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News from China
CPC Central Committee establishes news release mechanism, holds 1st press conference
30th October 2020

 The Communist Party of China Central Committee held its first press conference on Friday to introduce and elaborate on the guiding principles of the 19th CPC Central Committee's fifth plenary session, marking the establishment of the CPC Central Committee's news release mechanism.

 
The establishment of the news release mechanism is an important institutional arrangement and innovation for upholding and strengthening overall Party leadership and improving the Party's governance capability, a senior official said at the press conference.
 
Xu Lin, deputy head of the Publicity Department of the CPC Central Committee and director of the State Council Information Office, said the mechanism was established to meet the need of new situations and the demands of the day as socialism with Chinese characteristics has entered a new era.
 
The four-day fifth plenary session of the 19th CPC Central Committee concluded on Thursday.
 
The 19th Communist Party of China Central Committee's fifth plenary session has spoken highly of the decisive achievements made in securing a victory in building a moderately prosperous society in all respects.
 
The work of the Political Bureau of the CPC Central Committee since the 19th CPC Central Committee's fourth plenary session has been fully recognized by the fifth session, said Wang Xiaohui, deputy head of the Publicity Department of the CPC Central Committee.
 
Xi Jinping, general secretary of the Communist Party of China Central Committee, has personally led the formulation of the CPC Central Committee's proposals for the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, an official.
 
Xi acted as head of the proposal drafting group, said Han Wenxiu, an official with the Central Committee for Financial and Economic Affairs, at the press conference.
 
Source: Shanghai Daily October 30, 2020
'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

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