Archive for ‘benchmark’

13/05/2020

Xinhua Headlines-Xi Focus: Xi stresses achieving moderately prosperous society in all respects

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, learns about poverty alleviation efforts at an organic daylily farm in Yunzhou District of Datong City, north China’s Shanxi Province, May 11, 2020. (Xinhua/Li Xueren)

— Xi stressed addressing the difficulties faced by enterprises in resuming production and operation.

— Xi underscored lifting the remaining poor population out of poverty.

— Xi required implementing pro-employment policies.

TAIYUAN, May 12 (Xinhua) — Chinese President Xi Jinping has stressed efforts to complete building a moderately prosperous society in all respects, and ride on the momentum to write a new chapter in socialism with Chinese characteristics for a new era.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks during an inspection tour in north China’s Shanxi Province.

Xi called for efforts to overcome the adverse impacts of the COVID-19 epidemic and make greater strides in high-quality transformation and development to ensure that the target of poverty eradication is reached and the building of a moderately prosperous society in all respects is completed.

During the tour from Monday to Tuesday, Xi inspected work on coordinating the regular epidemic response with economic and social development, and on consolidating the poverty eradication results.

While visiting an organic daylily farm in Yunzhou, Datong City, on Monday, Xi said what he cares about the most after poverty eradication is how to consolidate the achievements, prevent people from falling back into poverty, and make sure rural people’s incomes rise steadily.

He said an important benchmark to evaluate an official’s job performance is to see the amount of good and concrete services he or she has delivered to the people.

When visiting a community of relocated villagers, Xi said relocation is not only about better living conditions but also about chances to get rich. He called for follow-up support to residents with tailor-made rural business projects to ensure sustainable development.

Highlighting that whether the people can benefit shall be a top concern, Xi demanded more supporting policies be put in place in terms of industrial development, financing, agricultural insurance, among others.

Xi applauded the strenuous efforts made by primary-level officials on helping people fight poverty.

At the home of villager Bai Gaoshan, Xi chatted with Bai’s family as they sat on a “kang” — a bed-stove made out of clay or bricks in north China.

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, learns about poverty alleviation efforts in a village of Xiping Township in Datong City, north China’s Shanxi Province, May 11, 2020. (Xinhua/Xie Huanchi)

Xi said the CPC wholeheartedly seeks happiness for the Chinese people, having stopped collecting agricultural taxes and fees, helping the impoverished rural residents with housing and medical service, training them with skills, and finding ways for them to live a prosperous life.

“I believe our villagers will enjoy better days ahead,” Xi said.

On top of that, he called for consolidating achievements in poverty alleviation, and then focusing on rural vitalization to ensure a better life for rural residents.

He then went on to visit the 1,500-year Yungang Grottoes, a “treasure house” of artifacts featuring elements blending Chinese and foreign cultures, as well as cultures of China’s ethnic minorities and the Central Plains.

Xi stressed that historical and cultural heritages are irreplaceable precious resources, and protecting them should always be put in the first place in tourism development.

Noting that tourism should not be over-commercialized, Xi said tourism should become a way for the Chinese to understand and appreciate the culture of the nation and enhance their cultural confidence.

The historical implications of communication and integration behind the Yungang Grottoes should be further explored to enhance the sense of community for the Chinese nation, said Xi.

During a research tour in a stainless steel manufacturer in the provincial capital Taiyuan on Tuesday morning, Xi said products and technology are the lifeline of businesses, calling for more efforts in technological innovation to make a greater contribution to the development of advanced manufacturing.

He also called on businesses to strictly implement epidemic prevention and control measures to ensure the safety and health of their workers, while promoting the resumption of work and production to make up for the time lost.

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, waves to workers during a research tour in a stainless steel manufacturer in Taiyuan, capital city of north China’s Shanxi Province, May 12, 2020. (Xinhua/Li Xueren)

Later on, Xi went to check the ecological protection work of the Fenhe River in the city, and urged the incorporation of environment protection, energy revolution, green development, and economic transformation.

After hearing the work reports of the CPC Shanxi Provincial Committee and the provincial government on Tuesday afternoon, Xi stressed that no relaxation is allowed in epidemic prevention and control, noting that efforts should be made to guard against both imported infections and domestic rebounds, improve regular prevention and control mechanism, and prevent new outbreaks.

Xi called for efforts on more promptly and effectively addressing the difficulties faced by enterprises in resuming production and operation, on solid implementation of all the policies and measures for expanding domestic demand, and on strengthening the competitiveness and quality of the real economy, especially the manufacturing industry.

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, speaks with workers during a research tour in a stainless steel manufacturer in Taiyuan, capital city of north China’s Shanxi Province, May 12, 2020. (Xinhua/Xie Huanchi)

Continuous efforts should be made to promote the adjustment and optimization of China’s industrial structure, and scientific and technological innovations should be greatly enhanced to continue achieving breakthroughs in new infrastructures, technologies, materials, equipment as well as new products and business models, Xi said.

He stressed overcoming the difficulties and obstacles facing reforms in key areas, including state-owned enterprises and assets, the fiscal, tax, and financial system, business environment, the private sector, domestic demand expansion, and urban-rural integration.

Xi also highlighted efforts to improve the country’s system and mechanism for opening-up.

China will uphold the concept that lucid waters and lush mountains are invaluable assets, and steadily implement the national strategy for ecological protection and high-quality development of the Yellow River basin, he said.

More should be done to accelerate institutional innovation and strengthen the implementation of institutions to help form a green way of production and living, he said.

Efforts should be made to solidify the foundation for the development of agriculture and rural areas, beef up policy support for grain production and lift the remaining poor population out of poverty, Xi said.

