China economy: industrial giants see profits rise over 90 per cent in March
Profits rose to 711.18 billion yuan (US$109.6 billion) in March, up 92.3 per cent from a year ago, when the economy was hard hit by the coronavirus crisis. The industrial profit data covers large firms with annual revenue of over 20 million yuan (US$3 million) from their main operations.
Xi Jinping tries to reassure China’s private firms of their place in nation’s economic development
During a trip to the Guangxi Zhuang autonomous region, President Xi says private sector can develop their businesses ‘boldly and with confidence’ Xi’s message comes as the central government has ramped up control over the countries’ millions of private firms, in an effort to exert greater state influence over economic development The Chinese government has been calling for a transition from a focus on high-speed growth to a high-quality development model for a number of years. Beijing last year introduced its dual-circulation economic strategy, which puts a greater focus on the domestic market to drive future growth while adapting to challenges posed by an increasingly unstable and hostile outside world. With Washington increasingly restricting Chinese firms’ access to US-made technology on national security grounds, and as the world’s two biggest economies clash over a range of issues such as trade, human rights and Taiwan, Beijing is ramping up efforts to build greater self-reliance in core technologies, including semiconductors and artificial intelligence. But analysts have said that China’s deep integration in global technology supply chains will make it difficult for the country to develop all of the tech it needs from scratch.
China’s fiscal stimulus is already tapering as bond sales shrink amid government shift towards risk control
China’s local authorities have sold, or plan to sell, 222.7 billion yuan of so-called special bonds in January to April to fund shanty town renovations, highways and other infrastructure investment That’s a sharp decline from 729.6 billion yuan of debt sold in the same period in 2019, and 1.15 trillion yuan in 2020
China is wrong to think the US faces inevitable decline
Its economic assets are too great and, while America could falter, that would be its choice and not its fate Please use the sharing tools found via the share button at the top or side of articles A great US asset has been its ability to attract the world’s best and brightest. Two men born in India now run Microsoft and Alphabet. One of Google’s two co-founders was an immigrant from the Soviet Union. The nativism now on display runs against this. But diversity, within a framework of shared institutions and values, could still be a huge source of vitality in US strength in business, culture and politics. The US is unlikely to remain the world’s dominant power, simply because China’s population is over four times bigger. Yet, provided the US remains democratic, free and open, it has a good chance of staying the world’s most influential country far into the future. If it decides instead to be what its reactionaries desire, it will fail. But that would be its own choice, not its fate.
China’s uneven coronavirus recovery inflames economic divide between north and south
Southern provinces showed the strongest first quarter rebounds after the coronavirus pandemic ravaged the economy early in 2020 The virus outbreak exacerbated regional economic gaps, which could worsen as coastal provinces benefit from export growth this year
China’s digital economy surges in 2020 amid pandemic, making up nearly 40 per cent of country’s GDP
China’s digital economy accounted for 38.6 per cent of its GDP last year, up 2.4 per cent from 2019 This segment of the country’s economy includes electronics manufacturing, telecommunications, internet and software services The penetration of China’s digital economy is highly visible from payments to retail. For example, China had about 60 million people engaged in selling goods and services via Tencent Holdings‘ super app WeChat in 2019, according to data from market analytics firm iResearch. The United States‘ digital economy, by comparison, reached US$1.8 trillion in 2018, accounting for 9 per cent of the country’s GDP of US$20.6 trillion in the same period, according to the latest data released by the US Bureau of Economic Analysis in August last year. That segment of the US economy covers information and communications technology goods and services, e-commerce and “priced digital services”, which is close to China’s definition of value-added from digital industries.
Still, the US holds the top spot globally in terms of employing digital technologies, according to the 2020 IMD World Digital Competitiveness Ranking, an analysis of how 63 economies employ these technologies for economic and social transformation. The US was followed by Singapore, Denmark, Sweden and Hong Kong. China jumped six spots to rank 16th ahead of Austria and Germany, but behind Australia.
China food security: why the nation’s ‘food crisis’ is more of a livestock feed challenge
China is not producing enough feed grains such as soybeans to support its large and growing livestock industry, meaning it relies on imports The deficit is driving concern about food security, an issue analysts say is complicated by geopolitics and dependence on foreign biotechnology
China will phase out coal but for now it’s essential in the energy mix: senior climate official
Environment ministry’s head of climate change says coal-fired power stations are needed to ensure stability of supply in move towards peak emissions China must balance environmental goals with other priorities, such as economic growth and easing poverty, says Li Gao
China and Germany agree to step up climate change cooperation
The two countries pledged to step up their efforts to lower greenhouse gas emissions more quickly than planned Both are committed to limiting the rise in global temperatures to1.5 degrees Celsius by 2100 Li said China would invest more in wind and solar energy. In its latest five-year plan, Beijing said the share of non-fossil fuels would account for 20 per cent of the country’s total energy consumption by 2025, up from 15.3 per cent in 2020. But China’s coal-powered generation continues to rise. Research from Greenpeace in March found that 46.1GW of new coal capacity was approved last year, more than the previous three years combined.
The New Map: China And The U.S.
