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News from China
China to step up RCEP trade pact implementation
3rd December 2020

 The State Council, China's Cabinet, has made arrangements to step up implementation of the Regional Comprehensive Economic Partnership.

 
More work should be done to uphold free trade and open up new space for win-win cooperation, according to a statement released on Wednesday after a State Council executive meeting chaired by Premier Li Keqiang.
 
The meeting, urging domestic work to ensure RCEP implementation, called for coordinated efforts to promote the opening-up of trade in goods and services, investment and other fields, along with higher standards and rules for trade and investment liberalization and facilitation, intellectual property protection, e-commerce, as well as economic and technological cooperation.
 
As much as 90 percent of intra-regional trade in goods will be made tariff free when the agreement get implemented. To properly implement the RCEP, the meeting urged measures for tariff reductions, simplified customs procedures, as well as unified and mutual recognition of product standards.
 
The meeting also demanded efforts to honor China's commitments on the foreign-investment negative list and all-round protection of intellectual property rights.
 
The meeting, which was held Tuesday, also passed the draft rules on government inspections.
Source: Shanghai Daily, December 3, 2020
OECD: Hopes of vaccines to spur world growth recovery
2nd December 2020

 The global economy may get back to pre-pandemic levels by the end of next year as vaccines help propel recovery, but growth is likely to be uneven, the OECD said on Tuesday.

 
Signs that vaccines could now be weeks away from distribution have injected cautious optimism as the year limps to a close with COVID-19 having claimed some 1.4 million lives.
 
“For the first time since the pandemic began, there is now hope for a brighter future,” OECD Chief Economist Laurence Boone wrote in her introduction to the organization’s latest review of the global economic outlook.
 
“Progress with vaccines and treatment have lifted expectations and uncertainty has receded,” she said, acknowledging that virus containment measures would likely be necessary for some months to come.
 
“The road ahead is brighter but challenging,” Boone added.
 
The Organization for Economic Co-operation and Development now sees world output dropping by 4.2 percent this year due to the months-long lockdowns that slowed the spread of the coronavirus but threw a wrench into the global economy.
 
But it forecasts the world economy to snap back with 4.2 percent growth in 2021 and ease to 3.7 percent in 2022. The forecasts for the contraction and the recovery are both more modest than those of its September update, despite many countries imposing new restrictions to slow the spread of the coronavirus.
 
The OECD, which advises its 37 member nations on stimulating economic progress and world trade, credited the quick recovery to “unprecedented” action by governments and central banks.
 
“The rebound will be stronger and faster as more and more activities re-open, limiting the aggregate income loss from the crisis,” Boone said. But that rebound is likely to be uneven and may lead to lasting changes in the world economy.
 
China is likely to be the only major economy to escape a contraction this year, with its economy growing by 1.8 percent and then surging by 8 percent in 2021.
 
On the other hand, the US economy will contract by 3.7 percent this year but is only likely to manage 3.2 percent growth in 2021.
 
The euro area economy will contract 7.5 percent this year, with many economies finishing the year in a double-dip recession after re-imposing lockdowns. Its economy will see growth return in 2021 at 3.6 percent and 3.3 percent in 2022. Japan is expected to fare similarly, with a 5.3 percent contraction in 2020 followed by a 2.3 percent rise in 2021.
 
India is seen as doing better, with its 9.9 percent drop this year to be followed by a 7.9 percent rebound.
 
Overall, China is expected to account for one-third of global growth next year, while Europe and North America are expected to contribute less than their weight in the global economy.
 
Despite the expected distribution of vaccines, the global economic outlook remains “exceptionally uncertain,” given the difficulties of rolling out massive vaccination campaigns, uncertainties about how long the vaccines will provide protection and the need to impose restrictions in the meantime.
Source: Shanghai Daily, December
Shopping boom at one-stop local commercial centers
30th November 2020

 During the 13th Five-Year Plan period (2016-2020), sales of goods in Jiading achieved an average annual growth of around 8 percent, and sales of consumer goods an average annual growth of about 10 percent.

 
Of the commercial complexes set up during the period, Shanghai Nanxiang Incity Mega, Citic Pacific Wanda Plaza, Powerlong Commercial Plaza, J-Tower and Xiyun Tower are one-stop destinations, saving time for residents from having to go downtown for their shopping.
 
The 340,000-square-meter Nanxiang Incity Mega, one of the largest retail developments in Shanghai, opened in September.
 
Its total investment exceeded 3 billion yuan (US$433 million), according to SCPG, the retail property development and operation platform of China Vanke Co.
 
Its opening had been delayed due to COVID-19, but 95 percent of its space has already been leased. Of its over 400 brands, around 40 percent are making their debut in the Shanghai market.
 
Guan Chunhua, deputy director of Jiading Commercial Commission, said that because Metro Line 11 connects Jiading with the Pudong New Area in the east and Huaqiao in neighboring Jiangsu Province in the west, Incity Mega can attract visitors from Kunshan, Taicang and Changshu.
 
Fifteen commercial complexes and two new commercial blocks had retail sales of 7.86 billion yuan last year, an average rise of 25.89 percent a year after the 3.94 billion yuan in 2016.
Source: Shanghai Daily, November 30, 2020
China to impose anti-dumping measures on Australian wine
27th November 2020

 China's Ministry of Commerce said on Friday it would impose anti-dumping measures on wine imports from Australia.

 
The domestic industry has been subject to substantial damages due to the dumping of those products, the ministry said in a preliminary ruling posted on its website.
 
Starting Saturday, importers of Australian wine are required to pay deposits ranging from 107.1 percent to 212.1 percent, the ministry said.
 
After receiving request from the domestic industry, the ministry launched anti-dumping investigations into the products, according to a statement from the ministry on August 18.
 
The latest investigation and decision were made in line with Chinese laws and the World Trade Organization rules, the ministry said.
Source: Shanghai Daily, November 27, 2020

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