Day: 5 January 2023

BEIJING, Jan. 5, 2023 /PRNewswire/ — With the lingering impact of COVID-19 and negative spillover from the situation in Ukraine, the global economy, which has already shown a loss of momentum, is facing uncertainties.

Continued fiscal and monetary tightening to bring down inflation in several countries, coupled with supply chain disruptions and decreasing industrial production, further dim global economic prospects.

The Institute of International Finance based in Washington, D.C. forecasts that global economic growth will be low but net positive at around 1.2 percent in 2023 and that declines in consumer and business confidence will cause a 2.0-percent decline in average annual GDP growth in Europe.

In the face of multiple challenges, China has maintained the stability of its economy during the pandemic. It was among the world’s first countries to resume work and reopen businesses in 2020 and became the only major economy to attain positive growth that year.

“China has managed to minimize the pandemic’s impact on its supply chains and business operations,” said Professor Liu Bin at the China Institute for WTO Studies of the University of International Business and Economics in Beijing.

“Due to China’s large role in global trade, its optimized measures and recent adjustments in pandemic response could inject vitality and provide a timely boost to the global economy.”

China will end its quarantine requirements for international arrivals on January 8, according to the national health authorities. The policy is among the latest steps in reopening the country.

Searches for popular cross-border destinations skyrocketed tenfold within half an hour of the announcement of eased travel restrictions. Meanwhile, searches for flight tickets and international hotels reached a three-year peak, according to data from Chinese travel platform Ctrip.

“After refining its epidemic policies, Chinese economic growth is going to rebound in 2023,” Liu told CGTN.

Liu said the speed of the rebound is expected to be faster domestically than in the international market and that it is important for boosting confidence in the global economic recovery.

Foreign financial institutions also expressed optimism about the Chinese economy in the wake of the country’s optimization of pandemic prevention measures. J.P. Morgan Asset Management’s forecast shows that China’s GDP growth is expected to rebound to 5.4 percent in 2023. Meanwhile, according to analysts at U.S. investment bank Goldman Sachs, the overall economic outlook is positive despite a rise in infection cases.

Foreign companies remain enthusiastic about investing in China despite the COVID-19 backdrop, with foreign direct investment in the Chinese mainland rising by 17.4 percent year on year to $168.3 billion in the first 10 months of 2022, according to the Ministry of Commerce.

In a report released in September 2022 by the American Chamber of Commerce in South China, 76 percent of American companies said they will reinvest in China by the end of 2022 to expand existing operations.

“Ultimately, working together is the way of the future,” said Harley Seyedin, president of the American Chamber of Commerce in South China, adding that China will continue to prosper in a peaceful manner that will contribute to the world.

Meanwhile, German foreign direct investment in the Chinese mainland rose by 30.3 percent year on year in the first eight months of 2022, and two-way accumulated investment exceeded $55 billion, data from China’s Ministry of Commerce shows.

During German Chancellor Olaf Scholz’s visit to China in November 2022, about 100 German businessmen applied to join him, and 12 executives were permitted, including representatives from Siemens, Merck, Deutsche Bank and BioNTech.

As Germany’s biggest trade partner for the past six years, China attracted increased German corporate investment in 2022.

In September, German chemicals group BASF opened a plant in Zhanjiang on the western coast of Guangdong Province, part of its investment of up to 10 billion euros ($10.68 billion) by 2030.

The first plant will produce 60,000 tonnes of engineering plastic compounds annually for the automotive and electronics industries, according to a corporate statement.

In October, Volkswagen said it would invest about 2.4 billion euros ($2.6 billion) in a joint venture in China to increase automated driving efficiency, and BMW announced an investment of 10 billion yuan ($1.4 billion) in November to expand electric vehicle battery production in China.

China has retained its appeal to foreign investors as it continues to expand market access and streamline foreign investment processes. In 2020, the Foreign Investment Law took effect to protect the rights and interests of foreign investors.

For instance, the law requires the government to establish a service system to provide foreign-funded companies with consultation and services regarding laws, regulations and investment project information, among other items.

