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News from China
China's FDI inflow up 6.2% to record high in 2020
20th January 2021

 Foreign direct investment into the Chinese mainland, in actual use, expanded 6.2 percent year on year to a record high of 999.98 billion yuan in 2020, the Ministry of Commerce said Wednesday.

 
In US dollar terms, the inflow went up 4.5 percent year on year to US$144.37 billion.
 
The country managed to emerge from COVID-19 and meet its target of stabilizing foreign investment in 2020, bucking the downward trend in global foreign investment, the ministry said.
 
In 2020, China's foreign investment touched a record high, with its growth pace quickened and global share increased.
 
The structure of the country's foreign investment was further optimized. Foreign investment in the service industry came in at 776.8 billion yuan in 2020, up 13.9 percent year on year, while that in the high-tech service sector rose 28.5 percent.
 
Investment from the Netherlands surged 47.6 percent year on year, while that from Britain rose 30.7 percent, according to the ministry.
Source: Shanghai Daily, January 20,2021
Cities offering treats to limit New Year trips
19th January 2021

 The Chinese mainland on Sunday reported 109 newly confirmed COVID-19 cases, including 93 locally transmitted and 16 arriving from outside the mainland, the National Health Commission said on Monday.

 
Of the locally transmitted cases, 54 were reported in Hebei Province, 30 in Jilin, seven in Heilongjiang, and two in Beijing.
 
Tough new controls in the city of Gongzhuling in northern Jilin Province, which has a population of about 1 million, brings the total number of people under lockdown to more than 29 million.
 
Daily increases in infections remain a fraction of what China saw at the height of the outbreak in early 2020, but officials are concerned infections could spread during the Lunar New Year holiday in less than a month.
 
Despite restrictions, the China Railway Corporation expects about 296 million passenger trips during the Lunar New Year break, compared with 410 million in 2019.
 
Many cities are giving incentives for migrant workers not to travel. The manufacturing hub of Yiwu on the east coast, offers subsidies, including rent reductions, to encourage workers to stay put. Tianjin, home to 15 million people, said employees would get a one-off payment of 300 yuan (US$46.20) if they stay in the city.
 
Cainiao, the delivery arm of Alibaba, is offering more than 200 million yuan in subsidies so “people move less, goods move more” during the holiday.
 
Source: SHanghai Daily, January 19, 2021
China's GDP expands 2.3% year on year in 2020
18th January 2021

 China's gross domestic product expanded 2.3 percent year on year in 2020, exceeding the 100-trillion-yuan (US$15.42 trillion) threshold to 101.5986 trillion yuan, official data showed on Monday.

 
The pace was faster than the 0.7-percent increase in the first three quarters, data from the National Bureau of Statistics showed.
 
In the fourth quarter of 2020, the country's GDP expanded 6.5 percent year on year, faster than the 4.9-percent growth in the third quarter, the data showed.
 
The country's economic operation has recovered steadily with employment and people's well-being effectively guaranteed, the NBS said, adding that the major tasks of economic and social development have been completed better than expected.
 
To soften the impact of the COVID-19 shock, the government has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements to stabilize growth and employment.
 
As the epidemic has been largely brought under control domestically, factories and schools have reopened and tourist sites across the country have resumed their usual hustle and bustle.
 
China's job market remained stable in 2020, with the surveyed unemployment rate in urban areas standing at 5.6 percent, below the government's annual target of around 6 percent, the data showed.
 
Value-added industrial output surged 7.1 percent year on year in Q4, accelerating by 1.3 percentage points from Q3 last year, NBS data showed. For the whole year, the indicator went up 2.8 percent year on year.
 
The fixed-asset investment saw a steady recovery, climbing 2.9 percent year on year in 2020, with investment in high-tech industries, health care and education surging faster than average.
 
Affected by the epidemic, retail sales of consumer goods fell 3.9 percent year on year in 2020. The indicator rebounded notably in recent months, rising 4.6 percent year on year in Q4, 3.7 percentage points higher than that in Q3.
 
Although the data have beat expectations, the NBS cautioned that there are still multiple uncertainties from changing epidemic situations and the external environment, assuring that the country would take further measures to consolidate epidemic control and economic development results.
Source: Shanghai Daily, January 18, 2020
China's central bank injects liquidity into market
15th January 2021

 China's central bank pumped cash into the financial system through open market operations Friday to maintain liquidity in the market.

 
A total of 500 billion yuan (about 77.36 billion U.S. dollars) was injected into the market via medium-term lending facility (MLF), according to the People's Bank of China, the central bank.
 
The funds will mature in one year at an interest rate of 2.95 percent.
 
Meanwhile, the central bank injected 2 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2 percent.
 
The move was intended to maintain stable liquidity in the banking system, the central bank said.
 
The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.
 
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
 
China's central bank has pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy.
Source: Shanghai Daily, January 15, 2021

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