China Has Set Modest Economic Growth Targets. Here Are Other Highlights From Its Most Important Annual Meeting.
Setting modest economic growth targets, thwarting U.S. sanctions, controlling Hong Kong elections—these were the leading issues presented over the last several days at China’s largest annual gathering of legislators. For this year, Li surprised some by announcing a modest goal of “above 6%” for GDP growth. Consensus among experts had expected at least 7%, with some forecasting more than 8%. Last year, amid economic disruption wrought by the coronavirus, Beijing made the unprecedented move of not setting a GDP target. Urban unemployment in 2021 should round out at roughly 5.5%, Li said, adding that an additional 11 million urban jobs should be created.Foreign Minister Wang Yi was more pointed than Li, saying at a weekend press conference that only “patriots” would administer Hong Kong. China’s incursion into the city has had business consequences. A survey by the American Chamber of Commerce in Hong Kong found that roughly half of respondents said they planned to exit the city because of the political tightening. And after ranking as the freest economy in the world by the annual Heritage Foundation index for 25 years, this year Hong Kong was lumped together with mainland China, at 107th place—leaving Singapore by far the leader of the index. China’s exact plan of retaliation remained unclear, however. “It does not offer many specifics about what China plans to do beyond trying to punish companies that go along with U.S. sanctions,” Alan O. Sykes, a professor of international law at Stanford University, told Barron’s. “The biggest trade issue is the ongoing punitive tariffs on Chinese exports, and it is not clear how China intends to address that issue, if at all.”
China’s officials play up ‘rise of the East, decline of the West’
Ahead of Communist Party centenary in July, cadres have hailed ‘extraordinary accomplishments’ at meetings in Beijing With pandemic largely under control, President Xi Jinping says young Chinese can ‘stand tall and feel proud’ when they go abroad
Global GDP to surpass pre-pandemic level by mid-2021, OECD says
Vaccine hopes prompt upward revision of projection to 5.6% growth this year . The OECD projects that the country will record the fastest growth in the world this year global economy will grow to be bigger than its pre-pandemic level by the middle of this year, the OECD projected in an update of its outlook on Tuesday.
Coronavirus recovery: pickup in US economy, consumer spending could be to China’s benefit
The unleashing of pent-up US consumer demand should result in even greater US purchases of goods sourced from Chinese factories This demand-driven resurgence should bolster China’s economy and underpin international demand for the yuan hat is great for Uncle Sam, but after comparing monetary policy settings in Beijing and Washington, investors could rationally conclude that their best interests lie with China. HSBC analysts argued on Friday that “this year (Chinese) policymakers aim to achieve a balance between supporting the growth recovery and preventing risks in monetary policymaking”. That measured approach from the People’s Bank of China contrasts with a Federal Reserve that currently seems oblivious to the risks of post-pandemic inflation and to market concerns about such risks. Investors might conclude that the risk of capital erosion is higher in the United States than it is in China. The prospects for the yuan remain bright.
Electric vehicles will account for three out of five new cars on China’s roads by 2030, UBS forecasts
The Swiss bank predicts that 10 years after that, all new cars around the world will be powered by battery packs The forecast indicates a faster take-up rate than the Chinese authorities are targeting
Little mention of China’s EV industry in Five-Year Plan bodes well: experts
China’s ambition to become a world leader in electric vehicles was barely mentioned in this year’s annual government work report, presented Friday—a good sign, experts said, that the market is maturing. After strong policy support over the past several years, the market is now evolving into a demand-driven model amid waning government stimulus, Cui Dongshu, secretary general of the China Passenger Car Association, wrote in a post published Saturday. “We expect auto consumption to grow robustly beginning this year,” (our translation) Cui added. Growing the adoption of new energy vehicles (NEVs), a catchall term referring to all-electric, plug-in hybrid, and hydrogen cars in China, has been a major agenda item for the country’s annual parliament meetings since 2015. The government had set a sales target of 5 million NEVs in its 13th Five-Year Plan (FYP) ending in 2020 which propelled China to the top spot as the world’s biggest EV market by sales volume in 2015. Beijing’s next goal is even loftier. It aims for NEV sales to account for 20% of overall new car sales in China by 2025 from the 2020 level of around 5%, according to a policy paper released November as part of the 14th FYP ending in 2025. In the report delivered by Chinese Premier Li Keqiang on Friday, policymakers plan to offer more targeted measures to remove barriers and allow for massive EV adoption in the next five years. Here are the key points.