In the first 11 months of 2022, China’s trade in goods expanded by 8.6 percent year on year to 38.34 trillion yuan ($7.47 trillion), according to the General Administration of Customs.

“As the home to vital global supply chains, the resilience of China’s exports has improved the stability of the global supply chain,” Liu said, adding that in terms of domestic demand, the vast Chinese market will help to stabilize the global export market.

https://news.cgtn.com/news/2023-01-03/China-s-economy-to-drive-global-economic-recovery-and-growth-in-2023-1giqbeLg7Li/index.html

BEIJING, Jan. 5, 2023 /PRNewswire/ — China and the Philippines on Wednesday vowed to promote their comprehensive strategic cooperation, with cooperation documents being signed in various areas such as the Belt and Road cooperation, agriculture and fisheries, infrastructure, finance, customs, e-commerce and tourism.

The agreement was reached during talks between Chinese President Xi Jinping and Philippine President Ferdinand Romualdez Marcos Jr., who is the first foreign head of state China has received in the new year.

This is also President Marcos’ first visit to China after taking office and his first official visit to a non-ASEAN country, which fully demonstrates the high importance China and the Philippines attach to bilateral relations.

In 1974, Marcos accompanied his mother, former First Lady Imelda Marcos, on a trip to Beijing. The two countries established diplomatic relations in the following year.

Synergizing development strategies

China always gives priority to the Philippines in its neighborhood diplomacy and views its relations with the Philippines from a strategic and overall perspective, said Xi.

The two sides agreed to conduct cooperation in the four key areas of agriculture, infrastructure, energy, and cultural and people-to-people exchanges, he said, calling for further efforts in fostering development dynamics and creating new highlights in these areas.

China stands ready to work with the Philippines to properly handle maritime issues through friendly consultation and resume negotiations on oil and gas development, Xi added.

Marcos said that the Philippines is willing to tap potential with China, continue to enrich the connotation of bilateral relations and deepen cooperation in agriculture, infrastructure, energy, culture, trade, investment, science and technology, and digital economy.

China is the strongest cooperative partner of the Philippines, he said. “Nothing can stop the continuation and development of the friendship between the two countries.”

In 2021, China was the Philippines’ top trade partner, with total trade valued at $38.35 billion. It was also the country’s second-largest export market worth $11.55 billion, and a leading source of imports valued at $26.8 billion, according to China’s National Development and Reform Commission.

China is also a major source of the Philippines’ official development assistance, and the second largest source of tourists before the COVID-19 pandemic.

The China-proposed Belt and Road Initiative is in deep cooperation with the Philippines’ “Build, Build More” and “Build Better More” programs.

Strengthening regional cooperation 

China is ready to work with the Philippines and other ASEAN countries to focus on cooperation and development and uphold ASEAN centrality in regional cooperation, Xi said.

Noting that both China and the Philippines are developing countries in Asia, he said the two countries’ development is rooted in a good-neighborly and friendly surrounding and also part of a big Asian family featuring win-win cooperation.

China appreciates the Philippines’ support for the Global Development Initiative and the Global Security Initiative, and stands ready to work with the Philippines to increase mutual support and safeguard the common interests of the two countries and other developing countries, he said.

Marcos said that the Philippines adheres to the one-China policy.

“I look forward to maintaining close communication with President Xi, strengthening cooperation in all aspects, opening a new chapter in bilateral relations, and working together to better address the challenges and problems we both face,” he said.

When leaving for China on Tuesday for this three-day state visit, Marcos also stressed that he will be “opening a new chapter” in comprehensive strategic cooperation with China.

During Marcos’ visit to China, the two sides will issue a joint statement between the two countries.

https://news.cgtn.com/news/2023-01-04/Xi-holds-talks-with-Philippine-president-in-Beijing-1gk3hMeQGGI/index.html

Video – https://www.youtube.com/watch?v=hpGu-3_29aA

LAS VEGAS, Jan. 5, 2023 /PRNewswire/ — On January 4^th, David Gold, President of Hisense USA, delivered a speech at Hisense CES 2023 Press Conference, sharing Hisense’s international growth and successes in terms of its global layout, technology innovations, B2B business, smart development, and its sponsorships and partnerships.

