Economy
China will champion the overseas expansion of domestic big data firms while supporting the setup of big data research and development (R&D) centers by multinationals in the country, the Minister of Industry and Information, Xiao Yaqing, said on Thursday at the opening of an annual big data expo in Guiyang, capital of Southwest China's Guizhou Province.
By Global Times | 2022/5/27 0:54:45
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  • Some Chinese carriers are expected to increase international flights after State Council's meeting

    Some Chinese carriers are expected to increase more international flights, after the State Council's meeting, which vowed to increase international passenger flights in an orderly manner in a bid to save the bleeding industry dragged by the epidemic.

    By Global Times | 2022/5/27 0:45:32
  • IPEF can hardly make dent in cooperation with ASEAN

    China has outpaced Japan to become the most important partner of Association of South East Asian Nations (ASEAN), as viewed by the residents of ASEAN countries, several Japan media outlets reported, citing a government opinion poll released on Wednesday.

    By Hui Qing | 2022/5/26 23:42:16
  • China nearly immune to India's iron ore export limits: analyst

    China's steel industry will not be affected by India's iron ore export limits, even though the neighboring country recently announced an increase in the export tax for multiple iron ore categories from May 22.

    By Global Times | 2022/5/26 22:14:42
  • Government meeting on stabilizing economy lifts market sentiment, with experts feeling upbeat about GDP rebound after COVID wanes

    Soon after China convened what has been seen as an unprecedented national video teleconference on stabilizing the economy, entities ranging from central departments to local governments spared no time to map out their economy-lifting missions, while the stock market also edged up after investors received a message of determination from the government to guide the economy back to normal after a marked slowdown.

    By GT staff reporters | 2022/5/26 22:12:33
  • Chinese, Belarusian firms look to unleash stronger timber trade potentials at fair

    At the China-Belarus Wood Products Trade Fair, co-hosted by the China Timber and Wood Products Distribution Association (CTWPDA) and the Belarusian Embassy in China, which was held via video link on Thursday, over 70 Chinese and Belarusian timber companies and traders had an open discussion about the possibilities for future timber business, a highly complementary good between the two countries.

    By Yin Yeping | 2022/5/26 21:28:57
  • China shows tactical resilience in maintaining flexible supply chains amid pandemic: WEF executive

    China has shown tactical resilience in maintaining flexible supply chains as the COVID-19 pandemic has prompted businesses and policymakers across the globe to rethink supply chain planning, an executive of the World Economic Forum (WEF) said on Thursday, urging increased cooperation for trade liberalization to address the ramifications of global supply chain disruptions.

    By Li Qiaoyi | 2022/5/26 20:54:38
  • Chinese cities start to ease restrictions on vehicles purchase to inspire consumption

    Shenzhen in South China's Guangdong Province plans to offer subsidies to inspire vehicle sales, in line with the central government's call to boost consumption and shore up the economy.

    By Qi Xijia | 2022/5/26 20:25:05
  • China-Kiribati cooperation includes neither political strings nor geopolitical motive: Chinese ambassador

    As Chinese State Councilor and Foreign Minister Wang Yi embarks his official visit to Kiribati on Friday, many expect a new impetus the journey can bring to the bilateral ties to heighten cooperation into a higher level for better serving local people's demand for development. Since the resumption of diplomatic ties in September 2019, China-Kiribati relations have got off to a good start and achieved fruitful results. In a recent exclusive interview with the Global Times (GT) reporters Hu Yuwei and Bai Yunyi, Chinese Ambassador to Kiribati Tang Songgen (Tang) shared his views on the most impressive progress in friendship of two countries over past two years, and warned some Western countries to stop groundless smearing and interference over China-Kiribati development.

    By Hu Yuwei and Bai Yunyi | 2022/5/26 20:21:44
  • China pays great importance to S.Korean businesses in Chinese market: ambassador

    China's Ambassador to South Korea Xing Haiming said on Thursday that China hopes South Korea will follow its stated principle of openness in joining in the US-led Indo-Pacific Economic Framework for Prosperity (IPEF), adding that China attaches great importance to the needs of South Korean companies and personnel in China.

    By Global Times | 2022/5/26 19:39:10
  • Chinese provinces highlight cooperation with South Pacific nations amid FM's visit to region

    As Chinese State Councilor and Foreign Minister Wang Yi embarked on a trip to the South Pacific region, three Chinese provinces — East China's Shandong and Fujian provinces and South China's Guangdong — on Wednesday highlighted fruitful results of their cooperation with relevant nations in such fields as the economy, trade, healthcare and education, pledging to further boost cooperation with the Pacific island nations.