Chinese electric vehicle maker Xpeng’s fourth-quarter net loss narrows 42%
Chinese electric vehicle (EV) maker Xpeng said on Monday its net loss in the fourth quarter of last year narrowed 42% from the same period in 2019, as EV sales increased in the world’s biggest car market, reported Reuters. New York-listed Xpeng, which sells mainly in China and competes with Tesla and Nio, said its net loss attributable to ordinary shareholders was RMB 787.4 million ($120.7 million) for the quarter. In the final three months last year, revenue jumped 346% year-on-year to RMB 2.85 billion. It expects total revenue for the first quarter of 2021 to be approximately RMB 2.6 billion, up around 531% from the first quarter of 2020, reported Reuter
Lenovo chairman: New IT empowers China’s real economy
At this year’s Two Sessions gathering, discussions on dual circulation and high-quality development are high on the agenda. CGTN interviewed Yang Yuanqing, a deputy to the National People’s Congress and Lenovo chairman and CEO, about his insights on promoting intelligent transformation to help China upgrade its manufacturing industry.
China’s debt-reduction campaign a 2021 priority as coronavirus drives surge in borrowing
Beijing’s latest work report says deleveraging is one of ‘five major tasks’ for the government in 2021 Since the beginning of the coronavirus pandemic, China’s debt burden has grown roughly 30 per cent
Covid-19: China launches digital health certificates for overseas travel
WeChat-based system uses QR codes to show travellers’ coronavirus and antibody test results and whether they have been vaccinated China ready to discuss ‘the establishment of mutual recognition mechanisms’ with other countries, foreign ministry says
China launches virus passport
China has launched a health certificate programme for Chinese international travellers, leading the world in plans for so-called virus passports. The digital certificate, which shows a user’s vaccination status and virus test results, is available for Chinese citizens via a programme on Chinese social media platform WeChat that was launched on Monday. The certificate is being rolled out “to help promote world economic recovery and facilitate cross-border travel”, a foreign ministry spokesman said.
Covid-19 passports could backfire by giving a false sense of security
Experts say there are several problems with vaccine travel documents, with potential to spread variants the most serious China has launched its own version and many other countries are considering them as a way to reopen borders and salvage economies
Vaccine rollouts and US stimulus package boost global recovery, says OECD – business live
The OECD has also expressed concern about the varied pace of Covid-19 vaccination programmes around the world – including in Europe.
Everything you need to know about China’s coronavirus vaccines
At least 25 countries and territories around the world — largely in Asia and the Middle East — are using Chinese vaccines.
China IP SME Helpdesk
A first line IP assistance service for European SMEs that operate or intend to access the China market and that aim to improve their global competitiveness. The China IP SME Helpdesk supports European Union (EU) Small and Medium-sized Enterprises (SMEs) to both protect and enforce their Intellectual Property Rights (IPR) in or relating to Mainland China, Hong Kong, Macao and Taiwan through the provision of free information and services. These take the form of jargon-free, first-line, confidential advice on intellectual property and related issues, plus training, materials and online resources.
China targets energy security as risks from US rivalry grow
New five-year plan calls for more oil and gas production to better safeguard power supplies Strained relations with major economies could pose security concerns for country’s essential fossil fuel imports, analysts say
Three key points for power generation from China’s five-year plan
On Friday, the ruling party of China released a draft of its 14th five-year plan, outlining the country’s upcoming economic priorities.
China puts nuclear power, waste disposal on the front burner in bid to meet climate targets
Beijing wants industry development accelerated in the next five years That includes building more facilities to deal with radioactive waste
Central China’s Henan Province lays out plans to vitalize rural areas
Over the past five years in the 13th Five-Year Plan period, central China’s Henan Province has helped guarantee food security for the entire country, and explored new ways to grow its economy. CGTN reporter Xia Ruixue took part in an exclusive interview with Zhou Ji, the province’s executive vice governor, to discuss Henan’s high-quality development for the next five years.
China ratifies RCEP trade deal three months ahead of schedule, urges other members to follow suit
The 15-member Regional Comprehensive Economic Partnership (RCEP) was signed in mid-November Commerce Minister Wang Wentao confirmed the deal had been ratified during the National People’s Congress (NPC) in Beijing
The U.S. Shouldn’t Be Afraid of China
Overreaction may be more dangerous than Beijing itself. Although a rethink of U.S. policy is warranted, given China’s dramatic advances and growing assertiveness, Washington should develop its response from a position of confidence. Xi’s rule will not be forever. When he goes, whether through death, retirement, or coup, China could return to a more liberal path. The Trump administration launched a full-scale attack on China with significant energy but inadequate forethought. The strategy boosted China’s growing isolation, which is neither achievable nor desirable. The Biden administration can do better. It should start by recognizing that the United States occupies a position of strength. Although the challenge is great, U.S. citizens should fear neither China nor the future.
