18/04/2020
BEIJING, April 17 (Xinhua) — China supports the action plan issued by the Group of 20 (G20) to deal with the impact of COVID-19 and will contribute to the G20 efforts to fight the pandemic through its own policy actions, the Ministry of Finance (MOF) said Friday.
G20 finance ministers and central bank governors agreed Wednesday to suspend debt service payments for the world’s poorest countries from May 1 until the end of the year.
China will implement more proactive fiscal policies with higher quality and efficiency, appropriately increase the fiscal deficit ratio, issue special government bonds, increase the scale of special bonds for local governments, and further cut taxes and fees, the MOF said.
In the process, China will strengthen macroeconomic policy coordination with G20 members and jointly support the implementation of the G20 action plan, the MOF said.
China will carry out specific work through bilateral consultations at the request of relevant poor borrowers in accordance with the G20 consensus, the MOF said.
To achieve better results of the action plan, China calls on multilateral creditors and commercial creditors to take appropriate actions as soon as possible to jointly help the poorest countries tide over their difficulties, the MOF said.
China has been providing support to the international community through other bilateral and multilateral channels, including donating 20 million U.S. dollars to the World Health Organization and earmarking 10 million U.S. dollars in its Poverty Reduction and Regional Cooperation Fund under the Asian Development Bank to support outbreak control programs in the region.
Source: Xinhua
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29/03/2020
- Chinese president is fighting ‘two tough battles’ to reboot industry and defeat Covid-19, Xinhua says
- Choice of industrial powerhouse for official visit shows the importance Xi gives to reviving the economy, observers say
Chinese President Xi Jinping chats to workers and officials at Ningbo port in east China on Sunday. Photo: Xinhua
visited the industrial powerhouse of Zhejiang province on Sunday in a move state media described as a clear message the country was ready to get the economy back on track amid the “new normal” of dealing with the coronavirus.
The trip, to Ningbo – one of the world’s busiest ports and a trade hub for eastern China – was Xi’s first outside Beijing since he visited Wuhan, the initial epicentre of the Covid-19 outbreak, earlier in the month.
As well as a visiting the port, he spoke to workers at an industrial zone for car part manufacturers, where he learned about the latest efforts to restart production, Xinhua said in a brief report.
The visit came after two months of almost total lockdown in many parts of the country that disrupted businesses, transport and people’s daily lives, and ground the economy to a near standstill.
While local transmissions of the coronavirus in China appear to be under control, Beijing has implemented strict measures to prevent imported cases, including slashing international flights and banning most foreigners from entering the country.
In a separate report, Xinhua said Xi’s visit sent “a clear message” that China was resuming its industrial production and social activities, and described the fight against the coronavirus as the “new normal”.
Reviving the economy and battling a deadly disease were Xi’s “two tough battles”, it said.
Xi’s choice of destination was a clear message that restarting the economy is a top priority. Photo: Xinhua
Zhejiang is something of a power base for Xi, who spent nearly five years there during his climb through the ranks of the Communist Party.
One of the country’s biggest trading hubs, the province generated 3 trillion yuan (US$423.2 billion) in foreign trade last year, or more than 13 per cent of the national total, according to official figures.
“It’s a highly export-oriented economy … which has made it crucial not only to China’s development plan but also to safeguarding the stability of the global supply chain,” Xinhua said.
Observers said Xi’s visit was evidence of Beijing’s determination to get the economy back up and running as soon as possible.
Zhao Xijun, an economics professor at Renmin University, said Ningbo was a key part of the export economy and a base for many local and foreign entrepreneurs.
“It is a clear signal that China, after getting domestic infections under control, is now prioritising economic growth,” he said.
“It also shows the country will keep developing its economy and opening up its markets.”
But hopes of a quick recovery for the Chinese economy have been dashed by the spread of the coronavirus across Europe and the United States, causing a sharp decline in demand for Chinese goods.
Xi spent five years in Zhejiang while climbing the ranks of the Communist Party. Photo: Xinhua
In a meeting on Friday, the Communist Party’s Politburo said it would step up macroeconomic policy adjustments and pursue a more proactive fiscal policy while optimising measures to control the coronavirus to speed up the restoration of production, doing whatever it could to “minimise the losses caused by the epidemic”.
“China has successfully reopened much of its economy from the extremes of the coronavirus lockdown, but now faces a new problem: an impending collapse in demand for its exports as its customers go into lockdowns of their own,” Gavekal Dragnomics said in a research report.
“That shock to industry and manufacturing employment means that China will not enjoy the hoped-for V-shaped recovery in growth.”
Source: SCMP
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