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News from China
China foreign trade maintains sound momentum despite COVID-19 impact: trade council
26th March 2020

 China's foreign trade sector has the resilience and growth potential to weather the impact of the novel coronavirus disease, a national trade promotion agency said.

 
With strong competitiveness, a stable industrial chain and rapid development of new business formats, China's foreign trade sector will remain sound growth momentum in the long term, said Gao Yan, head of the China Council for the Promotion of International Trade.
 
While COVID-19 has brought uncertainties to trade development, China has rolled out a string of policies to stabilize the growth of the sector, Gao said in an interview with an official publication under the National Committee of the Chinese People's Political Consultative Conference.
 
Citing a CCPIT survey on foreign companies operating in China, Gao noted that foreign firms are still bullish on the prospects of the Chinese market.
 
The epidemic has brought fresh investment opportunities in sectors including medical science and artificial intelligence, Gao noted, adding that investment from countries along the Belt and Road has seen continued growth despite the epidemic.
 
"The epidemic may prompt investors in relevant countries to seek safer investment destinations, leading to further gathering of international industries in China," Gao said.
 
The CCPIT will actively promote stable growth of the foreign trade sector, setting up online exhibition platforms to connect companies for business negotiations, Gao said.
 
Source: Shanghai Daily, March 26, 2020
S. China province raises tax rebate rates to shore up foreign trade firms amid epidemic
25th March 2020

 Over 1,000 types of exports ranging from porcelain sanitary, construction accessories and auto parts to farm produce have enjoyed increased tax rebate rates starting from March 20, according to the provincial administration of taxation in China's export powerhouse of Guangdong.

 
The administration lifted the export tax rebate rate for 1,084 categories of exports including porcelain sanitary wares, new plastics, knives and scissors, construction accessories and auto parts from 10 percent to 13 percent, that for another 380 items such as plant growth regulators to 9 percent, and that for agricultural products and fresh meat products from 6 percent to 9 percent.
 
The administration estimates that based on the export situation in 2019, the adjustment of the export tax rebate rates will contribute 1.31 billion yuan (US$185.5 million) of export tax exemption funds to 12,000 enterprises in Guangdong throughout this year.
 
The tax rebate adjustment covers export commodities worth US$6.17 billion in Guangdong. The provincial government has learned that export firms have been gravely affected by the delayed production due to the coronavirus outbreak, which has shrunk the export demand.
 
Guangdong Monga Intelligent Kitchen & Bath Co Ltd, a leading ceramic sanitary ware exporter, said since March, overseas orders have been falling sharply, further intensifying the pressure on the company to turn over funds.
 
"I had been worried about the company's cash flow. I didn't expect the tax bureau to directly increase the tax rebate rate by 3 points," said Zhang Liu'an, chairman of the Guangzhou Xiongxing Plastic Products Co Ltd.
 
He said the private firm manufacturing plastic products has 30 percent of the exports destined for India. The epidemic situation around the world has brought uncertainties to the company's business.
Source: Shanghai Daily, March 25, 2020
Fed unveils bold moves to boost US economy
24th March 2020

 In its boldest effort to protect the US economy from the novel coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis.

 
The Fed’s announcement on Monday removes any dollar limits from its plans to support the flow of credit through an economy that has been ravaged by the virus. The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis.
 
“The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Fed said in a statement. “Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.”
 
Financial markets sharply reversed themselves after the announcement. Dow Jones futures swung more than 1,000 points from about 500 down to a rise of roughly 500 before falling back again after the market opened. The yield on the 10-year Treasury bond also fell, a sign that more investors are willing to purchase the securities.
 
The Fed said it will establish three new lending facilities that will provide up to US$300 billion by purchasing corporate bonds, a wider range of municipal bonds and securities tied to such debt as auto and real estate loans. It will also buy an unlimited amount of Treasury bonds and mortgage-backed securities to try to hold down borrowing rates and ensure those markets function smoothly.
 
The central bank’s new go-for-broke approach is an acknowledgment that its previous plans to keep credit flowing smoothly, which included dollar limits, wouldn’t be enough in the face of the viral outbreak, which has brought the US economy to a near-standstill as workers and consumers stay home. Last week, it said it would buy US$500 billion of Treasuries and US$200 billion of mortgage-backed securities, then quickly ran through roughly half those amounts by week’s end of the week.
 
The New York Federal Reserve said it would purchase US$75 billion of Treasuries and US$50 billion of mortgage-backed securities each day this week.
 
“They’re really setting the economy up” to start functioning again when the health crisis subsides, said Donald Kohn, a former Fed vice chair who is a senior fellow at the Brookings Institution. “Part of this is about the other side of the valley: Make sure the credit is there.”
 
Still, he noted: “These things will take some time to set up.”
 
Just knowing that the Fed is on the case should reassure businesses as the programs ramp up, Kohn said.
Source: Shanghai Daily, March 24, 2020
PBOC official plays down financial crisis
23rd March 2020

 Despite recent tumbling in the global financial market in the wake of the novel coronavirus pandemic, it is still too early to tell if a global financial crisis has arrived, a Chinese central bank official said on Sunday.

 
Chen Yulu, vice governor of the People’s Bank of China, noted that a global financial crisis, besides causing continued panic market collapse, usually triggers the bankruptcy of key financial institutions and severe damage to the real economy.
 
Many countries have introduced countermeasures against the market turbulence, and their effects remain to be seen, Chen told a press conference.
 
The PBOC, for its part, has strengthened policy coordination with international organizations and major central banks while informing central banks of the G20 group and major international financial organizations on the effective response to the COVID-19 outbreak, he said.
 
China supports international multilateral platforms and institutions such as the G20 and the International Monetary Fund to play a positive role in policy coordination and crisis relief, so as to contain the pandemic and keep the global economy and financial markets stable, said Chen.
 
While participating in international macro-policy coordination, China will work to keep the home market stable in accordance with existing principles and policy frameworks, which is the best way to contribute to global financial stability, he added.
 
China’s financial market remains generally stable compared with overseas markets, said Li Chao, vice chairman of the China Securities Regulatory Commission.
 
The A-share market has shown strong resilience and anti-risk ability with a mild decline, he said, attributing this to measures taken by China over recent years to advance supply-side structural reform in the financial market.
 
To ease risks on the domestic market, the CSRC has taken a series of measures, including lowering the leverage level, reducing the stock pledges of listed companies and controlling the increments, Li noted.
 
Chen, meanwhile, said that consumer inflation is likely to ease in the following quarters.
 
Although the outbreak’s impact on consumer prices will continue for a while, he expects the overall inflation to decline quarter by quarter as production resumes.
 
Chen said price stability is subject to economic fundamentals, and China’s overall balance of supply and demand and stable macro-economy does not support long-term inflation or deflation.
 
Regarding the exchange rate of the yuan, Chen said it will maintain two-way fluctuations within a reasonable and balanced range, while the yuan-dollar rate would float around 7.
 
He expects the yuan exchange rate to remain stable in the long term, citing China’s sound economic fundamentals, appropriate interest margin between local and foreign currencies, and its ample foreign exchange reserves.
 
Xuan Changneng, deputy director of the State Administration of Foreign Exchange, also pointed out that the recent devaluation of the yuan against the US dollar was notably milder than that of currencies such as Euro and British pound in the same period.
 
Between March 10 and 19, while the dollar index, which measures the greenback against six major peers, surged 6.8 percent, the yuan only weakened 2 percent. Against a basket of currencies, the yuan even strengthened 2.7 percent, according to Xuan.
Source: March 23, 2020

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