcame inflation worries, while OPECs production restraint pushed crude to levels not seen in nearly two years.Wall Street share prices struggled this week and bond yields rose while traders debated whether the U.S. recovery from the COVID-19 pandemic, fueled by a White House-backed stimulus bill costing nearly $1.9 trillion that is making its way through Congress, would push prices up.However, government data showing that the U.S. economy added a better-than-expected 379,000 jobs in February helped push major indices to a decisively positive finish on Friday, with the Dow climbing 1.9 percent and the S&P 500 gaining 2.0 percent."It was good data but still far away from full employment," Peter Cardillo of Spartan Capital Securities said of the employment report.Inflation concerns caused yields on the 10-year Treasury notes to spike to nearly 1.6 percent, but he said if they stabilize at that level "it is safe to say that the pullback could be over."In oil markets, an announcement from producers that they would increase output by less than expected helped prices reach highs unthinkable just months ago, when crude briefly slumped into negative territory as the pandemic pummeled global demand.The decision Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to raise production only modestly was a show of "remarkable restraint," said Bjornar Tonhaugen, head of oil markets for Rystad Energy."That move in itself also helps prices approach $70 per barrel. The speed that prices rose since the doom days of negative levels has been unprecedented," he said.Eyes on PowellWhile the rollout of coronavirus vaccines, slowing infections, easing of lockdowns and the imminent new ...

Major indicators of economic and social development during 14th Five-Year Plan period

Major indicators of economic and social development during the 14th Five-Year Plan period are shown in the graphics made on March 5, 2021. (Xinhua/Lu Zhe).

American says 737 MAX experienced 'mechanical issue'

Boeing 737 Max airplanes (Photo: VCG)An American Airlines Boeing 737 MAX jet flying to Newark, New Jersey from Miami landed safely on Friday after pilots shut down an engine during the flight, the US air safety regulator said.The MAX returned to skies in the United States late last year after it was grounded worldwide in March 2019 following two deadly crashes.In a statement, the Federal Aviation Administration (FAA) said "pilots reported shutting down an engine in flight" but the plane was able to taxi to its gate on its own power, and the agency will investigate the incident.American Airlines confirmed to AFP that the issue was related to an engine oil pressure issue and not the faulty flight handling system known as the Maneuvering Characteristics Augmentation System, or MCAS, which was implicated in the crashes that killed a total of 346 people."All customers deplaned normally, with no reported injuries to passengers or crew," American Airlines said.The 737 MAX was a big hit with airlines, becoming Boeings fastest-selling aircraft until its grounding, which forced the manufacturer to revamp MCAS and implement new pilot training protocols.The grounding plunged the American aviation giant into crisis, which was exacerbated by the global downturn in travel caused by the Covid-19 pandemic, and airlines canceled hundreds of orders for the plane.

US stocks open higher after solid payroll report

NEW YORK, March 5 (Xinhua) -- U.S. stocks opened higher on Friday after data showed the nations February employment came in stronger than expected.File Photo: XinhuaShortly after the opening bell, the Dow Jones Industrial Average jumped 274.42 points, or 0.89 percent, to 31,198.56. The S&P 500 added 34.38 points, or 0.91 percent, to 3,802.85. The Nasdaq Composite Index rose 98 points, or 0.77 percent, to 12,821.47.Ten of the 11 primary S&P 500 sectors advanced in morning trading, with energy up 2.8 percent, leading the gainers. The consumer discretionary group, however, struggled.U.S. employers added 379,000 jobs in February, with the unemployment rate little changed at 6.2 percent, the Labor Department reported Friday.Most of the job gains occurred in leisure and hospitality, with smaller gains in temporary help services, health care and social assistance, retail trade, and manufacturing, according to the monthly report released by the departments Bureau of Labor Statistics. Employment fell in state and local government education, construction and mining.The increase in new jobs topped Wall Street expectations. Economists surveyed by Dow Jones and The Wall Street Journal had forecast 210,000 new jobs.U.S. equities suffered a three-day skid this week as of Thursday."The pullback was a continuation of what we saw for most of the week: rising bond yields prompted by inflation concerns," Kevin Matras, executive vice president at Zacks Investment Research, said in a note on Friday.The yield on the benchmark 10-year U.S. treasury jumped to 1.6-percent level Friday morning following the strong jobs report. The yield on the 30-year Treasury bond also moved higher.Federal Reserve Chairman Jerome Powell on Thursday said that the recent rise in yields has his attention. He reiterated that the central bank would be "patient" before changing policy even as it saw inflation pick up, saying it was likely to be a transitory fashion.