High-Level of Scale, Efficiency and Flexibility Making Hisense Stand Out in the Industry

Hisense TV has reached a record-high performance in 2022, ranking No.2 globally regarding its TV shipments. This accomplishment incisively demonstrates Hisense’s dedication to high-quality products as well as its resilience amid challenging circumstances.

Owning a total of 66 overseas companies and offices and 31 R&D centers, Hisense is selling its products to more than 160 countries and regions. With its acquisitions of brands like Toshiba TV, gorenje and Sanden, Hisense has brought its global operations to a new level, expanding its product categories even further.

Hisense has also been expanding the B2B business as a new growing sector. In addition, in the trend of smart development, Hisense has generated the smart home strategy, utilizing its strengths in both display technology and home appliances. “Our VIDAA smart TV operating platform and ConnectLife smart home appliance platform bring together smart home appliances to create a connected ecosystem,” said David.

Ongoing Global Partnerships and Sponsorships Making Hisense a Household Name

It has been a long journey since it first declared that “Hisense’s Future is Counting on Overseas” in 2004. As one of the official sponsors of the FIFA World Cup 2022^TM, Hisense is earning an unprecedented growth in its brand awareness. In addition, its ongoing sponsorships of UEFA, Paris Saint-Germain and the United Soccer League have also made Hisense become more familiar to global consumers, which has taken Hisense’s globalization process to a new stage.

At the Hisense CES 2023 Press Conference, David Gold recalled Hisense’s tremendous growth in the global market by investing in manufacturing, research and development, strategic acquisitions, new partnerships, and high-performing products. In the upcoming years, Hisense will strive to advance even further, with a vision to stay ahead of the latest advances in fields related to consumer electronics, displays, appliances, commercial applications, and more.

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LAS VEGAS, Jan. 4, 2023 /PRNewswire/ — On January 4^th, Hisense unveiled ULED X at Hisense CES 2023 Press Conference, a milestone in LCD TV technology for Hisense. ULED X represents a significant advancement in LCD television technology that offers the best ever picture quality in every frame and a realistic viewing experience with top-notch technologies including Mini-LED X, 5000+ Local Dimming Zones, 2500 nits peak brightness and Dynamic X-Display.

ULED X Improves Viewing experience

Since the introduction of the first ULED TV ten years ago, Hisense has been continually updating its ULED technologies to enhance the LCD TV viewing experience, and finally, at Hisense CES 2023 Press Conference, Hisense has successfully unveiled ULED X. The new 110 ULED X was recognized as a CES Innovation Award Honoree this year.

According to Stephen Yao, Assistant General Manager of Hisense USA, ULED X combines an impressive lineup of TV technologies, incredible processing power, and more precise control over the picture through active intelligent backlight control, pushing the display capability to its limits. Reportedly, ULED X can achieve three times the environmental contrast of conventional OLED TV, and two times the dynamic range of OLED TV.

Furthermore, ULED X can provide a brighter picture, deeper contrast, wider viewing angle, and ultra-low reflection ratios to deliver one of the best entertainment experiences available today. For instance, with ULED X, Hisense TVs can achieve a peak brightness of 2,500 nits and a contrast ratio of 150,000:1, which is believed to redefine consumers’ perception of “contrast”. Another crucial factor in ensuring the superior performance of the ULED X is the Hi-View Engine X, which controls over 20,000 Mini LEDs and more than 5,000 local dimming zones. In addition to its outstanding cinematic picture experience, ULED X also has a 30% wider viewing angle, and the addition of an ultra-low reflection panel ensures that everyone in the room can enjoy the same crisp picture quality no matter where they sit.

“We strived to make ULED X unlike any other LCD TV experience, and are proud of our achievement,” said Stephen Yao. Looking ahead, Hisense will step up their effort to upgrade its technology in LED/LCD TVs and continue to bring more superior products which can deliver premium viewing experience to global customers.

