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News from China
China's growth 'positive impulse' for world economy: IMF chief
16th October 2020

 China's growth amid the COVID-19 pandemic is a positive impulse for the world economy and could especially benefit commodity exporters and countries that are connected to the Chinese economy through global value chains, International Monetary Fund Managing Director Kristalina Georgieva said on Thursday.

The IMF's latest forecast for China's economy is based on the country's "decisive" measures to contain the pandemic and its "potent stimulus" for its economy, Georgieva said at a virtual press conference during the annual meetings of the World Bank Group and the IMF.
In its latest World Economic Outlook report released on Tuesday, the IMF projected the global economy to contract sharply by 4.4 percent this year. Meanwhile, it projected China's economy to grow by 1.9 percent this year, 0.9 percentage point above its June forecast.
"When we look at the more disaggregated data, the manufacturing sector is doing better, whereas the services, especially contact services, are still more constraint," said the IMF chief.
Despite that, China's growth is "a positive impulse for the world economy," Georgieva said, noting that it is particularly important for countries that export metals and other commodities, as demand from China has been "a much needed relief," with commodity prices now going up.
China's growth is also important for countries that are connected to the Chinese economy through global value chains, as demand from China is an engine for growth there, she noted.
Additionally, China has joined the international efforts to develop vaccines, which is building global confidence to overcome the pandemic. "I cannot stress enough how important it is that boost the confidence that we together can get out of this crisis," said the IMF chief.
In an interview with Xinhua earlier this week, IMF Chief Economist Gita Gopinath said "the importance of multilateralism has never been greater."
"With this pandemic, unless we're able to control it everywhere in the world, nowhere in the world will be safe, and so countries have to work together," Gopinath said.
Source: Shanghai Daily, October 16, 2020
China's consumer inflation up 1.7% in September
15th October 2020

 China's consumer price index, a main gauge of inflation, rose 1.7 percent year on year in September, the National Bureau of Statistics said on Thursday.

The growth eased from the 2.4-percent rise registered in August.
The CPI edged up 0.2 percent month on month in September, compared with an increase of 0.4 percent in August.
Dong Lijuan, a senior statistician with the NBS, attributed the easing CPI growth to moderating food prices, especially vegetables and pork.
Food prices, which account for nearly one-third of the weighting in the country's CPI, climbed 0.4 percent month on month in September, with the pace of growth decelerating from 1.4 percent in the previous month.
In the first nine months, China's CPI rose 3.3 percent from a year earlier.
According to the latest data, the country's producer price index, which measures costs for goods at the factory gate, fell 2.1 percent year on year in September
Source: Shanghai Daily, October 15, 2020
EU can slap tariffs on US goods over Boeing aid: WTO
14th October 2020

 The World Trade Organization on Tuesday ruled that the European Union can impose tariffs on US products worth around US$4 billion, in retaliation for government subsidies given to the aircraft manufacturer Boeing.

The WTO said in an arbitration decision that the level of countermeasures, amounting to US$3.99 billion, is commensurate with the adverse effects suffered by Boeing's European rival Airbus in terms of lost sales and impeded imports and exports of its aircraft.
In reaction, the US Trade Representative Robert Lighthizer said in a press release that "the EU has no valid basis to retaliate against any US products," noting that the WTO arbitrator "did not authorize any retaliation for subsidies other than the Washington State tax break," which was "repealed earlier this year."
"The EU will immediately re-engage with the US in a positive and constructive manner to decide on next steps," tweeted Valdis Dombrovskis, the European Commission's Executive Vice President in charge of trade.
"Our strong preference is for a negotiated settlement. Otherwise, we will be forced to defend our interests & respond in a proportionate way," he added.
The long-standing issue between the EU and the US began in 2004, when the US accused France, Spain and Germany — also known as the "Airbus member states" — of providing illegal subsidies and grants to support the production of a range of Airbus products.
Following prolonged legal proceedings, the WTO allowed the US to take countermeasures against European exports worth up to US$7.5 billion in October 2019. The basis for this was a 2018 decision that found that the EU and the "Airbus member states" had not fully complied with previous WTO rulings with regard to Repayable Launch Investment for the A350 and A380 programs.
Source: Shanghai Daily October 14, 2020
Flexible employment helps fill labor shortages: survey
13th October 2020

 Flexible employment has become a new engine for economic growth and has effectively offset the shortage of jobs caused by the COVID-19 epidemic, an industry study finds.

Facing an urgent shortage of manpower in the post-epidemic era, recruiting full-time employees is no longer the only choice for enterprises, online recruiter said.
According to its survey results, more than half of enterprises have chosen to recruit part-time and temporary employees and over a quarter of companies borrow employees from other enterprises.
Among the various new forms of flexible employment, the sharing economy, livestreaming economy and digital economy have made outstanding contributions.
In the second quarter of this year, livestreaming platforms led the demand for flexible talent recruitment with a staggering growth rate of 347.8 percent, according to Zhaopin.
Knowledge services, self-media and life-related distribution service sectors increased recruitment by 75.6 percent, 65.1 percent and 35.4 percent respectively.
At the same time, nearly 60 percent of respondents said that flexible employment work suits their skills.
However, most professionals (71 percent) say they have only thought about flexible work as an option but have not taken part in any such employment, the survey finds.
Source: Shanghai Daily, October 13, 2020

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