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News from China
'Counter-cyclical' factor for yuan stopped
29th October 2020

 Some Chinese banks have phased out the use of the “counter-cyclical” factor in the pricing mechanism of the yuan’s central parity rate against the greenback, according to an online statement of the country’s forex regulator.

 
Market-making banks have made the move on their own initiative based on their judgment of economic fundamentals and market situations, according to the China Foreign Exchange Trade System.
 
The adjustment could help improve the transparency and effectiveness of the yuan’s existing pricing model, the CFETS said.
 
Some analysts said they were not surprised at the move as the use of this X-factor — an adjustment contributor banks make to the daily trade-weighted reference rate the People’s Bank of China uses to guide the yuan — was meant to dampen depreciation pressure, and its effect has diminished recently as the yuan rallied.
 
Chinese yuan weakened 206 pips to 6.7195 against the US dollar on Wednesday, according to the CFETS.
 
The Chinese currency has strengthened against the dollar over recent months as foreign capital inflows have sped up and economic fundamentals have improved. The onshore yuan has gained more than 6 percent against the dollar since May.
 
“Given that there is no longer any depreciation concerns, it makes sense to do away with the counter-cyclical factor, and reducing the reserve requirement ratio as they have done a couple of weeks back,” said Khoon Goh, head of Asia research at ANZ.
 
Goh added that economic fundamentals were still in favor of the Chinese currency, and yield differentials between China and other major economies should continue to attract capital inflow to support the local currency.
 
China first introduced the counter-cyclical factor in 2017 in what regulators said was an effort to better reflect market supply and demand, lessen possible “herd effects” in the market and help guide the market to focus more on macro-economic fundamentals. It has since adjusted its methodology a number of times to keep the currency stable.
Source: Shanghai Daily, October 29,2020
China's aviation industry expands with general aircraft totaling 2,913
28th October 2020

 China's general aviation industry has achieved major progress with increasing enterprises and aircraft over the 13th Five-Year Plan period (2016-2020), according to the civil aviation authorities.

 
By now, China has 509 general aviation enterprises and 2,913 general aircraft, according to the Civil Aviation Administration of China.
 
These numbers represented 81.1 percent and 30.3 percent increase respectively compared with those by the end of the 12th Five-Year Plan period (2011-2015).
 
In 2019, China's general aircraft operated 1.06 million hours, up 36.7 percent from the end of the 2011-2015 period.
 
China has listed the general aviation industry as one of the strategic emerging industries and taken measures to boost its development.
 
Traditionally, general aviation refers to the flight activity carried out by helicopter and other small-and-medium general aircraft other than military and airlines' scheduled flights.
 
Over the 2016-2020 period, China has seen an emerging general aviation market carried out by unmanned aerial vehicles (UAVs).
 
In the period, the country has seen more than 9,700 registered enterprises focusing on general aviation operations with UAVs. The total number of China's UAVs for commercial operations has exceeded 120,000, showed the CAAC data.
 
The general aviation sector is playing a unique role in fighting against the COVID-19 epidemic. Various general aviation aircraft, especially the UAVs, have been used to deliver emergency supplies, conduct aerial patrol, spray disinfectants and carry out public education.
 
In the first eight months this year, the online registered UAV flight hours reached 1.41 million. The volume in 2019 was 1.25 million, showed the data.
Source: Shanghai Daily, October 28, 2020
Spending booming as tourists are welcomed
27th October 2020

 Spending during the eight-day National Day and Mid-Autumn Festival holiday boomed despite the COVID-19.

 
Between September 24 and October 8, sales at 21 key business enterprises in the district reached 3.55 billion yuan (US$530,000), an increase of 6 percent compared with the same period of last year.
 
Seven A-level tourist attractions in the district, including the Zhouqiao Scenic Area and Guyi Garden, received more than 380,000 tourists, an increase of 58 percent from a year earlier.
 
LifeHub@Anting held 24 cultural activities and various sales promotions during the holiday. From October 1 to 6, sales at the mall reached 22 million yuan, an increase of more than 10 percent compared with the same period last year.
 
Nanxiang InCity Mega, which held a mini tourism festival, had customers waiting in long queues at its restaurants. The average daily flow of people at the shopping mall reached 150,000.
 
A tree-shaped art installation on Nanxiang Old Street was a symbol of the Shanghai Nanxiang Xiaolongbao Cultural Exhibition.
 
