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News from China
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, 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
Cooperation key to revival of global trade
23rd October 2020

 The application of technology, growth of cross-border services, innovation in trade policy and trade-related infrastructure development can serve as catalysts for global trade, which was battered by protectionism and COVID-19, according to a report released by Dubai’s DMCC free zone on Thursday.

According to the “Future of Trade” report, geopolitical tensions and economic recovery from the COVID-19 pandemic will define the trade landscape of the 2020s.
“While the pandemic has caused the fastest and deepest economic shock in history, it has already significantly shaped the future of trade by accelerating trends such as digitalization, the recalibration of global supply chains and a reconsideration of the role of national security in trade policy,” it said.
Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, said global trade needs cross-border cooperation for a revival, which can be facilitated by technologies.
“Despite the evident economic uncertainty of the time, one thing is certain – the future of trade, and indeed the future of the economic recovery, relies heavily on global cooperation. Finding common ground and collectively making the case for international trade will be key determining factors of success,” he said.
Feryal Ahmadi, chief operating officer at DMCC, said global trade order is at a tipping point in 2020 that will define the decade ahead.
“If businesses and governments are willing to collaborate to overcome some of the barriers at hand, the outcome will be a positive one. Innovation, not just in supply chains, but in the way trade policies are shaped and partnerships are formed, also has a crucial role to play here,” Ahmadi said. “Ultimately, the key to boosting global trade comes down to collaboration and the willingness to forge new ways of working together.”
DMCC is an entity owned by the Dubai government which runs the DMCC Free Zone in Dubai. So far, more than 540 Chinese companies have established a presence in Dubai’s free trade zone, including industry leaders such as Hisense, China Petroleum and Chemical Corp, China Harbour Engineering Co and Power Construction Corp of China.
In January, the China Business Center was established under the DMCC, with a dedicated mandarin-speaking team to assist Chinese companies set up in the zone.
Source: Shanghai Daily,October 23, 2020
PBOC's Yi talks up prudent monetary policy
22nd October 2020

 China will strike a balance between stabilizing economic growth and preventing risks, even as debt was allowed to temporarily rise this year to support the coronavirus-hit economy, the head of the central bank, Yi Gang, said on Wednesday.

Yi, the governor of the People’s Bank of China, told the Annual Conference of Financial Street Forum 2020 in Beijing that he expected China’s macro leverage ratio to stabilize next year as the economy expands, after the debt gauge rose in 2020.
Bank lending in the first nine months hit 16.26 trillion yuan (US$2.44 trillion) as policy-makers looked to reboot economic activity, beating a previous peak of 13.63 trillion yuan in the same period last year.
“Monetary policy needs to guard the ‘gates’ of money supply, properly smooth out fluctuations in the macro leverage ratio, and keep it on a reasonable track in the long run,” Yi said.
In July, Ruan Jianhong, head of the PBOC’s statistics department, said that the country’s macro leverage ratio jumped 14.5 percentage points in the first quarter and climbed further in the second quarter.
The macro leverage ratio is a measurement of the debt held by Chinese governments, households and firms divided by total gross domestic product.
The Institute for International Finance said in July that China’s debt-to-GDP ratio was on track to hit 335 percent, from nearly 318 percent in the first quarter.
At the same forum, PBOC Vice Governor Pan Gongsheng said that the central bank had prepared a draft to improve macro prudential assessments, which measure weaknesses in financial systems, for the property finance sector.
The PBOC will look into indicators including the concentration ratio of property loans, the ratio of household debt to total income, and the risk-weighting of property loans, said Pan.
A list of China’s systemically important banks, and detailed regulations for them, will be revealed in the near term.
China will continue to implement and perfect the financial measures that have effectively reduced the impact of COVID-19 on the economy and extend sustained support to micro and small businesses, the job market as well as green development, said Yi.
Also at the forum, Vice Premier Liu He said the economy will very likely grow this year, adding that prudent monetary policy should be kept appropriate and flexible, and liquidity reasonably ample.
On Monday, China reported that its GDP grew 0.7 percent in January to September from a year earlier, versus a contraction of 1.6 percent in the first half following the outbreak of the novel coronavirus.
On Sunday, the PBOC’s Yi said full-year GDP will likely grow by about 2 percent.
That would make China the only major economy expected to report growth in 2020, though it would be the country’s weakest annual expansion since 1976.
Speaking on a separate panel at Wednesday's forum, Yi warned that financial technology, while making services more convenient, has created data gaps and faces problems when it comes to protecting business secrets and personal privacy.
Public and government information “must be more transparent ... (but) what must be protected must be protected,” he insisted.
Source: Shanghai Daily, October 22, 2020

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