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BEIJING, Jan. 4, 2023 /PRNewswire/ — Since China prioritized its COVID-19 response from the dynamic zero-COVID policy, some Western media and intellectuals have been questioning China’s “preparedness” of making the change.

Preparedness can only be evaluated by the results to which it leads – in the case of COVID-19, the number of lives saved. Since the outbreak, China has been preparing the Chinese to deal with the virus. The dynamic zero-COVID policy was put into place to buy time for the deadly original strain and the subsequent variants to become less deadly.

Li Guangxi, expert of the State Council’s Joint Prevention & Control Mechanism said in an interview that “once the virus come to the world, it was very severe. It will make hospital, especially for the ICU beds, occupied. It happened in every area of the world.” “And now, once the virus become much much less severe and mild, at this time, we want to ease our measures. We will certainly have some surge of the cases. However, the mortality rate and the severe type of COVID-19 will become much less than before,” Li said.

According to Wu Zunyou, the chief epidemiologist of the Chinese Center for Disease Control and Prevention, proportion of severe and critically ill cases have fallen from 16.47 percent in 2020 to 0.18 percent in recent times.

The National Health Commission’s medical administration department’s director Jiao Yahui said in a press conference in December that China’s COVID-19 makeshift hospitals will be retrofitted and equipped with more treatment capacities to become sub-designated hospitals for COVID-19 patients. China has about 138,100 critical care beds, 10 per 100,000 people. There’s a total of 80,500 critical care specialists and 220,000 intensive care nurses in China, and over 106,000 doctors and 178,000 nurses are capable of handling ICU works.

To protect the vulnerable population, including the elderly, which is a critical challenge for the country, China has launched the second COVID-19 booster shot on December 14. The inhalable vaccine was also rolled out for those who are weary or unable to get a jab in the arm.

Supplies of anti-epidemic medicine were also ramped up. Beijing’s drug administration and authorities have sent joint working groups of more than 50 people to five large pharmaceutical wholesale enterprises in Beijing to alleviate the shortage of epidemic treating and prevention drugs. Data from the China Resources Pharmaceutical Commercial Group Co., Ltd showed that the company had supplied more than 3.5 million boxes of anti-epidemic drugs to over 4,000 clients in Beijing in a week – that included 300 hospitals, more than 2,200 community health centers and over 1,500 retail pharmacies.

In Shanghai, fever clinics in 145 secondary and higher-level hospitals were asked to remain fully open. In Zhejiang Province, internet hospitals have opened up in some cities to respond to the surging demand for diagnosis and treatment in fever clinics.

Prevention and control are a process of establishing institutions and boosting medical capabilities to deal with the evolving situations. China has rapidly adapted to the current situation and making adjustments based on feedback from the public and medical community. And the policy change reflects the fact that China is ready to take on what comes next.

https://news.cgtn.com/news/2022-12-31/Is-China-prepared-for-shift-in-COVID-19-policies-Yes–1gcS2Uz1GYE/index.html

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BEIJING, Jan. 4, 2023 /PRNewswire/ — China has adjusted its response to COVID-19 prevention and control in recent weeks. It announced it will downgrade COVID-19 management from Class A to Class B infectious disease while resuming passport, visa issuance and easing border-entry policies starting on January 8, 2023. It also changed the Chinese name of the disease from “novel coronavirus pneumonia” to “novel coronavirus infection.”

China’s decision has drawn widespread criticisms from a section of the Western media outlets, and also the Western political and intellectual circles, same as the previous “dynamic zero-COVID” policy. Criticism ranges from comparing China’s latest COVID-19 surge to a “catastrophe” that could “put the global economy at risk” to scaremongering over the rise of “new coronavirus mutants.”

Chinese Foreign Ministry Spokesperson Mao Ning said that “Currently, we are adapting our COVID-19 response measures to the new developments in the epidemic, so as to better coordinate epidemic response and socioeconomic development. We believe that, with the Chinese people’s joint efforts and solidarity, we will usher in a new phase of steady and orderly economic and social development.”

