30/04/2020
– The last nine poverty-stricken county-level regions in east China’s Anhui Province have been removed from the country’s list of impoverished counties.
– This marks that all county-level regions in the Yangtze River Delta, consisting of Shanghai and the provinces of Jiangsu, Zhejiang and Anhui, have been officially lifted out of poverty for the first time in history.
HEFEI, April 29 (Xinhua) — Sitting in front of his smartphone, Zhang Chuanfeng touts dried sweet potatoes to viewers on China’s popular video-sharing app Douyin, also known as TikTok.
“These are made from sweet potatoes I grew myself. They are sweet and have an excellent texture,” said Zhang while livestreaming in Tangjiahui Township of Jinzhai County in east China’s Anhui Province. Tucked away in the boundless Dabie Mountains, the township used to have the biggest poor population in the county.
Aerial photo taken on April 16, 2020 shows residential buildings in Dawan Village of Jinzhai County, east China’s Anhui Province. (Xinhua/Liu Junxi)
Jinzhai County is among the last nine county-level regions in Anhui that have been removed from the country’s list of impoverished counties, according to an announcement issued by the provincial government Wednesday. They are also the last group of county-level regions that bid farewell to poverty in the Yangtze River Delta.
E-COMMERCE
Zhang might seem like a typical e-commerce businessman reaping success in China’s booming livestreaming industry. But his road to success has been a lot bumpier: he suffers from dwarfism.
A little more than 1.4 meters tall, Zhang has a babyface, making him “look like a junior school student,” he said. But the man, 38, is the father of a nine-year-old boy.
For Zhang, life was tough before 2014. “Nobody wanted me because of my ‘disabilities’ when I went out to look for jobs,” he said. “I was turned down again and again.”
Zhang was put on the government’s poverty list in 2014 as China implemented targeted poverty-relief measures. With the help of local officials, he got a bank loan of 10,000 yuan (about 1,400 U.S. dollars) and bought 22 lambs. He tended the animals whole-heartedly and seized every opportunity to learn how to raise them more professionally.
Zhang Chuanfeng feeds his lambs in Zhufan Village of Jinzhai County, east China’s Anhui Province, April 26, 2017. (Xinhua/Zhang Duan)
Within a year, the number of his lambs expanded to hundreds. In 2016, Zhang’s earnings exceeded 100,000 yuan, more than enough for him to cast off poverty.
Riding on this success, Zhang began to seek new opportunities. He rented a shop and started selling products online to embrace an e-commerce strategy the local government introduced in 2017.
More than 100 online shops, including Zhang’s, in the county have helped more than 7,000 poverty-stricken households sell about 73 million yuan worth of local specialties since 2018. Zhang alone earned 500,000 yuan from a sales revenue of 5 million yuan last year.
A villager arranges local specialties for sale at Dawan Village of Jinzhai County, east China’s Anhui Province, April 17, 2020. (Xinhua/Liu Junxi)
WICKERWORK SUCCESS
About 100 km north of Jinzhai lies Funan, a place that used to be vulnerable to constant floods.
Zhang Chaoling, who lives by the Huaihe River in Funan County, had to flee her hometown at a young age due to floods, but has flourished on a willow plantation along the river later.
“The land is largely covered by silt following continual flooding in the past. It is an ideal place to plant willows and make wickerwork,” Zhang said.
Zhang left her hometown for Guangzhou in 1993 and found a job in a garment factory. A few years later, she founded a trading company with her husband in Guangzhou, selling wickerwork products from her hometown to other countries.
Zhang returned to her hometown and set up a wickerwork production base in 2011. Funan is famous for its delicate wickerwork. Skilled craftsmen traditionally use local willow as a raw material to weave products such as baskets, furniture and home decorations.
A villager arranges wickerwork products in Funan County, east China’s Anhui Province, April 15, 2020. (Photo by Zhou Mu/Xinhua)
“The flood is well controlled now. I remember the last huge flood came in 2007,” Zhang said.
Taking advantage of the fertile land along the Huaihe River, she plants over 130 hectares of willow trees and employs hundreds of locals mostly in their 50s and 60s.
“I can process 100 to 150 kg of willow twigs per day, from which I make around 80 yuan,” said Geng Shifen, who peels willow twigs with a clamp next to the plantation.
A total of 130,000 people are engaged in the wickerwork industry in Funan, creating an output of nearly 9 billion yuan in 2019, and helping 15,000 locals shake off poverty, local statistics showed.
