SOURCE >> Economy

Huawei to continue investment in chip arm Hisilicon despite US ban: Rotating CEO

Chinese tech company Huawei will keep investing in its chip arm Hisilicon and help partners in chip manufacturing, production equipment and raw materials – areas in which the Chinese tech firm is restricted by the US – to build and improve their ability, said Huawei's rotating CEO Guo Ping.
Source: Global Times | 2020/9/3 11:03:04

China remains the only middle-income economy in top 30 on global innovation index

China retained its 14th place on the Global Innovation Index (GII) for 2020, remaining the only middle-income economy in the top 30 of the index dominated by developed economies, despite being hit by the COVID-19 pandemic and targeted by a relentless US crackdown on its technology.
Source: Global Times | 2020/9/3 1:45:10

Freight on Yiwu-Madrid rail route surpasses that of 2019

The Yiwu-Madrid railway route has seen more freight trips than in 2019 after the route has proved itself as a logistics alternative guaranteeing trade and the industrial supply chain during the coronavirus pandemic.
Source: Global Times | 2020/9/2 22:47:33

Australian economy faces dim outlook

Australia, once a model among Western countries in fighting COVID-19 earlier this year, has recorded its first recession in 29 years amid a sudden resurgence of the pandemic. Chinese analysts said Canberra's politicization of its trade and economic ties with China, its largest trading partner, will delay the country's economic recovery.
Source: Global Times | 2020/9/2 21:43:40

Beijing hosts first major int'l trade event since COVID-19 outbreak

China is scheduled to host a major international trade event on Friday, the first since the coronavirus outbreak blitzed global trade early this year, offering a much-needed free, open and multilateral approach in response to a global economic landscape that's been fractured by protectionist responses to numerous crises.
Source: Global Times | 2020/9/2 19:45:38

Trump's cards 'limited' in trade conflict

During a campaign rally in May 2016, then US presidential candidate Donald Trump accused China of "raping" the US in trade and claimed the US "has the cards" to deal with China. After a costly tariff war and relentless crackdowns on Chinese tech firms during his first term, Trump appears to be shifting gear in his assaults on China - from trade to the South China Sea to Hong Kong to the island of Taiwan - as he seeks reelection in November.
Source: Global Times | 2020/9/2 19:10:25

BRI thoroughfare connecting Gansu, Qinghai in NW China starts asphalt paving

A 62.77-kilometer road on high altitude connecting Gansu and Qinghai provinces in Northwest China started asphalt paving on Wednesday, aiming to shorten the travel time by almost two-thirds next year, which will facilitate tourist and freight transport between the two provinces.
Source: Global Times | 2020/9/2 14:09:56

China's first free trade zone law looks to scrap market access restrictions on HK, Macao's investment in Shenzhen Qianhai FTZ

South China's Shenzhen is stretching arms out wider to Hong Kong and Macao investors by rolling out new legislation for its free trade zone (FTZ) that looks to scrap all market access restrictions on investment from the two cities, a move experts said will be highly appealing to Hong Kong and Macao investors who are increasingly interested in mainland markets as the pandemic wanes and the yuan strengthens.
Source: Global Times | 2020/9/2 13:33:40

US extends some tariff exclusions on Chinese smart watch, medical products till year-end

The US Trade Representative Office (USTR) announced that it will extend tariff exclusions on a wide range of products including smart watch and medical mask through December 31, 2020, a move observers said shows that the world's two largest economies are living up to their promise to create conditions for the implementation of the hard-won phase one trade agreement after holding a call last week.
Source: Global Times | 2020/9/2 10:38:40

US manufacturing activity expands in August for third straight month

Economic activity in the US manufacturing sector expanded in August for the third straight month, the Institute for Supply Management (ISM) reported Tuesday.
Source: Xinhua | 2020/9/2 10:27:51

Brazil's GDP shrinks with record 9.7 pct in Q2

Brazil's economy entered a technical recession after contracting 9.7 percent in the second quarter of the year compared to the first, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Tuesday.
Source: Xinhua | 2020/9/2 10:26:38

Private satellite firm building factory in China

Commsat, a Chinese commercial space start-up, announced Tuesday that it has started to build a satellite factory in China with annual production of more than 100 satellites, which will weigh around 100 kilograms each.
Source: Global Times | 2020/9/2 0:02:30

US is world's top telecom spy while bluffing with 'China threat': FM

While the US was bluffing the world with its “China threat” policy, and warning that Beijing could steal their data, Washington has been the world's top source of telecom espionage all the time, Hua Chunying, spokesperson of China's Foreign Ministry, told the Global Times at a press conference on Tuesday, urging some US politicians to stop smearing China immediately.
Source: Global Times | 2020/9/1 23:07:17

Vystrcil's visit clouds China-Czech economic ties

Czech Senate Speaker Milos Vystrcil's visit to the island of Taiwan, a blatant violation of the one-China principle, has clouded the Central European na-tion's trade and investment ties with Beijing, regional affairs observers said on Tuesday.
Source: Global Times | 2020/9/1 22:28:06

All Chinese projects in Philippines to continue as planned: Ambassador

All Chinese projects in the Philippines will continue as planned despite US sanctions, said Chinese Ambassador to the Philippines Huang Xilian on Tuesday.
Source: Global Times | 2020/9/1 21:28:40

US eyes Taiwan as semiconductor factory that poses no threat: observer

The US government said on Monday that it will launch an economic dialogue with the island of Taiwan, soon after which the Taiwan regional government reportedly expressed gratitude to the US for taking action to strengthen their economic ties.
Source: Global Times | 2020/9/1 20:14:32

Chinese factory activities record biggest rise in a decade in August

China's factory activity recorded its highest level of expansion in nearly a decade in August, a private survey showed on Tuesday, pointing to a solid recovery of the economy that's now largely insulated from the global COVID-19 pandemic and the US's technology war with China.
Source: Global Times | 2020/9/1 20:13:40

Record GDP slump 'ominous' sign for India, worst may lie ahead: experts

Indian officials and media outlets have been hyping up tensions with China both on the border and in trade and investment, but the latest official data might have revealed a deeper problem for the populous country and its Prime Minister Narendra Modi: its virus-stricken economy.
Source: Global Times | 2020/9/1 20:08:40