China targets GDP growth of over 6 pct in 2021, revs up modernization drive

Workers weld at a workshop of an automobile manufacturing enterprise in Qingzhou City, east Chinas Shandong Province, Feb. 28, 2021. (Photo: Wang Jilin/Xinhua)● China aims to expand its economy by over 6 percent in 2021, with goals to put the economy firmly back to pre-pandemic vibrancy.● The specific growth target reveals the countrys confidence in achieving high-quality development.● China also has the confidence and ability to fulfill the goals and tasks in the 14th Five-Year Plan.BEIJING, March 5 (Xinhua) -- China aims to expand its economy by over 6 percent in 2021, building on strong tailwind from success in containing COVID-19, as lawmakers gather in Beijing to map out priorities for high-quality development.The gross domestic product (GDP) target is one of the many key goals laid out in a government work report delivered by Premier Li Keqiang to the national legislature, which began its annual session Friday."In setting this target, we have taken into account the recovery of economic activity," Li said. "A target of over 6 percent will enable all of us to devote full energy to promoting reform, innovation, and high-quality development."This year, the country aims to create more than 11 million new urban jobs, lower the deficit-to-GDP ratio to 3.2 percent, and expand domestic demand and effective investment, which are expected to put the economy firmly back to pre-pandemic vibrancy -- Chinas GDP growth rate was 6 percent in 2019.In 2021, China will pursue high-quality development, advance supply-side structural reform, and consolidate and expand the achievements of the COVID-19 response and economic and social development, among other major tasks outlined in the report."These efforts will enable us to get off to a good start in the 14th Five-Year Plan (2021-2025) period and commemorate the centenary of the Communist Party of China with outstanding achievements in development," Li said in the report, amid rounds of ...

China's beefed up R&D spending to narrow tech gap with US, ease 'stranglehold problems'

Technicianstakingpartinthehot-runningtestcheckatrainoftheGuangzhouMetroLine18inthecabinGuangzhou,southChina'sGuangdongProvince,March3,2021.Theelectrictrain,withamaximumdesignedspeedof160kmperhour,carriedoutthefirsthot-runningtestinthesmallhoursofThursdaymorning,inordertoconductacomprehensiveinspecti

German shares lose 0.70 pct at start of trading on Friday

BERLIN, March 5 (Xinhua) -- German stocks were off to a shaky start on Friday, with the benchmark DAX index losing 97.8 points, or 0.70 percent, opening at 13,958.54 points.The biggest winner among Germanys 30 largest listed companies at the start of trading was utility RWE, increasing by 1.17 percent, followed by Deutsche Bank with 0.21 percent, and energy company E.ON, declining by 0.24 percent.Shares of MTU Aero Engines fell by 2.13 percent. The German aircraft engine manufacturer was the biggest loser at the start of trading on the day.New orders for Germanys important manufacturing sector in January increased by 2.5 percent year-on-year, the countrys Federal Statistical Office announced on Friday.The yield on German ten-year bonds went up 0.020 percentage point to minus 0.292 percent, and the euro was trading unchanged at $1.1975 on Friday morning.