POVERTY REDUCTION FEAT
The Anhui provincial government Wednesday announced that its last nine county-level regions including Jinzhai and Funan are removed from the country’s list of impoverished counties.
This marks that all 31 impoverished county-level regions in Anhui have shaken off poverty, echoing China’s efforts to eradicate absolute poverty by the end of 2020.
With the announcement, all county-level regions in the Yangtze River Delta have been officially lifted out of poverty for the first time in history.
A bus runs on a rural road in Jinzhai County, east China’s Anhui Province, April 17, 2020. (Xinhua/Liu Junxi)
Covering a 358,000-square-km expanse, the Yangtze River Delta, consisting of Shanghai and the provinces of Jiangsu, Zhejiang and Anhui, is one of the most populated and economically dynamic areas in China, contributing one-fourth of the country’s GDP.
Anhui had a population of 63.65 million as of 2019, official data showed. The poor population in the province had decreased from 4.84 million in 2014 to 87,000 in 2019, and the poverty headcount ratio had been reduced from 9.1 percent to 0.16 percent during the period, according to the provincial poverty relief office.
A county can be removed from the list if its impoverished population drops to less than 2 percent, according to a national mechanism established in April 2016 to eliminate poverty in affected regions. The ratio can be loosened to 3 percent in the western region.
By the end of 2019, 5.51 million people in China were still living in poverty.
“We will continue our work to prevent people from returning to poverty, and help the remaining poor population shake off poverty by all means,” said Jiang Hong, director of the Anhui provincial poverty relief office.
Source: Xinhua
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28/04/2020
BEIJING (Reuters) – China’s factory activity likely rose for a second straight month in April as more businesses re-opened from strict lockdowns implemented to contain the coronavirus outbreak, which has now paralysed the global economy.
The official manufacturing Purchasing Manager’s Index (PMI), due for release on Thursday, is forecast to fall to 51 in April, from 52 in March, according to the median forecast of 32 economists polled by Reuters. A reading above the 50-point mark indicates an expansion in activity.
While the forecast PMI would show a slight moderation in China’s factory activity growth, it would be a stark contrast to recent PMIs in other economies, which plummeted to previously unimaginable lows.
That global slump, caused by heavy government-ordered lockdowns, as well as the cautious resumption of business in China, suggests any recovery in the world’s second-largest economy is likely to be some way off.
“The recovery so far has been led by a bounce-back in production, however, the growth bottleneck has decisively shifted to the demand side, as global growth has weakened and consumption recovery has lagged amid continued social distancing,” Morgan Stanley said in a note.
“The expected slump in external demand has likely capped further recovery in industrial production.”
The latest official data showed 84% of mid-sized and small business had reopened as of April 15, compared with 71.7% on March 24.
Hobbled by the coronavirus, China’s economy shrank 6.8% in the first quarter from a year earlier, the first contraction since current quarterly records began.
That has left Chinese manufacturers with reduced export orders and a logistics logjam, as many exporters grapple with rising inventory, high costs and falling profits. Some have let workers go as part of the cost-cutting efforts.
A China-based brokerage Zhongtai Securities estimated that the country’s real unemployment rate, measured using international standards, could exceed 20%, equal to more than 70 million job losses and much higher than March’s official reading of 5.9%.
Sheng Laiyun, deputy head at the statistics bureau, said on Sunday migrant workers and college graduates are facing increasing pressures to secure jobs, while official jobless surveys show nearly 20% of employed workers not working in March.
Chinese authorities have rolled out more support to revive the economy. The People’s Bank of China earlier in April cut the amount of cash banks must hold as reserves and reduced the interest rate on lenders’ excess reserves.
Source: Reuters
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27/04/2020
SEOUL (Reuters) – South Korean officials are calling for caution amid reports that North Korean leader Kim Jong Un may be ill or is being isolated because of coronavirus concerns, emphasising that they have detected no unusual movements in North Korea.
At a closed door forum on Sunday, South Korea’s Unification Minister Kim Yeon-chul, who oversees engagement with the North, said the government has the intelligence capabilities to say with confidence that there was no indications of anything unusual.
Rumours and speculation over the North Korean leader’s health began after he made no public appearance at a key state holiday on April 15, and has since remained out of sight.
South Korea media last week reported that Kim may have undergone cardiovascular surgery or was in isolation to avoid exposure to the new coronavirus.
Unification minister Kim cast doubt on the report of surgery, arguing that the hospital mentioned did not have the capabilities for such an operation.