    By GT staff reporters | 2022/5/26 19:27:49
  • 'China has always come to Sri Lanka's aid in times of need':envoy

    China and Sri Lanka have long maintained a close relationship of mutual support and understanding, regardless of how the international situation changes. In recent years, the two countries have seen steady development in bilateral economic and trade cooperation, especially under the Belt and Road Initiative (BRI).

    By Sun Haoran and Yin Yeping | 2022/5/26 18:57:20
  • China will ramp up efforts for accession to CPTPP, DEPA: Commerce Ministry

    China will continue to promote accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), while implementing the Regional Comprehensive Economic Partnership (RCEP) with a focus on high quality, Gao Feng, a spokesperson from the Chinese Ministry of Commerce (MOFCOM) said on Thursday.

    By Global Times | 2022/5/26 17:55:13
  • Ministry of Transport moves to resolve traffic snarls on highways

    The national transportation network has balanced out amid the pandemic and the problem of traffic snarls has been largely cleared, a Chinese government official said on Thursday.

    By Global Times | 2022/5/26 17:47:20
  • Chinese mainland airlines to obtain government subsidies to overcome operational difficulty

    The Ministry of Finance and China's civil aviation regulator launched a two-month subsidizing plan on Thursday to aid passenger flights in an effort to reactivate the struggling industry, on the heels of the State Council's rolling out a comprehensive package of measures to bolster Chinese economy which has seen a marked slowdown recently due to coronavirus lockdowns.

    By Global Times | 2022/5/26 17:19:03
  • Government meeting on stabilizing economy lifts market sentiment

    Hours after China convened what has been seen as an unprecedented national video teleconference on stabilizing the economy, local governments spared no time to map out their missions in their respective regions, while the stock market also edged up after investors received a message of determination from the government to guide economic development back to a normal track after a marked slowdown.

    By Global Times | 2022/5/26 17:10:54
  • Germany politicizing trade issues brings risks to economic ties with China

    As an economic official within the German government, Habeck should not hurry to be involved with the US-led smearing campaign against Xinjiang. His remarks on the groundless accusation of "human rights violations" and "forced labor" have politicized economic and trade issues, bringing unnecessary risks on Germany's economic and trade ties with China.

    By Wang Yi | 2022/5/26 15:10:28
  • Shenzhen offers subsidies to NEV, home appliance and digital products buyers to boost consumption

    Shenzhen, South China's Guangdong Province has recently issued a package of subsidies to encourage spending on vehicles, home appliances and digital products, the latest implementation of the central government's call to boost consumption and shore up the economy.

    By Global Times | 2022/5/26 14:25:38
  • China achieves breakthrough in deep earth uranium search

    After four years, the project focused on deep exploration of a hydrothermal uranium base in South China has achieved a major breakthrough in theoretical innovation of deep-source metallogenesis of hydrothermal uranium ore as well as the technical method of deep blind ore localization, marking a new level of scientific research and mineral search for hydrothermal uranium in China.

    By Global Times | 2022/5/26 12:48:55
  • China launches 1,520mm gauge railway train to Mongolia, cutting time by 30%

    A wide gauge railway cargo train dispatched on Wednesday from Erenhot in North China's Inner Mongolia Autonomous Region to Ulan Bator of neighboring Mongolia, the first wide gauge railway train between two countries, CCTV reported on Thursday.

    By Global Times | 2022/5/26 11:20:25
  • China holds unprecedented meeting on stabilizing economy with focus on policy implementation

    China's State Council, the cabinet, on Wednesday held what has been seen as an unprecedented national video teleconference on stabilizing the economy with reportedly upwards of 100,000 participants, including all levels of officials, stressing the need to better implement measures to safeguard market entities, employment, people's livelihood and keep the economy operating in a reasonable range.

    By GT staff reporters | 2022/5/25 23:55:50
  • CPEC won't be derailed by inflated economic woes of Pakistan

    The CPEC has been a flagship project of the Belt and Road Initiative (BRI) and benefits local people through the improvement of local infrastructure. China will never leave the CPEC project unfinished. No matter what difficulties we encounter, we should be confident in the future of our two countries' closer cooperation.

    By Hu Weijia | 2022/5/25 23:43:43
  • Skycam moves from BSE, makes trading debut on Shanghai's STAR market

    Skycam Defense Technology Co, a high-tech firm that makes public safety and defense systems, began trading on the Shanghai NASDAQ-style STAR Market on Wednesday, becoming the first company to move from the Beijing Stock Exchange (BSE).

    By Global Times | 2022/5/25 22:49:19
  • Shanghai commercial outlets to restart full operation in June, offer hope to consumption growth

    Shopping centers, supermarkets and restaurants in Shanghai are stocking up, accelerating epidemic prevention while preparing for business reopening as they are to greet what could be the largest wave of customers in months. The city plans to restart on-site operation of commercial outlets from June 1, the latest sign of the Chinese financial hub's return to normal.

