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News from China
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
China to require mandatory reporting of cases involving underage victims
31st May 2021

 China will make it mandatory for designated institutions and individuals to report infringements on minors' rights and interests in accordance with the law, the Supreme People's Procuratorate (SPP) announced on Monday.

According to the newly revised Law on the Protection of Minors slated to take effect on June 1, designated institutions, such as schools and kindergartens, and individuals will be held accountable for failing to report on such offenses and resulting in serious consequences, said the SPP.

Procuratorial organs will work with competent departments to advance the mandatory reporting mechanism, it added.

Last May, the SPP and departments including the Ministry of Public Security jointly rolled out a set of interim guidelines on establishing a mandatory reporting mechanism for cases involving underage victims.

Source: Shanghai Daily, May 31, 2021
Industries post strong growth in 4 months
28th May 2021

 Profits of China's major industrial companies saw accelerated growth in the first four months of this year as the country's economic recovery is further consolidated, official data showed on Thursday.

Industrial firms with an annual business revenue of at least 20 million yuan (US$3.12 million) saw their combined profits surge 106 percent year on year in the January-April period to over 2.59 trillion yuan, data from the National Bureau of Statistics showed.

When compared with the first four months of 2019, the figure represented a rise of 49.6 percent. The average growth rate over the past two years stood at 22.3 percent, NBS data showed.

The accelerated growth in industrial profits came as market demand continued to improve and major industrial firms had seen improved operations since the beginning of this year, said NBS statistician Zhu Hong.

In April alone, the profits of major industrial firms increased 57 percent year on year to 768.63 billion yuan.

All 41 industrial sectors saw increasing profits during the January-April period, with the profits of 10 sectors more than doubling, said Zhu.

Compared with the first four months of 2019, a total of 30 industrial sectors logged profit increases, according to Zhu.

During the January-April period, profits of the equipment and high-tech manufacturing sectors respectively jumped 90.8 percent and 88.5 percent year on year, while those of the auto manufacturing industry surged 158 percent.

The consumer goods manufacturing sector also saw improved profits, which rose 45.3 percent from the same period of last year, said Zhu.

Due to improving market demand and the rising prices of bulk commodities, the mining and raw materials manufacturing sectors saw faster profit growth, respectively rising 103 percent and 366 percent year on year. The operations of industrial firms were further optimized, with rising profitability, declining costs and faster inventory turnovers, according to Zhu.

Though major industrial firms have sustained their growth momentum, Zhu noted that the recovery of the industrial economy needs to be further consolidated, taking into consideration the uncertainties of the external environment and the pressures on companies caused by rising commodity prices.

Source: Shanghai Daily, May 28, 2021

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