China’s dynamic zero-COVID policy protected people’s lives and bought time for understanding the virus based on science, for research and development of vaccines, anti-viral drugs and therapeutics, and for vaccinating more people nationwide.

According to the latest official data, China has administered over 3.4 billion doses of COVID-19 vaccines nationwide with over 90 percent of its 1.4 billion population fully vaccinated. Over 87 percent of people over the age of 60 fully vaccinated. Meanwhile, China has rolled out the second booster shot with 13 types of COVID-19 vaccines approved for the purpose.

The figures speak for themselves. To this day, China has the lowest COVID-19 death toll among major countries in the world. In contrast, the U.S., with a quarter of China’s population, has reported over a million deaths. The past three years laid the foundation for China’s policy adjustments.

https://news.cgtn.com/news/2022-12-30/China-s-dynamic-zero-COVID-policy-sets-the-foundation-for-reopening-1gbxNZWCc5a/index.html

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BEIJING, Jan. 4, 2023 /PRNewswire/ — China’s recent announcement of changing its COVID-19 policies has drawn attention to its potentially negative economic impact.

True, China may face some challenges in its retail sales and consumer spending in the early days when the country downgraded its level of COVID-19 management. The lifting of COVID-19 related restrictions doesn’t mean an immediate rebound in economic growth. An increase of infection cases that could happen in any country – not just China – means that it takes time for people to get before they can go back to shops and restaurants.

But, latest figures have already shown the revival of China’s consumption market. Since the shift in COVID-19 policy, the attendance at some movie theaters in Beijing has returned to 75 percent of the regular level and popular diners have posted more than 80 percent of customer traffic, China’s Xinhua News Agency reported.

The optimization of COVID-19 response means Chinese residents will be more willing to travel and spend. Consumption will become a major driving force for economic growth, chief economist with China Securities Huang Wentao said in a recent interview with Xinhua. Wu Chaoming, chief economist with Chasing International Economic Institute, believes that the per capita consumption expenditure of Chinese residents would increase from 8 percent to 12 percent in the new year.

Many foreign firms are also upbeat about China’s economic outlook. “Although it (China’s downgrade of COVID-19 management) might bring some challenges in the short term, we believe we will see a meaningful recovery in the long run,” said Kenichi Tanaka, president of Fujifilm (China) Investment Co., Ltd, as Xinhua reported.

Admittedly, the arduous anti-virus battle over the past three years has caused some disruptions. But the Chinese economy has managed to consolidate its resilience. According to the General Administration of Customs, China’s foreign trade of goods expanded 8.6 percent year-on-year to 38.34 trillion yuan (5.78 trillion U.S. dollars) in the first 11 months of 2022.

Against the backdrop of the global virus-induced economic trough, China’s gross domestic product (GDP) grew at an average annual rate of 4.6 percent from the third quarter of 2019 to the third quarter of 2022, according to the Organization for Economic Cooperation and Development. This is well above the world average. The figure of the United States – the world’s largest economy – stood at 1.6 percent during the same period. Major developed countries including Germany, France, Britain, and Japan saw their GDP expanding at below 0.5 percent.

China has also kept a relatively low inflation level at 2 percent, according to the People’s bank of China. The United States, however, has seen inflation reaching 9.1 percent in June, 2022, the highest rate in more than 40 years. According to the Moody’s Analytics 2022 data, soaring inflation caused ordinary American families to fork out $445 more per month compared to a year ago. While the skyrocketing costs of food, energy, and shelter put extra pressure on millions of American households already struggling with their family budget, China is seeing a decline in food prices – a 0.8 percent drop month-on-month in November, data from the National Bureau of Statistics showed.

Fact speaks louder than words. China’s economy remains resilient and strong.

https://news.cgtn.com/news/2023-01-01/Is-China-s-economy-outlook-grim-after-COVID-19-policy-shift-No–1gezTG6B7zO/index.html

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