    By Qi Xijia | 2022/5/25 22:37:27
  • China will remain top investment destination: experts at WEF 2022

    With China's opening-up policy, continuous optimization of the business environment for foreign companies, and strong economic resilience, it will remain a hot place for investment, said global experts at the World Economic Forum (WEF) 2022 in Davos, expressing confidence in China's economic outlook.

    By GT staff reporters | 2022/5/25 22:31:02
  • India's sugar export restriction produces no impact on China's domestic supply: experts

    India's recent decision on sugar export restriction will have no substantive impact to the Chinese market as the country is ramping up the proportion of self-production while diversifying the sources of supplies in an effort to reduce the potential risks of heavy reliance on any particular country, experts said.

    By Global Times | 2022/5/25 22:30:27
  • China supports Indonesia in eliminating distractions at G20, FM tells counterpart

    China firmly supports Indonesia in hosting a successful Bali Summit, eliminating distractions to achieve the established agenda and goals, and leading the Group of Twenty (G20) in the right direction, Chinese State Councilor and Foreign Minister Wang Yi said during a phone call with Indonesian Foreign Minister Retno Marsudi at the latter's request on Wednesday.

    By Global Times | 2022/5/25 22:00:22
  • Solomon Islands holds high hopes for bilateral deals with China amid FM's visit: business leader

    Economic cooperation between China and the Solomon Islands has huge potential as the two economies highly complement one another, the head of a local Chinese business chamber said on Wednesday, as Chinese State Councilor and Foreign Minister Wang Yi started his official visit to the country.

    By Li Xuanmin, Zhao Juecheng and Chu Daye | 2022/5/25 21:36:25
  • China holds crucial meeting on stabilizing fundamentals of macro-economy

    China's State Council, the cabinet, on Wed held an unprecedented meeting with reportedly over 100,000 participants to stabilize the fundamentals of the macro-economy.

    By Global Times | 2022/5/25 20:32:29
  • China-Vanuatu relations a model of mutual respect, solidarity and coordination: Chinese ambassador

    China and Vanuatu have achieved common development during the past 40 years since the establishment of diplomatic ties in 1982. In 2019, the two countries signed a cooperation plan within the framework of the China-proposed Belt and Road Initiative (BRI). Over recent years, the two have signed more than 10 cooperation documents in fishery, maritime affairs, science and technology, civil aviation transportation, infrastructure and police exchanges and cooperation, striving to promote practical exchanges and cooperation in an all-round way.

    By Chi Jingyi | 2022/5/25 19:56:42
  • Guidelines aim to revitalize existing infrastructure

    The State Council, China's cabinet, on Wednesday unveiled guidelines to revitalize existing infrastructure assets while expand effective investment, in a fresh push to revive the world's second-largest economy amid multiple domestic and global complexities.

    By GT staff reporters | 2022/5/25 19:46:46
  • Qingdao-Nanjing gas pipeline completed, connected with China's West-to-East gas transmission project

    The Qingning natural gas pipeline linking East China's Qingdao in Shangdong Province with Nanjing in Jiangsu Province was connected with the Qingshan station of the country's West-to-East gas transmission project, the state broadcaster CCTV reported on Wednesday.

    By Global Times | 2022/5/25 18:57:27
  • IPEF is a political tool to serve US' interests under the name of regional cooperation: China's Foreign Ministry

    China believes that the US launched Indo-Pacific Economic Framework (IPEF) is a political tool designed by Washington to serve its own benefits, which is unlikely to last for a long time if the "framework" cannot help regional development, Wang Wenbin, spokesperson of China's Ministry of Foreign Affairs, said on Wednesday.

    By Global Times | 2022/5/25 18:51:44
  • China's top court vows to phase in blockchain alliance in tandem with industries by 2025: document

    The Supreme People's Court of China on Wednesday released a document addressing strengthened blockchain applications in the judicial field, vowing to accelerate digital transformation supported with blockchain innovations.

    By Global Times | 2022/5/25 15:56:52
  • China's mobile phone shipments drop 34.2% to 18 million sets in April

    China's mobile phone shipments dropped by nearly 35 percent in April, according to data released by China Academy for Information and Communications Technology (CAICT) , a decline which was mostly due to coronavirus outbreaks in recent months that suppressed consumption.

    By Global Times | 2022/5/25 15:11:24
  • China, Brazil sign agreement to boost trade of corn, other agricultural products

    China and Brazil have reached an agreement to boost cooperation in agricultural trade including corn, soybean meal and peanuts, as China expands the import of feed grains for the needs of deeper agricultural processing, an expert said on Wednesday.