Still, Yoon Sang-hyun, chairman of the foreign and unification committee in South Korea’s National Assembly, told a gathering of experts on Monday that Kim Jong Un’s absence from the public eye suggests “he has not been working as normally”.
“There has not been any report showing he’s making policy decisions as usual since April 11, which leads us to assume that he is either sick or being isolated because of coronavirus concerns,” Yoon said.
North Korea has said it has no confirmed cases of the new coronavirus, but some international experts have cast doubts on that claim.
On Monday, North Korean state media once again showed no new photos of Kim nor reported on his whereabouts.
However, they did carry reports that he had sent a message of gratitude to workers building a tourist resort in Wonsan, an area where some South Korean media reports have said Kim may be staying.
“Our government position is firm,” Moon Chung-in, the top foreign policy adviser to South Korean President Moon Jae-in, said in comments to news outlets in the United States.
“Kim Jong Un is alive and well. He has been staying in the Wonsan area since April 13. No suspicious movements have so far been detected.”
Satellite images from last week showed a special train possibly belonging to Kim at Wonsan, lending weight to those reports, according to 38 North, a Washington-based North Korea monitoring project.
Though the group said it was probably the North Korean leader’s personal train, Reuters has not been able to confirm that independently, or whether he was in Wonsan.
A spokeswoman for the Unification Ministry said on Monday she had nothing to confirm when asked about reports that Kim was in Wonsan.
Last week China dispatched a team to North Korea including medical experts to advise on Kim Jong Un, according to three people familiar with the situation.
Reuters was unable to immediately determine what the trip by the Chinese team signalled in terms of Kim’s health.
On Friday a South Korean source told Reuters their intelligence was that Kim Jong Un was alive and would likely make an appearance soon.
Experts have cautioned that Kim has disappeared from state media coverage before, and that gathering accurate information in North Korea is notoriously difficult.
North Korea’s state media last reported on Kim’s whereabouts when he presided over a meeting on April 11.
Kim, believed to be 36, vanished from state media for more than a month in 2014 and North Korean state TV later showed him walking with a limp.
Source: Reuters
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23/04/2020
BENGALURU (Reuters) – The Indian economy is likely to suffer its worst quarter since the mid-1990s, hit by the ongoing lockdown imposed to stem the spread of coronavirus, according to a Reuters poll, which predicted a mild and gradual recovery.
Over 2.6 million people tmsnrt.rs/3aIRuz7 have been infected by the coronavirus worldwide and more than 180,000 have died. Business and household lockdowns have disrupted supply chains globally, bringing growth to a halt.
The April 17-22 Reuters poll predicted the economy expanded at an annual pace of 3.0% last quarter but will shrink 5.2% in the three months ending in June, far weaker than expectations in a poll published last month for 4.0% and 2.0% growth, respectively.
The predicted contraction would be the first – under any gross domestic product calculation, which has changed a few times – since the mid-1990s, when official reporting for quarterly data began.
“The extended lockdown until early May adds further downside risk to our view of a 5% year-on-year GDP fall in the current quarter, the worst in the last few decades,” said Prakash Sakpal, Asia economist at ING.
“We don’t consider economic stimulus as strong enough to position the economy for a speedy recovery once the pandemic ends,” he said.
(Graphic: Reuters poll graphic on coronavirus impact on the Indian economy IMAGE link: here)
The Indian government announced a spending package of 1.7 trillion rupees in March to cushion the economy from the initial lockdown, which has been extended until May 3.
In an emergency meeting last week, the Reserve Bank of India cut its deposit rate again, after reducing it on March 27 and lowering the main policy rate by 75 basis points. It also announced another round of targeted long-term repo operations to ease liquidity.
But even with those measures, 40% of economists, or 13 of 32 – who provided quarterly figures – predicted an outright recession this year. Only one had expected a recession last month.
In the worst case, a smaller sample of respondents predicted, the economy would contract 9.3% in the current quarter. That compares with 0.5% growth in the previous poll’s worst-case forecast in late March, underscoring how rapidly the outlook has deteriorated.
The latest poll’s consensus view still shows the economy recovering again slowly in the July-September quarter, growing 0.8%, then 4.2% in October-December and 6.0% in the final quarter of the fiscal year, in early 2021.
But that compares with considerably more optimistic near-term forecasts of 3.3%, 5.0% and 5.6%, respectively, in the previous poll.
“A rebound in economic activity following the disruption is expected, but the low starting point of growth implies a gradual recovery,” said Upasana Chachra, chief India economist at Morgan Stanley.
