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News from China
Unfazed by U.S. sanctions and smear campaign, Xinjiang farmers more enthusiastic about cotton farmi
18th April 2022
In defiance of economic bullying and vehement defamation by the United States against Xinjiang cotton, farmers there continue cultivating this crop and sowing the seeds for better lives across the region.
 
There will be 37.57 million mu of cotton plantation areas in Xinjiang in 2022, increasing 2 percent compared to 2021.
 
Cotton sowing is nearly 100 percent mechanized in Xinjiang. In terms of harvesting, machines accounted for over 80 percent of all the work in the region in 2021.
Source: Xinhua
China financial regulator orders support for freight logistics
13th April 2022

China's banking and insurance regulator has called on financial institutions to take targeted and effective measures to help the freight logistics sector tide over difficulties.

 
The China Banking and Insurance Regulatory Commission said that more funds should be channeled to the sector.
 
More inclusive loans should go to small and micro firms and individual businesses in the transportation sector, it added.
 
Banking institutions should make reasonable arrangements for loan extension or renewal as appropriate if the truck drivers face difficulties in repaying their auto loans due to the COVID-19 epidemic, the regulator said.
 
The institutions should also lower loan interest rates and reduce charges appropriately on the basis of their operating conditions and the customers' repayment ability, said the commission.
 
Insurance companies were encouraged to develop accident insurance products that target the needs of special posts such as truck drivers and couriers, according to the regulator.
 
Source: Xinhua
European experts eye stronger growth of RMB as global currency reserve
12th April 2022

 The Chinese currency Renminbi (RMB) has been increasingly used as international currency in recent years, and it will play a more and more important role as a global currency reserve in the future, European experts have said.

 
According to the latest data from the International Monetary Fund, in the fourth quarter of 2021, the RMB accounted for 2.79 percent of the composition of world reserve currencies.
 
Speaking to Xinhua, Omar Rachedi, professor at the Department of Economics, Finance and Accountancy at the ESADE business school in Madrid pointed out that the RMB has been "increasing its share as international currency, and over the last two years, it has almost doubled."
 
Rachedi said one of the reasons for the growth is "the rapid increase in the share of Chinese GDP (gross domestic product) in world GDP and the stronger trade ties of China with international partners."
 
Other initiatives such as the Belt and Road Initiative and the issue of a digital yuan have also contributed to increasing the value of the RMB on the international market, Rachedi added.
 
Ferran Brunet Cid, professor of Applied Economics at the Universidad Autonoma de Barcelona, pointed out China's enormous economic growth was also a factor as it has allowed the country to "become an exporting economy and factory in the world."
 
Cid added that the significance of the RMB as a reserve currency will also grow to a point where it represents around "10 percent of reserves."
 
Rachedi agrees with the figure of 10 percent, noting the high inflation in the United States and the "slow growth of Western countries compared with China." He added that the RMB is increasingly being accepted on the global commodities market.
 
Lord Mayor of the City of London Vincent Keaveny said the RMB currency has also grown in importance since China opened up to the world in 1978.
 
"There will be some fluctuations ahead, but in the long run, few will deny that the RMB is set to become a more important player on the world stage," said Keaveny
 
Source: Xinhua
Sony apologizes to China for sensitive timing of product launch
2nd July 2021

 Japanese tech giant Sony apologized to Chinese netizens and canceled an event to launch new products on July 7, the day in 1937 the Japanese military invaded China.

Netizens' anger was not groundless as Sony's original product launch time was scheduled to be 10pm, the exact same time Japan commenced its invasion of China 84 years ago.

"Due to lack of consideration, the choice of the date has created misunderstandings and confusion. We express our deep apologies and have immediately cancelled our arrangement," Sony China said in a statement.

It also posted an apology statement on its social platform accounts, including Weibo.

Sony said it originally planned to launch a new camera during a photography equipment show in Shanghai between July 7 and 10.

It's not proper for a Japanese brand to hold an event in China at such a sensitive time , said experts and netizens.

Sony, which launched its PlayStation 5 in China in May, is establishing a new "entertainment and mobile ecosystem" in the Chinese market, the company previously announced.

Source: Shanghai Daily, July 2, 2021

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