    By Global Times | 2022/5/25 14:15:22
  • Shanghai shopping malls to open their doors in June

    Shopping malls and department stores in Shanghai are scheduled to restart on-site operations and open their doors from June 1, Xinhua News Agency reported on Tuesday citing the municipality's commerce commission, in the latest sign of an accelerated return to normal in the Chinese financial hub.

    By Global Times | 2022/5/25 1:02:48
  • China's partnership with Pacific nations irks some in West

    It's ridiculous for the Western media to play up the "China threat theory" by always telling lies and spewing disinformation. Won't it be better if those media could persuade the US and Australia to bolster their own economic engagement with Pacific countries?

    By Hu Weijia | 2022/5/24 23:11:36
  • China moves ambitiously toward sustainable energy

    China has progressed in transitioning toward a greener economy, influential voices in global energy field said on Tuesday during the ongoing World Economic Forum (WEF). And, energy supply issues serve as a wake-up call for all governments to ramp up new energy development and ensures energy security, experts said.

    By GT staff reporters | 2022/5/24 23:03:34
  • Indonesia's reported ban on primary aluminum ore exports has 'puny' impact on Chinese supply: expert

    Indonesia's reported ban on exports of bauxite, a primary input for aluminum, will have no real impact on the Chinese market, as producers have diversified their sources and strengthened the use of recycled aluminum, experts said.

    By Global Times | 2022/5/24 22:50:54
  • US' IPEF got off to rough start as participating ASEAN members stress inclusiveness

    The US' so-called Indo-Pacific Economic Framework (IPEF) seemingly got off to a rough start despite its high profile launch with 12 initial partners, as many participating countries, especially ASEAN members, stressed the need for inclusiveness and multilateralism in regional economic and trade cooperation, in a cautionary tone over the deal widely seen as a move against China.

    By Chu Daye | 2022/5/24 22:23:06
  • Central bank urges stronger loan support to ease downward pressure

    Chinese authorities on Monday held a meeting with 24 major financial institutions to arrange stronger support for the real economy to tackle mounting downward pressure, according to a statement released on Tuesday by the People's Bank of China (PBC), the central bank.

    By Global Times | 2022/5/24 20:55:12
  • US trade chief openly contradicts Biden as the White House faces tough decision on tariffs

    US Trade Representative Katherine Tai said on Tuesday that the US must be "strategic" on whether to remove tariffs on Chinese goods, pushing back on what President Joe Biden mentioned a day earlier, when he said that he would consider removing some Trump-era levies in order to ease inflation.

    By Qi Xijia | 2022/5/24 20:54:40
  • EU can't replace Russian gas with African imports: experts

    Germany has initiated talks with the Senegalese authorities about gas extraction and liquified natural gas (LNG), Scholz said, according to a Reuters report on Monday. It said that Germany could help explore a gas field in Senegal, citing a German official.

    By GT staff reporters | 2022/5/24 18:59:57
  • China's top economic planner vows to punish price-gouging coal enterprises

    China's top economic planner on Wednesday vowed to take measures to penalize price-gouging coal enterprises in a bid to stable the energy prices.

    By Global Times | 2022/5/24 16:13:16
  • Airbnb shuts lodging rental business in China, due to surging costs, COVID-19 impact

    As the Chinese market turns increasingly complex due to the coronavirus resurgence, overseas companies' fortunes are diverging, with Airbnb announcing plans to end its business in China on Tuesday, while Tesla car production reportedly recovered to pre-lockdown levels on the same day.

    By Xie Jun and Tao Mingyang | 2022/5/24 13:38:39
  • Facing challenges, US' IPEF may make the Asia-Pacific economy more fragmented

    During his visit in Japan, US President Joe Biden on Monday rolled out the Indo-Pacific Economic Framework (IPEF), the economic pillar of US' Indo-Pacific strategy and an important tool for the US to conduct geoeconomic competition against China.

    By Zhao Minghao | 2022/5/24 9:45:27
  • US may lack 'ability to lead IPEF, reconcile interests' with members

    As the US announced on Monday its Indo-Pacific Economic Framework (IPEF), a plan widely believed to be aimed at isolating China, observers noted that the comprehensive economic framework may take years to take shape and could become something the US itself may find hard to drive, but they added that it is still a menace that China needs to address.

    By GT staff reporters | 2022/5/23 23:44:40
  • Rational China policy can ease Australia's economic woes

    Australia is one of the largest beneficiaries of the Chinese economic miracle, but it feels uneasy about China's rise. There is no denying that Australia's economic relationship with China is complicated. It will be a test of Albanese's wisdom to see if the new government can leverage Australia's economy with a more rational and constructive relationship with China.

    By Hu Weijia | 2022/5/23 22:25:55
  • China's State Council announces 33 comprehensive measures to stabilize economy

    China's State Council, the cabinet, on Monday rolled out a comprehensive package of measures to support various aspects of the Chinese economy, including support for automobile consumption, home buying and small businesses, in the latest move to ensure that the Chinese economy returns to a normal track and keep it operating within a reasonable range.

