SOURCE >> Economy

Trade between Chinese mainland, Macao quadruples in 2 decades, exceeds $44b

While traffic and logistics hurdles have weakened international trade and tourism, people in the Macao Special Administrative Region (SAR) may feel the opposite when it comes to greater connections with the Chinese mainland, even in hard times. Experts suggested the Macao SAR can take advantage of the mainland's booming market and consumption capacity to achieve sustainable growth.
Source: Global Times | 2020/12/20 22:28:40

Charm of two leaves turned into fortunes

A 94-year-old lady lives a diligent, simple and independent life, with two-thirds of her small yard used to grow tender vegetables. She has been drinking tea for about 80 years, seeing it as a factor in her longevity.
Source: Global Times | 2020/12/20 22:00:33

Chinese products rock the world amid global lockdowns as home appliance orders jump up to 100%

Fighting back against the coronavirus pandemic that severely disrupted businesses activities, Chinese products are rocking the world. Both the wholesalers at the world's "supermarket" Yiwu, East China's Zhejiang Province, and the producers of South China's Guangdong Province, where many manufacturing factories are located, have been busy responding to an unprecedented boom in international orders which came at a magnitude that many of them have never seen before.
Source: Global Times | 2020/12/20 16:23:39

Financial platforms in China should be strictly regulated: former minister of finance

Former finance minister Lou Jiwei said on Sunday that if a single digital financial platform takes up too big of a market share, it may eventually lead to a large number of bad loans.
Source: Global Times | 2020/12/20 15:58:39

China's economic growth to drive global recovery from COVID-19, say experts

China's Central Economic Work Conference held from Wednesday to Friday has set the course for China's economic development in 2021, heralding a continuous growth which will help the recovery of the pandemic-laden world economy, overseas experts have said.
Source: Xinhua | 2020/12/20 11:42:42

China's middle-income population to rise to 800 million by 2035: MOFCOM

China's middle-income population will rise steadily and may reach 800 million in the next 15 years, said Qian Keming, vice minister of commerce of China, over the weekend, adding the country's 1.4 billion population, buoyed by a booming economy, will make them a significant consumption force in the world.
Source: Global Times | 2020/12/20 11:35:58

Chinese steel association urges new pricing mechanism for iron ore

Luo Tiejun, vice president of China Iron and Steel Association, called for a new pricing mechanism for iron ore, as the S&P Global Platts iron ore index increased significantly: $45.1 per ton compared with one month ago, accounting for a 63.6 percent increase.
Source: Global Times | 2020/12/20 10:40:46

China aims for more supply chain autonomy in 2021

Beijing has set the task of enhancing independence and autonomy of the industrial and supply chain and deal with the key areas and "stranglehold" problems in 2021, according to a key central government meeting that ended on Friday.
Source: Global Times | 2020/12/18 22:30:03

China vows to solve seeds, arable land issues: top meeting

China vows to solve seeds and arable land issues, and has put ensuring grain safety as one of the priorities in the Central Economic Work Conference which ended on Friday in Beijing.
Source: Global Times | 2020/12/18 22:18:40

China emphasizes rooting out economic risks on high-tech, industrial chains and food safety at key meeting

Top Chinese policymakers on Friday put heavy emphasis on addressing various internal challenges ranging from consumption, technology and financial security at a key meeting that outlines top policy priorities for 2021, signaling the world's second-largest economy is shifting reliance on the domestic economy as external risks continue to mount marked by the COVID-19 pandemic and trade tensions.
Source: Global Times | 2020/12/18 22:04:33

Ant Group among fintech firms to clean up online banking services as regulation tightens

Chinese financial technology (fintech) firms are scrambling to shut down certain online banking services that could potentially be targeted by tighter regulations as part of Chinese regulators' recent campaign to crack down on illegal activities in the online financial sector and address potential risks.
Source: Global Times | 2020/12/18 22:03:39

Multilateralism key to COVID-19 vaccine

As more inspiring clinical trial results of COVID-19 vaccines have been released recently, the world has high hopes for the advent of the key product, and achieving fair access to vaccines on a global scale is also imminent.
Source: Global Times | 2020/12/18 21:33:40

China commends 2020 victory, aims to tackle risks in 2021 at top economic meeting

Chinese top officials on Friday closed a tone-setting meeting for economic work for the coming year, where they commended historic achievements in the battle against the COVID-19 pandemic and set tackling lingering risks as a top priority for 2021, as the domestic economy recovery continues to face complex and severe challenges.
Source: Global Times | 2020/12/18 19:58:59

China vows 'necessary measures' against reported US blacklisting

China's Foreign Ministry on Friday criticized a reported move by the US government to add dozens of Chinese companies to a trade blacklist, calling the move, if true, yet another example of the US using its state power to crack down on Chinese firms; vowing to take "necessary measures" to protect Chinese businesses.
Source: Global Times | 2020/12/18 16:40:54

Top meeting in Beijing to focus on tackling major risks in 2021, as robust growth expected

Chinese top policymakers are expected to outline economic policy priorities and targets for 2021 at a highly-anticipated tone-setting meeting, which could pave the way for the most significant shift in China's economic development model in decades that puts more focus on boosting the domestic market and indigenous innovation to drive long-term growth, as external uncertainties and risks remain abundant.
Source: Global Times | 2020/12/18 1:48:34

China ramps up recycling of scrap steel amid soaring iron ore prices

China plans to use more scrap steel as a raw material in its steel plants, a move that analysts said will reduce reliance on iron ore imports from Australia, amid fraught bilateral ties, soaring ore prices, and in align with China's pursuit for carbon neutrality by 2060.
Source: Global Times | 2020/12/17 22:56:23

Cargill's major clients' supply not affected by COVID-19 chicken case

US food corporation Cargill's major clients in China, including fast-food chain McDonald's, said that their supplies have not been affected by a positive coronavirus case involving chicken, adding that they did not source products from batches where the locally produced chicken drumsticks tested positive for COVID-19.
Source: Global Times | 2020/12/17 22:42:38

HK companies eye mainland market amid global trade headwinds in the post-virus world

Hong Kong-based companies are increasingly looking at the Chinese mainland market amid global trade headwinds in the post-virus world, as China's policy to make the domestic market a mainstay in the coming years.
Source: Global Times | 2020/12/17 22:42:38