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News from China
China to build Shenzhen into socialist demonstration area
19th August 2019

 China is aiming to build its southern metropolis of Shenzhen into a "global model city with distinguished competitiveness, innovation capability and influence" by mid-century, according to a guideline supporting Shenzhen. The document supports the city in the construction of a pilot demonstration area of socialism with Chinese characteristics.

 
The guideline, released by the Communist Party of China (CPC) Central Committee and the State Council on Sunday, says that by 2025 Shenzhen should become a "modern international city of innovation" with its economic power and quality of development at the forefront of cities worldwide. By 2035, it should become a "hub for innovation, creativity, and entrepreneurship" as well as a sample for China to build a "great modern socialist country" at the city level.
 
The coastal city in Guangdong Province should play a leading role in high-quality development and position itself as a demonstration city of the rule of law, the guideline stressed, calling for the creation of a "stable, fair, transparent and predictable" business environment.
 
It added that Shenzhen should become a model for a civilized society and decent livelihoods for its residents and a pioneer in pursuing sustainable development.
 
The guideline was made public more than three weeks after it was reviewed at the ninth meeting of the central committee for deepening overall reform.
 
Key role in Greater Bay Area
 
Hailing Shenzhen an "important window" of China's reform and opening-up, the guideline said supporting the city in building a pilot demonstration area of socialism with Chinese characteristics will be conducive for better implementing the strategy of the Guangdong-Hong Kong-Macao Greater Bay Area and enriching the practice of the "One Country, Two Systems" principle.
 
It underscored support for Shenzhen to play a key role in developing the Greater Bay Area into an international innovation and technology hub.
 
Shenzhen will also be supported in building innovation-oriented bodies in fields such as 5G, artificial intelligence, cyberspace science and technology and laboratories on life information and biomedicine, according to the guideline.
 
It seeks to encourage overseas personnel who have permanent resident status in Shenzhen to set up scientific and technological enterprises.
 
The plan vowed to deepen reform and opening-up in the Shenzhen-Hong Kong modern service industry cooperation zone in Qianhai of Shenzhen and upgrade the city's level of opening-up to Hong Kong and Macao.
 
Meanwhile, people from Hong Kong and Macao working and living in Shenzhen will be treated the same as residents of the city in terms of their livelihoods, it said.
 
In February, the central government unveiled a blueprint for the development of the Greater Bay Area, which covers nine cities in Guangdong Province – Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing – as well as Hong Kong and Macao Special Administrative Regions.
 
Shenzhen, Guangzhou, Hong Kong and Macao are positioned as core cities in the Greater Bay Area. 
 
 
Source: Shanghai Daily, August 19, 2019
Dow plunges 3.1% in US stocks rout; Trump blames Fed for economic woes
15th August 2019

 

 
It was an ugly day for Wall Street, as stocks plummeted Wednesday amid worsening economic fears after US Treasury yields briefly inverted, flashing a warning sign for a coming recession.
 
But President Donald Trump once again blamed the Fed for the economic woes and the yield curve inversion, saying the US central bank is "clueless."
 
The Dow Jones Industrial Average fell 3.1 percent to finish at 25,479.42, a loss of about 800 points — its worst day of 2019.
 
The broad-based S&P 500 slumped 2.9 percent to 2,840.60, while the tech-rich Nasdaq Composite Index dropped 3.0 percent to 7,773.94.
 
The sell-off came shortly after the yield on the 10-year US Treasury note briefly dipped below the yield on the two-year, a dynamic that has been a reliable harbinger of past recessions.
 
The rout followed the latest stream of poor economic data from overseas.
 
Shortly after the Dow hit bottom, Trump renewed his attacks on the Federal Reserve and its Chairman Jay Powell, whom Trump appointed.
 
"China is not our problem... Our problem is with the Fed," Trump tweeted, blaming "clueless Jay Powell and the Federal Reserve."
 
The Fed "Raised too much & too fast. Now too slow to cut... Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back," he said.
 
A note from Oxford Economics said the research firm's recession models as on "high alert."
 
"Financial conditions have tightened sharply in August," Oxford added in the note. "Following a huge bull-flattening trade, the Treasury market is pricing in expectations of slower growth, softer inflation, and increased Fed easing."
 
The gloomy economic reports have fueled expectations that the leading central banks will undertake new stimulus measures.
 
The Federal Reserve cut the benchmark interest rates last month for the first time in more than a decade and is expected to make additional cuts in the months ahead.
 
Trump has said he wants the Fed to cut borrowing rates by a full point.
 
Banking shares suffered especially significant losses, with JPMorgan Chase, Citigroup and Bank of America all losing more than 4 percent. Bank profits typically suffer when interest rates decline.
 
Source: Shanghai Daily, August 15, 2019
China's industrial output up 4.8% in July
14th August 2019

 China's value-added industrial output, an important economic indicator, expanded 4.8 percent year on year in July, the National Bureau of Statistics said Wednesday.

 
The growth rate was 1.5 percentage points lower than that recorded in June, according to the NBS.
 
On a monthly basis, the industrial output edged up 0.19 percent from June.
 
In the first seven months, industrial output climbed 5.8 percent from one year earlier, with the pace of growth decelerating from 6 percent registered during the first half of the year, the NBS data showed.
 
Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan (US2.8 million).
 
A breakdown of the data showed the production and supply of electricity, thermal power, gas and water reported a year-on-year growth of 6.9 percent in July, the fastest among the three major sectors and accelerating 0.3 percentage points from June.
 
Manufacturing output rose 4.5 percent year on year, down from 6.2 percent in June, and output growth of the mining sector eased to 6.6 percent from 7.3 percent in June.
 
High-tech manufacturing maintained fast expansion, with its output increasing 6.6 percent last month.
 
Source: Shanghai Daily, August 14, 2019
China's FDI inflow rises 7.3% in January-July
13th August 2019

 Foreign direct investment into the Chinese mainland expanded 7.3 percent year on year to 533.14 billion yuan  (US$75 billion) in the January-July period, the Ministry of Commerce announced Tuesday.

 
In US dollar terms, FDI inflow grew 3.6 percent year on year to 78.8 billion dollars during the period, the ministry said.
 
FDI in July alone reached 54.82 billion yuan, up 8.7 percent year on year.
 
During the past seven months, a total of 24,050 new foreign-funded enterprises were founded.
 
Investment in high-tech industries climbed 43.1 percent year on year to account for 29.3 percent of the total FDI, among which the high-tech service sector received 97.39 billion yuan, up 63.2 percent.
 
China's pilot free trade zones saw FDI inflow up 14.6 percent year on year during the seven-month period, accounting for 14.2 percent of the total FDI.
 
Western China registered the fastest growth of FDI compared with other regions, with the figure up 25.2 percent year on year to reach 39.94 billion yuan.
 
Foreign investment from Germany and the Republic of Korea climbed quickly in the first seven months, posting growth of 72.4 percent and 69.7 percent year on year, respectively.
 
MOC data showed that FDI from the European Union rose 18.3 percent compared with the same period last year.
 
FDI from countries participating in the Belt and Road Initiative grew 5 percent in the first seven months of 2019.
Source: Shanghai Daily, August 13, 2019

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