Tokyo stocks end mixed on yields, US interest rate concerns

TOKYO, March 5 (Xinhua) -- Tokyo stocks ended mixed Friday amid continued concerns over a recent surge in U.S. bond yields and higher interest rates, but losses were trimmed ahead of the release of key U.S. jobs data.File Photo: XinhuaThe 225-issue Nikkei Stock Average lost 65.79 points, or 0.23 percent, from Thursday to close the day at 28,864.32.The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 11.44 points, or 0.61 percent, to finish at 1,896.18.Brokers said that large-cap issues and tech-oriented shares extended losses as investor sentiment continued to be dented by a surge in bond yields impacting corporate borrowing rates."The move of the U.S. long-term bond yields is now the center of the attention for stock investors," Yoshihiro Takeshige, general manager at the investment management department of Asahi Life Asset Management, was quoted as saying."If the move of yields will become out of control, Japans market could be dragged lower, led by declines in U.S. technology shares," Takeshige added.Losses were trimmed however, by expectations that the Bank of Japan (BOJ) had purchased exchange traded funds (ETFs) during trading hours to bolster the market and as part of its monetary easing program.Investors, market strategists here said, were also keenly awaiting U.S. non-farm payrolls data for February due out later in the day."Favorable jobs data could push U.S. bond yields even higher and dent stock markets. But the opposite is also possible, so investors bought back some shares," Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co., was quoted as saying.By the close of play, real estate, service and marine transportation-linked issues comprised those that declined the most.Nikkei heavyweight Fast Retailing, operator of the Uniqlo chain of casual clothing stores, dropped 4 percent, while technology issues also came under pressure.Tokyo Electron lost 2.5 percent, Adva...

New vice chairman for banking and insurance watchdog

Xiao Yuanqi.Xiao Yuanqi, former chief risk officer and spokesperson for the China Banking and Insurance Regulatory Commission , has been promoted to vice chairman, according to the watchdog's official website.Xiao is a veteran with international vision and local supervision experience in the banking

Hong Kong stocks close 0.47 pct lower

HONG KONG, March 5 (Xinhua) -- Hong Kong stocks closed down 138.50 points, or 0.47 percent, to 29,098.29 points on Friday.The benchmark Hang Seng Index traded between 28,513.13 and 29,397.27. Turnover totaled 240.44 billion Hong Kong dollars (about $30.98 billion).

ChiNext Index closes higher Friday

BEIJING, March 5 (Xinhua) -- The ChiNext Index, tracking Chinas NASDAQ-style board of growth enterprises, gained 0.7 percent to close at 2,871.97 points Friday.The ChiNext Index, together with the Shenzhen Component Index and the Shenzhen SME (small and medium-sized enterprises) Board Index, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close lower Friday

BEIJING, March 5 (Xinhua) -- Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.04 percent, at 3,501.99 points.The Shenzhen Component Index closed 0.03 percent lower at 14,412.31 points.

CIIE plays key role in Hongqiao's opening up

Horiculture workers do landscape maintenance at the south entrance of the National Exhibition and Convention Center in Shanghai, which has been served as the host venue of the annual China International Import Expo since 2018.The China International Import Expo has transformed Shanghai's Hongqiao Ce

China vows more efforts, better mechanism on self-reliance on key technologies

Scalingupthetechnologicalladderandfocusingonself-relianceonkeytechnologiestoppedtheagendainthe2021GovernmentWorkReport,deliveredonFridaybyChinesePremierLiKeqiang.Chineseanalystssaidtheblueprintsandworkmethoddetailedinthereportcouldleadtoagreatleapforwardinresearchanddevelopmentspending.。Detailingsom

China for the first time vows in government report to step up efforts against business monopolies

Chinaforthefirsttimesaidinitsgovernmentworkreportthatitwillstepupeffortsagainstbusinessmonopoliesinabidtoensurefairmarketcompetition.。Thestatesupportsplatformenterprisesinpursuinginnovativedevelopmentandenhancinginternationalcompetitiveness,whileensuringthattheirbusinessoperationsarewell-regulatedin

Survey shows women in Chinese mainland lead the world in financial management

AsurveyshowsthatwomeninChinesemainlandhavemoresavingsthanmenandalsoplayadominantroleinmanagingfamilyassets.ThestudybyFidelityInternational,conductedinGermany,UK,Japan,Chinesemainland,HongKongandtheislandofTaiwanwasreleasedonThursday.。ThestudyrevealedthatChinesemainlandistheonly,amongallsurveyedmarke

Chinese shares lower at midday Friday, while ChiNext Index higher

BEIJING, March 5 (Xinhua) -- Chinas major stock indices ended lower in the morning session Friday, with the benchmark Shanghai Composite Index down 0.34 percent at 3,491.69 points.File photoThe Shenzhen Component Index lost 0.11 percent to end at 14,399.51 points at midday.The ChiNext Index, tracking Chinas NASDAQ-style board of growth enterprises, went up 0.55 percent to 2,867.48 points in the morning session.

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