    By Global Times | 2022/5/23 21:56:59
  • China's Foreign Ministry urges APEC members to avoid geopolitics in economic cooperation

    It's regrettable that a recent meeting of trade officials from the 21 economies making up the Asia-Pacific Economic Cooperation (APEC) forum did not come up with a joint statement, a spokesperson for the Chinese Foreign Ministry said on Monday, urging members to avoid bringing geopolitical issues into the highly valued economic cooperation mechanism in the Asia-Pacific region.

    By Global Times | 2022/5/23 21:46:43
  • China launches large-scale 'seawater rice' transplanting to boost output

    Many places across China have launched a new round of saline-alkali tolerant rice – or better known as “seawater rice” – transplanting this week, aiming to increase output as the country strives to ensure food security amid an increasingly uncertain global food market.

    By Tao Mingyang | 2022/5/23 21:20:08
  • Global business leaders bullish on China's long-term economic outlook at WEF

    Economists and business leaders attending the World Economic Forum (WEF)'s annual meeting on Monday expressed confidence in the long-term outlook for economic growth in China, pinning their hope on the world's second-largest economy to lead a global economic recovery from the COVID-19 pandemic.

    By GT staff reporters | 2022/5/23 21:15:46
  • Yuan assets still alluring as investors oversubscribe central bank notes in HK

    The People's Bank of China (PBC), the country's central bank, issued 25 billion yuan ($3.75 billion) of central bank notes in the Hong Kong Special Administrative Region (HKSAR) on Monday, with the issuance 2.3 times oversubscribed by investors, showing the allure of yuan assets.

    By Global Times | 2022/5/23 21:12:14
  • E-commerce platforms provide firm support, logistics solutions for 618 shopping festival

    Chinese e-commerce platforms like JD.com and Suning.com kicked off presales for the 618 (June 18) mid-year shopping festival on Monday. They're offering support to businesses to boost sales, as both offline and online consumption are facing challenges amid the epidemic flare-up.

    By Chi Jingyi | 2022/5/23 21:08:26
  • Australian firms pin hopes on new Albanese government for recovered ties with China

    Australian businesses are seeking closer trade and economic ties with China, their largest market and the one with the largest potential, as they hope for better times and more normal relations under the administration of Anthony Albanese, who has become the new prime minister of Australia.

    By GT staff reporters | 2022/5/23 21:03:20
  • Beijing, Shanghai join forces to cut mortgage rates for home buyers; targeted relaxation reflects reiteration for speculation curb

    Beijing and Shanghai, two mega cities in the world's second largest economy, have reportedly moved to cut their mortgage rates by 15 basis points (bps) on Monday amid a nationwide policy fine-tune in the real-estate market as part of a broader pro-growth push.

    By GT staff reporters | 2022/5/23 18:36:17
  • China opposes any attempt to introduce confrontation between military blocs to Asia-Pacific: Foreign Minister Wang Yi

    China will unswervingly safeguard peace and stability, adhere to the principles of the UN Charter, and resolutely reject any attempt to introduce confrontation between military blocs and camps to the Asia-Pacific region, Chinese State Councilor and Foreign Minister Wang Yi said on Monday.

    By Global Times | 2022/5/23 18:07:22
  • Beijing, Shanghai cut floors on mortgages for homebuyers in broader pro-growth move

    Beijing and Shanghai, two mega cities in the world's second largest economy, have reportedly moved to cut their mortgage rates by 15 basis points (bps) on Monday amid a nationwide policy fine-tune in the real-estate market as part of a broader pro-growth push.

    By Global Times | 2022/5/23 16:03:21
  • China's stable economic growth is of great significance to global recovery: WEF president

    China's stable economic growth is of great significance to global recovery and "what happens in Chi-na, of course has huge impact on the rest of the world, and vice versa," World Economic Forum (WEF) President, Borge Brende, said in an interview with Xinhua News Agency.

    By Global Times | 2022/5/23 1:35:28
  • Ruble gains vs dollar, euro show Western sanctions are counterproductive

    US and European sanctions failed to push Russia to compromise and undermine its economy and currency and also caused a great spillover impact on global food and energy supply chains. As Russia has gain ground in the game against Western countries with a stronger ruble, the status of the dollar is further threatened. The US is seeing its sanctions on Russia biting back on its own currency and economy.

    By Wang Yi | 2022/5/23 1:21:28
  • China expects bumper harvest of summer grain, ensuring food security amid global risks

    China is expected to achieve a bumper harvest of summer grain despite the impact of COVID-19 outbreaks in some areas, underscoring the country's capacity to ensure grain security amid tight global supplies mainly due to record hot weather and the Russia-Ukraine conflict.