In 2005, the ASEAN countries traded 50% more with the U.S. as they did with China. Now the numbers are reversed. This fact is just one of many shaping a new geopolitical map, says Daniel Yergin, author of a book published in late 2020, The New Map: Energy, Climate and the Clash of Nations. The book notes the rising importance of Asia in the global geopolitics of energy. Yergin is a rare writer who can synthesize economics, energy, history, geopolitics and technology. That view from the “commanding heights” is very much needed these days. For example, visit Silicon Valley where I live and you’ll learn how tribal it really is. You’ll learn all you need to know about cloud computing, digital acceleration, and why the 2020s will be the decade of artificial intelligence and machine learning. But you’ll learn little about the law of the sea, China’s “century of humiliation” and the roots of China’s current nationalism, and why ASEAN countries must navigate a tricky course between U.S. and Chinese interests. Yergin’s biggest worry is the risk of a South China Sea miscalculation setting off a war. The same story of discovery and learning is repeated throughout history, he says. The technology and unexpected success of hydraulic fracturing in the early 2000s made the U.S. energy independent. What similar surprises might occur with, say, hydrogen as a source of cheap and abundant energy? “People of all eras are consumed by their present problems. Even as other people are solving those very problems,” he says.
China needs to show flexibility if wants to play a lead role in fighting climate change
Beijing’s relationship with the EU could be a key test for how far it can accept a mixture of cooperation and confrontation in its international relations China and the US have agreed to work together to tackle the problem, but their ongoing rivalry will continue to be a major factor
A Tough Road for China, a Great Contribution to the World
Recently, the Ministry of Science and Technology organized the Xiangshan Scientific Conference on “Innovative Sci-Tech Paths to Achieve Carbon Neutrality”. Nearly 100 Chinese academicians and high-level experts of carbon emission reduction and ecological carbon sink from different fields, such as energy, industry, transportation, construction, attended the conference and discussed about the innovative sci-tech paths to achieve carbon peaking and carbon neutrality.
How one man’s dream to rival Google’s AI chief reflects China’s quest for tech supremacy
Beijing named AI as a key focus in its 14th five-year plan, with the area expected to be a battlefield as China and the US jostle for tech supremacy Since launching four years ago, OneFlow’s staff has grown from three, including founder Yuan Jinhui, to more than 50
Will Teenage Debt Cripple China’s Luxury Market?
China’s economy is booming, but its Generation Z, famous for its love for luxury, is accumulating debt faster than any previous generations
China: Macro policies can mend structural imbalances
Economic rebalancing, structural recovery, development and transitions, rather than pursuit of a large size of economic aggregate, are the main goals of China’s macroeconomic policies this year. We should attach importance to both GDP growth and economic structural adjustment, which is a major direction of our country’s macroeconomic policies.
A Graying China May Have to Put Off Retirement. Workers Aren’t Happy.
Most Chinese workers retire by 60. But with the population aging and pension funds running low, the government says that must change
China Opens Antitrust Probe Into Food-Delivery Giant Meituan
The move comes after internet giants Alibaba, Tencent, and Baidu were all fined as part of an ongoing government clampdown on anti-competitive practices.
Asia’s migrants face uneven road back from COVID: ADB-led report
Pandemic continues to depress labor demand in major destination countries The number of foreign nationals entering Japan on work visas plummeted 99.5% from April to August in 2020, compared with the same period a year earlier. In Saudi Arabia, work visa issuances were down 91% in the second half of 2020, versus the latter half of 2019. Among origin countries, the Philippines — the single largest origin country for the deployment of migrant workers — saw a 60% year-on-year drop in the number of new hires from January to May 2020. Outflows from Bangladesh, the second main country of origin, were suspended during the second quarter of 2020, though in December the number rebounded to about half the year-earlier level.
Japan highlights ‘strong concerns’ over China’s military expansion in annual foreign policy report
The 2021 edition of the Diplomatic Bluebook also cited China’s alleged human rights abuses in Xinjiang and the crackdown on Hong Kong as issues of concern The report comes as China steps up activities in the waters around the Diaoyus, which Japan refers to as the Senkakus, issuing a landform survey report on Monday
As US and China offer coronavirus aid, India wary of hidden agendas
As virus mutations send infections rocketing in India, offers of help have arrived from both Biden and Beijing But the US has soured sentiment by dragging its feet; sceptics say China sees its chance to drive a wedge between Washington and New Delhi
China’s Communist Party pilgrims mark centenary in wave of Red tourism at historic sites
The cradle of the Chinese revolution is drawing tourists and party faithful, boosted by 2021 Party celebrations and China’s post-pandemic rebound Party leaders, historians and educators are pushing to reach young people, to boost their interest in modern Chinese history
China opens new front in national fight against spy threats
Ministry of State Security is identifying key entities – firms, groups, government departments – to help protect state secrets New regulation allows national security apparatus to install devices where needed or dismantle devices and hardware where necessary
Woman Mistakenly Declared Dead Struggles to Obtain Residence Permit
Authorities erroneously canceled the 39-year-old’s household registration document while she was transferring her city of residence after marriage.
China-born Chloe Zhao sought common ground in Oscars speech
Considering ‘Nomadland’ as art made by humans rather than geopolitical actors In her acceptance speech for the Best Director Oscar for “Nomadland,” Chloe Zhao recited the first verses of the San Zi Jing, a classic Confucian poem her father taught her. Indeed, in an era of anti-Asian hate in the United States, the poem’s text further invited all viewers to search for goodness and to welcome Zhao as having a foot in both a foreign land with valuable cultural modes and Hollywood’s own time-honored tradition, something that South Korean award winners last year and this have pulled off as well. But while Zhao and “Nomadland” presented a model of scrappy artists telling inspiring human stories, only time will tell if such an approach is sustainable either for her, or for a Hollywood increasingly dependent on the Chinese box office. Zhao’s invocation of Chinese literature might have been a tactic to curry favor with Chinese netizens in advance of her upcoming Marvel Cinematic Universe film, “Eternals.” After all, it is easier to manipulate capital than creativity.
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