“Nanxiang Old Street attracted more than 140,000 tourists during the holiday, and visitor flow has basically recovered to the same period of last year,” said Zheng Yichong, an official of Nanxiang Old Street Construction and Development Co Ltd.
 
Guyi Garden held a series of activities including a Mid-Autumn Festival moon worship ceremony, riddles solving and hanfu (traditional Chinese costume) experience activities.
 
Guyi Garden had almost 70,000 tourists during the holiday, an increase of 1.04 percent year on year.
 
Jiading’s three four-star hotels received almost 4,000 tourists, and over 3,000 rooms were rented with an occupancy rate of 56 percent.
 
During the holiday, six domestic blockbusters, including “My People, My Homeland,” “Leap” and “Legend of Deification,” were screened at the CGV Cinema of Nanxiang InCity Mega.
 
From October 1 to 7, the cinema took 1.06 million yuan at the box office from more than 25,000 cinemagoers.
 
With the increase in the number of film fans, the cinema carried out novel coronavirus prevention measures that included requiring every audience member to wear a mask when watching the movie.
 
Source: October 27, 2020
Cyberspace is a big winner during the coronavirus outbreak
26th October 2020

 One “beneficiary” of the coronavirus pandemic has been the online realm. As people were forced to stay indoors, more of them turned to the Internet for shopping, entertainment and social interaction.

 
In April, Shanghai published an action plan for promoting the development of the online economy, focusing on 12 areas that included health care, financial services, exhibitions and Internet-related industries.
 
The online economy, given such twin impetus, has forged ahead in areas such as mobile payments, intelligent manufacturing and online-to-offline business integration.
 
"Since the COVID-19 outbreak, Shanghai has taken the online new economy as an important development direction, fully supporting the growth of the next generation of Internet enterprises as a strong driving force in the city’s economic development," said Zhou Huilin, member of the Standing Committee and director of the publicity department of the Shanghai Committee of the Communist Party of China.
 
Chen Mingbo, deputy secretary general of the Shanghai government, said "the epidemic has led to the rapid development of the online new economy, while that economy itself has played an important role in the prevention and control of the disease.”
 
In the first half of the year, Shanghai’s online retail sales totaled 122.7 billion yuan (US$18.36 billion), up 5 percent from a year earlier. Usage of online information surged 50 percent, the online digital content industry expanded 20 percent and information technology bucked the downturn of other sectors with a 10.5 percent jump.
 
During the recent National Day holiday, online retails sales grew almost 16 percent from a year earlier to almost 36 billion yuan, compared with offline sales growth of about 12 percent to 66 billion yuan.
 
Chen noted that the city leads the nation in information infrastructure and talented industry professionals.
 
"Tourism was among the hardest-hit industries from the coronavirus epidemic,” said Sun Jie, chief executive of Trip.com, the largest online travel agency in China. “But in the process, we also saw a lot of new opportunities, with breakthroughs in online searches, online shopping and online consulting services."
 
During a period when people were asked to avoid contact, the company used the benefits of cloud computing to take armchair tourists to scenic spots.
 
A live, 17-episode program series created by Trip and leading short-video platform Kuaishou attracted more than 8 million views, with virtual tours to popular places like Hangzhou, Xi'an, Macau, Fuzhou, Malaysia and Canada.
 
"With people all over the world trapped in their homes, it was a great opportunity for us to develop what might be called the ‘non-contact’ economy,” Sun said.
 
Dingdong Maicai, a Shanghai-based fresh produce and grocery e-commerce platform, was also a big beneficiary during the epidemic.
 
The city is now building a “fresh produce e-commerce center,” according to Liu Min, deputy director of the Shanghai Commission of Commerce.
 
He said the concept is to develop new business models, such as fresh produce e-commerce and community e-commerce, to promote the formation of an online ecosystem for consumers.
 
Liang Changlin, founder and chief executive of Dingdong Maicai, praised the city’s strong support for online business.
 
“In the future, Shanghai will build pre-warehouses and cold chains as part of the new infrastructure,” he said. “I believe that people will pay more attention to the safety and quality of fresh produce, and the industry will welcome healthy market competition.
 
Liu Ping, chief engineer at the Shanghai Commission of Economy and Informatization, said the city has been focused this year on breakthroughs in online businesses related to smart manufacturing, consumerism and services.
 
The city seeks the construction of 100 “smart” factories with digital production and automated processing. It’s all aimed at securing Shanghai’s reputation as a global export hub of intelligent manufacturing solutions.
 
Source: Shanghai Daily, October 26 ,2020

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