    By Ma Jingjing | 2022/5/23 0:30:56
  • China to encourage qualified digital cultural companies go public

    China will encourage qualified digital cultural companies to go public in a bit to promote the digitalization in the culture sector.

    By Global Times | 2022/5/23 0:12:20
  • Beijing bicycle sales surge amid anti-epidemic measures for public transport

    As Beijing tightened its anti-epidemic measures across multiple districts, including implementing work-from-home requirements and closing parts of the public transport system, sales of bicycles in the capital city surged, while supplies are tight, some retailers told the Global Times.

    By Global Times | 2022/5/23 0:06:01
  • US seeks to rope in South Korean EV firms during Biden's visit

    Though the US is expected to launch its so-called Indo-Pacific Economic Framework, aiming to isolate China from key technology supply chains such as semiconductors and electric vehicle (EV) batteries, Chinese analysts said that the move will fail to shake China's crucial role in the global supply chain.

    By GT staff reporters | 2022/5/22 23:47:03
  • FAW-Volkswagen Audi's plagiarism controversy shows rising IPR awareness in China

    The intense public outcry and discussion on Chinese social media over FAW-Volkswagen Audi's ad plagiarism controversy underscores growing public awareness of intellectual property rights (IPR) in China in recent years, thanks to a confluence of factors, including China's robust efforts to protect IPR, the leapfrog in Chinese firms' innovation capabilities and increasingly mature Chinese consumers, analysts noted.

    By Global Times | 2022/5/22 22:48:00
  • India's heavy duties on iron ore exports have 'tiny' impact on Chinese industry: analyst

    India's heavy duties on iron ore exports are expected to have a "tiny" impact on Chinese steel supply as the country is reducing its heavy reliance on Indian iron ore while diversifying its domestic and international supplies.

    By Global Times | 2022/5/22 22:42:10
  • Shanghai firms play catchup with production ahead of major shopping spree

    Companies in Shanghai are preparing for the coming 618 mid-year shopping spree, another major online shopping festival in China apart from the Double 11 event, as the city pushes forward work resumption in phases, after its latest COVID-19 outbreak has been gradually put under control and a work resumption campaign is picking up pace.

    By Xie Jun and Yin Yeping | 2022/5/22 20:43:13
  • Opinion: US' brutal interference can't be allowed to disrupt China-Zimbabwe cooperation

    The US is notorious for fomenting chaos and interfering in the internal affairs of other countries through various means for its own self-interests and ideological purposes, bringing devastation and even bloodshed to many countries and regions around the world.

    By Wang Jiamei | 2022/5/22 17:05:29
  • US monetary policy deepens global debt crisis in developing economies, including Sri Lanka

    Sri Lanka is grappling with the deepest economic crisis it has ever seen. The country has defaulted on its $78 million worth of payments to international creditors, the first time in its history since its independence. Its debt obligations for this year alone exceed $7 billion, yet Sri Lanka's foreign reserves stood at $1.93 billion at the end of March. The island nation is also seeing an extreme scarcity of food, fuel and other essential items such as medicines, sharp price rises and crippling power cuts.

    By Maya Majueran | 2022/5/22 16:42:28
  • Chinese cities exercise caution in relaxing house purchase restrictions

    The Wuhan Economic and Technological Development Zone in Central China's Hubei Province has deleted a post on social platform Sina Weibo stating that the zone has completely removed restrictions on home purchases, one week after the country's central bank lowered interest rate on mortgages for first-time homebuyers.

    By Global Times | 2022/5/22 15:19:57
  • Shanghai's April economic data drop, reflecting epidemic impact

    Key economic indicators in Shanghai dropped significantly in April, underscoring severe impact of the recent outbreak of COVID-19 in China's major commercial center on economic activities, latest official data showed.

    By Global Times | 2022/5/22 14:46:56
  • Unmanned nucleic acid sampling robot debuts in Shanghai

    An unmanned nucleic acid sampling robot had been developed in Shanghai, equipped on a portable sampling vehicle and can replace human medical workers to reduce the risk of infection, media reports claimed on Sunday.

    By Global Times | 2022/5/22 12:27:24
  • China to electrify section of Qinghai-Xizang railway

    China will make electric reconstruction of the Golmud–Lhasa section of the Qinghai-Xizang Railway starting from June with a total investment of 14.84 billion yuan ($2.22 billion).

    By Global Times | 2022/5/22 11:35:10
  • Chinese yuan may surge to 6.65 per dollar by Q3: analysts

    Following a steep drop in the last month, the Chinese yuan bounced back by nearly 1,000 basis points to 6.6740 on Friday. The expanded two-way fluctuations of the currency further impact China's exports that has already been under pressure due to the COVID-19 resurgences in cities including Shanghai.