“Indeed, before disruptions related to COVID-19, growth was slowing, with domestic issues of risk aversion in financial sector … (and) those concerns will likely stay after the COVID-19 disruptions have passed unless the policy response is much larger than expected,” she said.
The unemployment rate has tripled to 23.8% since the lockdown started on March 25, according to the Centre for Monitoring Indian Economy, a Mumbai-based research firm.
The Indian economy was now forecast to expand 1.5% in the fiscal year ending on March 31, 2021 – the weakest since 1991 and significantly lower than 3.6% predicted in late March. It probably grew 4.6% in the fiscal year that just ended.
Under a worst-case scenario, the median showed the economy shrinking 1.0% this fiscal year. That would be the first officially reported economic contraction for a 12-month period since GDP was reported to have contracted for calendar year 1979.
“Unless fiscal policy is also loosened aggressively alongside monetary policy, there is a big risk the drastic economic slowdown currently underway morphs into an annual contraction in output and that the recovery is hampered,” said Shilan Shah, senior India economist at Capital Economics.
All 37 economists who answered a separate question unanimously said the RBI would follow up with more easing, including lowering the repo and reverse repo rates and expanding the new long-term loans programme.
The RBI was expected to cut its repo rate by another 40 basis points to 4.00% by the end of this quarter. Already lowered twice over the past month by a cumulative 115 basis points, the reverse repo rate was forecast to be trimmed by another 25 points by end-June to 3.50%.
Source: Reuters
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CHINDIA ALERT: You'll be living in their world, very soon 
South Korean officials call for caution amid reports that North Korean leader Kim is ill
SEOUL (Reuters) – South Korean officials are calling for caution amid reports that North Korean leader Kim Jong Un may be ill or is being isolated because of coronavirus concerns, emphasising that they have detected no unusual movements in North Korea.
At a closed door forum on Sunday, South Korea’s Unification Minister Kim Yeon-chul, who oversees engagement with the North, said the government has the intelligence capabilities to say with confidence that there was no indications of anything unusual.
Rumours and speculation over the North Korean leader’s health began after he made no public appearance at a key state holiday on April 15, and has since remained out of sight.
South Korea media last week reported that Kim may have undergone cardiovascular surgery or was in isolation to avoid exposure to the new coronavirus.
Unification minister Kim cast doubt on the report of surgery, arguing that the hospital mentioned did not have the capabilities for such an operation.
Still, Yoon Sang-hyun, chairman of the foreign and unification committee in South Korea’s National Assembly, told a gathering of experts on Monday that Kim Jong Un’s absence from the public eye suggests “he has not been working as normally”.
“There has not been any report showing he’s making policy decisions as usual since April 11, which leads us to assume that he is either sick or being isolated because of coronavirus concerns,” Yoon said.
North Korea has said it has no confirmed cases of the new coronavirus, but some international experts have cast doubts on that claim.
On Monday, North Korean state media once again showed no new photos of Kim nor reported on his whereabouts.
However, they did carry reports that he had sent a message of gratitude to workers building a tourist resort in Wonsan, an area where some South Korean media reports have said Kim may be staying.
“Our government position is firm,” Moon Chung-in, the top foreign policy adviser to South Korean President Moon Jae-in, said in comments to news outlets in the United States.
“Kim Jong Un is alive and well. He has been staying in the Wonsan area since April 13. No suspicious movements have so far been detected.”
Satellite images from last week showed a special train possibly belonging to Kim at Wonsan, lending weight to those reports, according to 38 North, a Washington-based North Korea monitoring project.
Though the group said it was probably the North Korean leader’s personal train, Reuters has not been able to confirm that independently, or whether he was in Wonsan.
A spokeswoman for the Unification Ministry said on Monday she had nothing to confirm when asked about reports that Kim was in Wonsan.
Last week China dispatched a team to North Korea including medical experts to advise on Kim Jong Un, according to three people familiar with the situation.
Reuters was unable to immediately determine what the trip by the Chinese team signalled in terms of Kim’s health.
On Friday a South Korean source told Reuters their intelligence was that Kim Jong Un was alive and would likely make an appearance soon.
Experts have cautioned that Kim has disappeared from state media coverage before, and that gathering accurate information in North Korea is notoriously difficult.
North Korea’s state media last reported on Kim’s whereabouts when he presided over a meeting on April 11.
Kim, believed to be 36, vanished from state media for more than a month in 2014 and North Korean state TV later showed him walking with a limp.
Source: Reuters
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