Authorities should adhere to the people-centered development philosophy and ensure the bottom line of people’s livelihood, Xi said. He added that efforts should be made to implement pro-employment policies and facilitate the employment of key groups such as college graduates, veterans, rural migrant workers and urban people facing difficulties.

Efforts should be expedited to improve the weak areas in the public health system exposed by the epidemic and shift the focus of social governance to the primary levels, Xi said.

The rich and colorful local history and culture as well as revolutionary cultural resources should be fully drawn on and used to promote cultural advancement, Xi said.

He stressed consistent efforts to promote core socialist values to guide Party cadres as well as the public to enhance morality, cultivate good ethics and strengthen cultural confidence.

Xi also called for efforts to improve the Party’s political ecosystem, strictly observe the Party’s political discipline and rules and fight against corruption and undesirable conduct.

Source: Xinhua

17/04/2020

China’s virus-hit economy shrinks for first time in decades

Train passengers arrive from WuhanImage copyright EPA

China’s economy shrank for the first time in decades in the first quarter of the year, as the virus forced factories and businesses to close.

The world’s second biggest economy contracted 6.8% according to official data released on Friday.

The financial toll the coronavirus is having on the Chinese economy will be a huge concern to other countries.

China is an economic powerhouse as a major consumer and producer of goods and services.

This is the first time China has seen its economy shrink in the first three months of the year since it started recording quarterly figures in 1992.

“The GDP contraction in January-March will translate into permanent income losses, reflected in bankruptcies across small companies and job losses,” said Yue Su at the Economist Intelligence Unit.

Last year, China saw healthy economic growth of 6.4% in the first quarter, a period when it was locked in a trade war with the US.

In the last two decades, China has seen average economic growth of around 9% a year, although experts have regularly questioned the accuracy of its economic data.

Its economy had ground to a halt during the first three months of the year as it introduced large-scale shutdowns and quarantines to prevent the virus spread in late January.

As a result, economists had expected bleak figures, but the official data comes in slightly worse than expected.

Among other key figures released in Friday’s report:

  • Factory output was down 1.1% for March as China slowly starts manufacturing again.
  • Retail sales plummeted 15.8% last month as many of shoppers stayed at home.
  • Unemployment hit 5.9% in March, slightly better than February’s all-time high of 6.2%.
Presentational grey line

Analysis: A 6% expansion wiped out

Robin Brant, BBC News, Shanghai

The huge decline shows the profound impact that the virus outbreak, and the government’s draconian reaction to it, had on the world’s second largest economy. It wipes out the 6% expansion in China’s economy recorded in the last set of figures at the end of last year.

Beijing has signalled a significant economic stimulus is on the way as it tries to stabilise its economy and recover. Earlier this week the official mouthpiece of the ruling Communist Party, the People’s Daily, reported it would “expand domestic demand”.

But the slowdown in the rest of the global economy presents a significant problem as exports still play a major role in China’s economy. If it comes this will not be a quick recovery.

On Thursday the International Monetary Fund forecast China’s economy would avoid a recession but grow by just 1.2% this year. Job figures released recently showed the official government unemployment figure had risen sharply, with the number working in companies linked to export trade falling the most.

Presentational grey line

China has unveiled a range of financial support measures to cushion the impact of the slowdown, but not on the same scale as other major economies.

“We don’t expect large stimulus, given that that remains unpopular in Beijing. Instead, we think policymakers will accept low growth this year, given the prospects for a better 2021,” said Louis Kuijs, an analyst with Oxford Economics.

Since March, China has slowly started letting factories resume production and letting businesses reopen, but this is a gradual process to return to pre-lockdown levels.

Media caption Why does China’s economy matter to you?

China relies heavily on its factories and manufacturing plants for economic growth, and has been dubbed “the world’s factory”.

Stock markets in the region showed mixed reaction to the Chinese economic data, with China’s benchmark Shanghai Composite index up 0.9%.

Japan’s Nikkei 225 jumped 2.5% on Friday, although this was largely due to gains on Wall Street after US President Donald Trump unveiled plans to ease lockdowns.

Source: The BBC

09/04/2020

China’s Shanghai energy exchange adds to Sinopec oil warehouse storage capacity

SHANGHAI (Reuters) – China’s Shanghai International Energy Exchange (INE) said in a statement on Thursday it increased the storage capacity at two of energy giant Sinopec’s (600028.SS) crude oil futures delivery warehouses.

The delivery warehouses, one at the Yangpu Economic Development Zone storage in the southern province of Hainan and the other at Rizhao city in the eastern province of Shandong, would see additional storage capacity of 200,000 cubic metres each, according to the INE, which is owned by the Shanghai Futures Exchange.

This would bring the exchange’s total warehouse capacity for crude oil futures to 4.7 million cubic metres.

Reuters reported last week that oil traders seeking to take advantage of a price anomaly by delivering crude into Shanghai crude futures contracts are unable to do so as storage designated by the exchange is full.

Shanghai crude oil futures ISCcv1 have pulled ahead of ICE Brent LCOc1, making it attractive for traders to deliver Middle East crude into China.

Some companies are holding onto their warehouse receipts as INE’s storage costs are relatively low, making profits by delivering oil into the facilities, sources said, with one adding that most of the space had been booked and held by investors who treat warehouse receipts as a financial tool.

The INE last week gave its approval for Dalian PetroChina International Storage and Transportation Co, Ltd to increase its delivery warehouse storage capacity by 750,000 cubic metres to 1.15 million cubic metres in Dalian city, in the northern province of Liaoning.

China launched its internationalised yuan-denominated crude oil futures contract in March 2018 with the aim of establishing an Asian oil price benchmark.

Source: Reuters

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