    By GT staff reporters | 2022/5/21 16:01:30
  • Easing property policies can support economic recovery

    Reduction of mortgage rates sends a clear & loud signal that the policymakers will not tolerate a free fall of China's economy and are pushing for effective policy easing to refuel property sector.

    By Wen Sheng | 2022/5/21 10:59:55
  • Acquisitions, new capital introduced to help bail out rural small banks: CBIRC

    China will promote the reform of small rural commercial banks with the aim to prevent risks and enhance their capability in serving real economy, head of relevant department of the China Banking and Insurance Regulatory Commission (CBIRC) said on Friday.

    By Global Times | 2022/5/21 10:06:05
  • China will unswervingly open wider to outside world: Premier Li

    Chinese Premier Li Keqiang on Friday reiterated that China's resolve to open up to the outside world will not change, and that China will continue to build itself into a big market and a hot destination for foreign investment.

    By Global Times | 2022/5/21 1:37:59
  • China's April imports of Australian wheat surge 525.72% despite hostility from Canberra

    China's total wheat imports decreased by 22.4 percent year-on-year in April, but imports from Australia, France and Russia have skyrocketed, the latest statistics from Chinese customs showed.

    By Global Times | 2022/5/21 0:56:10
  • Biden's first visit to Samsung 'highlights chip alliance', but final goal of US is to 'strangle all competitors' in semiconductor field

    US President Joe Biden embarked on his first presidential trip to South Korea and Japan, taking Samsung's semiconductor factory on Friday as his first stop, which is widely regarded as a move to highlight the US-led semiconductor alliance excluding China.

    By GT staff reporters | 2022/5/20 22:03:49
  • Unilateral sanctions add to evidence that it's no longer safe to hold assets in US

    US Treasury Secretary Janet Yellen said recently that it "would not be legal now" for the US to seize Russian government assets to pay for Ukraine reconstruction. However, Yellen's words are, perhaps, not the end of an eye-catching controversy about whether to seize Russian assets; it could be the beginning of a new discussion about how to legally seize those assets.

    By Hu Weijia | 2022/5/20 23:41:04
  • Update: China vows 'all necessary measures' after Ottawa moves to ban 5G gear from Huawei, ZTE

    China's foreign ministry on Friday vowed to take all necessary measures to safeguard Chinese firms' legitimate rights and interests, after Canada revealed plans to ban use of 5G gear from Huawei and ZTE on so-called national security grounds.

    By GT staff reporters | 2022/5/20 12:44:03
  • PBC announces largest cut in 5-year LPR as China fast-tracks pro-growth policies

    China's central bank on Friday lowered the five-year loan prime rate (LPR) by 15 basis points (bps) to 4.45 percent in May, its biggest cut in the mortgages-referenced benchmark for longer-term lending. This comes as the government vows to fast-track pro-growth policies amid a slowing economy.

    By GT staff reporters | 2022/5/20 16:47:00
  • Inter-bank bonds held by foreign investors down again in April

    Inter-bank bonds held by foreign institutions dropped to 3.77 trillion yuan ($560 billion) as of the end of April from 3.88 trillion yuan in March, as different monetary policies between China and the US caused short-term pressure on yuan-denominated assets. But the long-term attractiveness of the Chinese bond market remains undimmed, domestic news portal thepaper.cn reported on Thursday, citing experts.

    By Global Times | 2022/5/20 0:33:35
  • US needs free trade, not protectionism, in baby formula crisis

    US President Joe Biden on Wednesday invoked the Defense Production Act (DPA) to boost production of infant formula. As the world's largest economy deals with a baby formula shortage crisis, the question remaining is whether the obscure wartime law can ease the anxiety of new parents who struggle to find enough formula to feed their babies.

    By Hu Weijia | 2022/5/19 22:28:32
  • China's North to South airspace starts services

    China's airspace from North to South, with a length of more than 2,000 kilometers, started services on Thursday.

    By Global Times | 2022/5/19 22:18:07
  • EU should not to play with fire on Taiwan question

    A spokesperson for the Chinese Mission to the EU urged Brussels “not to gamble on this issue, and abide by the one-China principle,” noting firm opposition against any form of official interactions or any discussion and signing of an agreement with implications of sovereignty and of an official nature between countries or organizations and the Taiwan region.

    By Wang Yi | 2022/5/19 22:06:43
  • China taps consumption potential with vouchers, retail sales likely to expand in Q3

    Chinese cities are scrambling to hand out consumption vouchers to simulate consumer spending, as the country doubles down on consumption to bolster growth amid mounting downward economic pressure brought about by COVID-19 resurgences and global volatility.

