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News from China
China's economic recovery momentum to sustain: Bloomberg
18th November 2020

 Based on China's economic performance in October, analysts said the country's recovery momentum will sustain in the coming months, according to a report released recently by Bloomberg.

 
In the article published Monday with the title "China's Strengthening Recovery Cements Status as Global Outlier," the analysts reviewed the growth in industrial output, retail sales, and improving consumer confidence and employment in October, forecasting "faster growth overall" ahead.
 
According to data from the country's National Bureau of Statistics, in October, China's value-added industrial output went up 6.9 percent year on year, the same as that of September. And retail sales of consumer goods, the main gauge of China's consumption, climbed 4.3 percent year on year.
 
Noting a boom in China's holiday sales, Julia Wang, an executive director and global market strategist at JPMorgan Private Bank, was quoted as saying that the consumer sector "which I think by mid-next year should be a much bigger driver of the post-pandemic growth recovery in China."
 
"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on November 11.
 
According to China's central bank, online payments through NetsUnion, the Chinese online-payment clearinghouse, and China UnionPay, a card-payment giant, soared 19.6 percent year on year to 1.77 trillion yuan (US$267.22 billion) on the Singles' Day.
 
Taking into account the signs of an improving labor market — the surveyed nationwide jobless rate in urban regions fell to 5.3 percent, Bloomberg said that more spending can be encouraged over coming months.
 
"Looking ahead, growth is expected to stay robust through year-end and into the first few months of 2021," said Chang Shu, chief Asia economist for Bloomberg Economics.
Source: Shanghai Daily, November 18, 2020
Chinese mainland reports 8 new imported COVID-19 cases
16th November 2020

 The Chinese mainland on Sunday reported no new locally transmitted COVID-19 cases, the National Health Commission said Monday.

 
A total of eight imported COVID-19 cases were reported across the mainland Sunday, the commission said in its daily report.
 
Of the new imported cases, three were reported in Sichuan, two in Guangdong, and one each in Shanxi, Jiangsu and Shaanxi, the commission said in its daily report.
 
Among all the 3,701 imported cases, 3,348 had been discharged from hospitals after recovery while 353 remained hospitalized, the commission said.
 
No deaths had been reported from the imported cases.
Source: Shanghai Daily, November 16, 2020
Chinese military releases outline to improve joint combat capabilities
13th November 2020

 The Central Military Commission has released an outline on improving the joint combat capabilities of the Chinese People's Liberation Army.

 
The outline, which took effect on November 7, establishes basic concepts and rules, clarifies basic responsibilities, addresses from the institutional level the fundamental questions such as how to fight future wars, and strengthens the orientation of war preparedness.
 
The CMC has ordered all levels of the armed forces to study and implement the outline, and take it as the fundamental basis for organizing joint combat and training activities, so as to boost the military's capabilities to win wars in an all-round manner.
Source: Shanghai Daily, November 13,2020
ASEAN summit kicks off, highlights post-COVID-19 recovery
12th November 2020

 The Association of Southeast Asian Nations on Thursday opened its 37th summit under the chairmanship of Vietnam via video conference, with focus on recovery from COVID-19 and the role of the bloc in the post-pandemic world.

 
Speaking at the opening ceremony, General Secretary of the Communist Party of Vietnam Central Committee and Vietnamese President Nguyen Phu Trong noted that in 2020 all ASEAN countries showed their courage and determination with efforts to overcome challenges and difficulties.
 
The cohesiveness and responsiveness of ASEAN have been shown strongly in COVID-19 prevention and control and the efforts to recover from the epidemic, he said.
 
Trong emphasized that in the new context, regional dialogue and cooperation frameworks with ASEAN playing a central role need to be well promoted.
 
Vietnamese Prime Minister Nguyen Xuan Phuc also delivered a speech at the ceremony, announcing that ASEAN will officially finalize the negotiations for the Regional Comprehensive Economic Partnership and sign the deal at the upcoming RCEP summit, which would affirm strong determination on free trade and ASEAN's ties with partners.
 
He suggested that ASEAN should focus resources and efforts at the highest level on gradually reducing the risk of COVID-19, making vaccines and effective treatment methods available soon, and promoting measures to support businesses in resuming production and activities to ensure employment and livelihoods for local people.
 
Within the framework of the summit, the bloc will approve the ASEAN Comprehensive Recovery Framework and its implementation plan, Phuc said, noting that the recovery of trade exchange in the region is underway and the bloc may consider resuming travel routes for ASEAN citizens.
 
Comprising over 20 high-level events, the 37th ASEAN summit and related summits are scheduled for November 12-15.
 
Established in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Vietnam is the ASEAN chair for 2020.
Source: Shanghai Daily, November 12, 2020

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