Early Warning Brief – China’s NPC and CPPCC: Xi Defies the West by Boosting Technological Self-Sufficiency And Crushing Hong Kong’s Freedoms
At a recent Politburo speech devoted to laying the foundation for the party’s upcoming centenary celebrations in June, Xi said, “while we must be full of confidence, we must at the same time be mindful of dangers in the midst of stability” (Ming Pao, January 8). In a January talk at the Central Party School, Xi noted that while China and the world were facing turbulent times, “time and momentum are on our side.” “The opportunities and challenges are unprecedentedly large, yet on the whole the opportunities are greater than the challenges,” he added (Xinhua, January 11). Li’s NPC report has fully reflected the priorities of Xi, in particular his call for all Chinese to work with dedication and patriotism to deflect the challenges from the West. While the annual NPC and CPPCC sessions are usually dominated by leaders such as the premier and the chairmen of the legislature and consultative conference, respectively Li Keqiang, Li Zhanshu and Wang Yang, it is evident that the supreme leader Xi has plotted the country’s new directions until 2035. In the reports tabled at the two sessions as well as in publicized discussions among NPC and CPPCC delegates, Xi’s instructions on various vital issues are billed as providing valuable guidance to the party, government and military
Europe’s biggest party set to take tougher line on China, push Taiwan investment deal
The European People’s Party lends support for investment agreement with Beijing, but calls for ban on goods made in ‘re-education camps’ Draft policy paper calls for Taipei to be invited to take part in WHO meetings
US-China competition needs to be civil
During his press conference on the sidelines of the ongoing two sessions, Chinese State Councilor and Foreign Minister Wang Yi said, it is not surprising that there is competition between China and the US as their interests are intertwined, but the two sides should have healthy competition on the basis of fairness and equity. Many people may have not yet perceived the subtleties of this crucial statement.
US-China relations: investment environment improving for American firms, AmCham survey shows
Only 12 per cent of the 345 US firms surveyed by the American Chamber of Commerce in China said the investment environment was deteriorating This represented the lowest proportion since the question was first introduced in the 2012 survey
Why China is the Kautilya of international politics
While the disengagement in Ladakh is apace, China is well placed in the rajamandala to carry on its hostility towards India by means other than war.
South Asia deftly navigates China–India tensions
China–India relations took a turn for the worse in 2020. Intrusions by the People’s Liberation Army along the contested border led to a military standoff and skirmishes, the likes of which had not been seen for decades between the two countries. Only recently have they begun the process of disengagement.
China pledges to improve veteran benefits in latest five-year plan
For the first time Beijing has devoted a separate section of its all-encompassing policy document to welfare of ex-military The plan includes job training improvements, jobs for family members and preferential household registration for their children
Japan and US to single out China at ‘2-plus-2’ meeting
Allies plan to take stronger stance in meeting of top security officials The foreign and defense ministers of Japan and U.S. will meet for the “two-plus-two” dialogue early next week when they are expected to release a joint statement that explicitly expresses concern over China’s repeated incursions into the territorial waters around the Senkaku Islands in the East China Sea that are administered by Japan but claimed by China. Japanese and U.S. officials also will discuss greater cooperation on denuclearizing North Korea and on space and cyber defense. In terms of cost-sharing for the U.S. military based in Japan, the countries recently agreed to extend their current arrangement by a year from the end of March. The two sides still need to negotiate a full-fledged deal that would cover fiscal 2022 and beyond. The preparatory meeting on Thursday was attended by Deputy Assistant Secretary of State for Japan and Korea Marc Knapper and Acting Deputy Assistant Secretary of Defense for East Asia Security Mary Beth Morgan on the American side, and the Foreign Ministry’s Deputy Director General for North American Affairs Yutaka Arima and the Defense Ministry’s Deputy Director General for Defense Policy Taro Yamato on the Japanese side.
No Wolf Warriors here: foreign minister sends message of ‘responsible China’
An uncharacteristically patient Wang Yi addressed questions about a range of contentious issues from local and foreign journalists ‘Propaganda cannot restore international image. Action does. Money does. Foreign aid and vaccines do,’ says Washington-based analyst
The China Firewall Test: Which Websites are Blocked, and Does it Matter?
Reporting and writing about China comes in many guises, from the outwardly China negative, to professional reports containing sensitive information, to websites that are just nasty, such as pornography and other socially unacceptable products. Typically, global readers looking for political or other China related news can access this from sources within their own country. However, there are websites who have infuriated the Chinese leadership and been blocked but whose content relies to some extent on news and views from China. It creates a journalistic conundrum when the reporting about China on the medium is blocked in the country. This in turn dictates the nature of the readership; however, if the target audience is not China, then the negative impact of being blocked is rather less. An example of this is the Wall Street Journal, whose investigative reporting upset Beijing yet was primarily intended for US consumption anyway.
How China’s new election laws threaten Hong Kong democracy
China’s National People’s Congress is expected to pass new election laws in Hong Kong that pro-democracy activists say will give more power to Communist Party loyalists and cement one-party autocracy.
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