    By By GT staff reporters | 2022/5/19 21:51:17
  • BRICS urged to boost national currency settlements to counter US' abuse of dollar hegemony

    As foreign ministers of the BRICS countries (Brazil, Russia, India, China and South Africa) were set to meet via video link on Thursday, Chinese experts called on the countries to work jointly to counter the US' increasingly reckless abuses of its dollar hegemony that hurt the bloc and the broader developing world.

    By GT staff reporters | 2022/5/19 21:07:25
  • China's PV sector eyes opportunities under EU's new energy plan

    China and the EU have bright cooperation prospects in the photovoltaic (PV) sector despite certain differences, industry sources and experts said on Thursday, after the EU unveiled a 210 billion-euro ($220.4 billion) energy plan.

    By GT staff reporters | 2022/5/19 20:31:35
  • Chinese cities cut mortgage rates to 4.4% amid policy fine-tuning

    A total of 20 cities in China have moved to cut their mortgage rates to as low as 4.4 percent as of Thursday, the lowest level set by the central bank on Sunday, according to an industry report.

    By Global Times | 2022/5/19 20:22:49
  • With market supply stretched, it is imperative to ensure global food security

    Guterres called on all governments to “act together, urgently and with solidarity” to end the impending crisis linked to food shortage and growing insecurity.

    By Wen Sheng | 2022/5/19 19:33:35
  • China's huge market remains attractive for foreign investors: ministry

    China's huge market remains attractive for foreign capital, and the country will continue to improve investment environment to deliver more conveniences to overseas investors, said Shu Jueting, a spokesperson from China's Ministry of Commerce, on Thursday.

    By Global Times | 2022/5/19 18:19:54
  • China 'willing to work with S.Korea' to boost trade amid uncertainty in bilateral ties

    Bilateral trade between China and South Korea surpassed $360 billion over the past 30 years since the two countries established diplomatic ties and cumulative two-way investment exceeded $100 billion, as the two countries have become important trade partners, Shu Jueting, a spokesperson for China's Ministry of Commerce (MOFCOM), said on Thursday.

    By Global Times | 2022/5/19 16:42:41
  • Chinese authorities consider extending subsidies to NEVs: report

    China is considering extending the subsidy for new energy vehicles (NEV) which is scheduled to be in place until the end of 2022, according to a Reuters report on Wednesday. Industry watchers suggested that it might be too early to discuss the plan for next year, but there will be multiple measures to boost pandemic-hit auto market.

    By Tao Mingyang | 2022/5/19 15:26:33
  • 'Brain drain' nonsense won't undermine China's growing tech competitiveness

    Just like all the hypes that greatly exaggerate the impact of China's epidemic prevention policy on China's economy, the brain drain theory described normal fluctuations in immigration enquiries as a trend that could undermine China's technology competitiveness, and blamed it on the dynamic zero-COVID policy. Such an alarmist attitude may attract wide attention, but it seriously distorts the facts.

    By Wang Yi | 2022/5/19 14:29:27
  • China's yuan remains fifth most active currency in April: SWIFT

    In April China's yuan has retained its position as the fifth most active currency for global payments by value, with a share of 2.14 percent global payments currency, down from the 2.20 percent in March, said global payment services the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on Wednesday.

    By Global Times | 2022/5/19 14:10:53
  • China Energy pushes 11 projects, promotes clean renewable energy

    The China Energy Investment Corporation announced on Wednesday the start and pre-start of 11 power projects with a total installed capacity of 12.4 million kilowatts. The projects, in addition to onshore new energy bases, focus on offshore wind power, large hydropower, coal power expansion and upgrading, as well as natural gas power generation.

    By Global Times | 2022/5/19 13:49:04
  • Shanghai rolls out plan to support more enterprises' resumption amid epidemic situation easing

    Chinese financial hub Shanghai rolls out plan to support more enterprises to resume work and production which will progress in two phases, a vice mayor said Thursday, as the epidemic situation gradually eases in the city after weeks of closed-off management to beat down COVID-19 infections.

    By Global Times | 2022/5/19 12:28:40
  • China's coal production achieves double-digit growth for four consecutive months: official data

    China's coal production has maintained a strong momentum since the beginning of 2022, with the domestic output of raw coal from January to April reaching a 10.5 percent year-on-year growth and achieving a double-digit growth for four consecutive months, new official data showed.

    By Global Times | 2022/5/19 11:42:02
  • Premier Li calls for increased urgency in taking new measures to keep economy stable

    Chinese Premier Li Keqiang on Wednesday called on local officials to increase the sense of urgency and take as many feasible new measures as possible in May to keep the economy operating in a reasonable range in the first half of the year and the full year, while vowing that the country will safeguard employment and people's livelihood by means of stabilizing market entities, China Media Group reported.

    By Global Times | 2022/5/18 23:00:50
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