03/05/2020
SHANGHAI, May 2 (Xinhua) — Shanghai’s 130 main tourist attractions have received over 1 million visitors in the first two days of the five-day May Day holiday.
The scenic sites received 456,000 visitors on Friday and 633,000 more on Saturday, marking a growing travel and leisure demand, according to the Shanghai Municipal Administration of Culture and Tourism.
The city requires reservations for tours of all tourist attractions to prevent crowding while tourist sites should not exceed 30 percent of their daily or real-time visitor capacity.
Tourists are also required to wear face masks, show their health QR codes and have their body temperatures taken for their safety.
“I feel safe and confident with the new reservation measures,” said Li Zhi, who has booked tours to the Zhujiajiao ancient town and Shanghai Oriental Land.
Under the reservation system, tourist sites are also better prepared to prevent crowding and provide better tour experiences to customers, according to Huang Ying with Shanghai Oriental Land.
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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20/04/2020
BEIJING, April 19 (Xinhua) — China’s National Equities Exchange and Quotations, also known as the “new third board,” saw transactions exceed 26.4 billion yuan (3.67 billion U.S. dollars) so far this year.
From April 13 to 17, turnover on the board reached 1.8 billion yuan. As of Friday, the board had 8,718 listed firms.
Saidian, operator of Bestdo.com, a Chinese online sport service provider, recorded the highest weekly transaction on the board, raising 127 million yuan.
The exchange was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges to serve small- and medium-sized enterprises.
It is seen as an easier financing channel for small businesses, with low costs and simple listing procedures.
Source: Xinhua
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