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https://global.chinadaily.com.cn/a/202311/27/WS65648493a31090682a5f0473.html

My Summary:

This article discusses Argentina's potential decision to join BRICS, a group of five large emerging economies (Brazil, Russia, India, China, and South Africa).

Argentina's new president, Javier Milei, is considering this move, which experts believe could be beneficial for the country.

Argentina is currently facing serious economic problems, including high inflation, low foreign reserves, and a high poverty rate.

Joining BRICS could help Argentina by providing access to new markets, increasing investments, creating jobs, and boosting imports.

BRICS countries represent a significant portion of the world's population and economy, and their cooperation could offer Argentina support in managing its debts.

Classroom Discussion Question: Why do you think joining an international group like BRICS could be important for a country like Argentina, which is facing economic difficulties?

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chinadaily.com.cn | Updated: 2023-11-27 19:59

A woman walks past a banner advertising the 2023 BRICS Summit at the Sandton Convention Center on Aug 20, 2023, in Johannesburg, South Africa. [Photo/VCG]

Argentinian president-elect Javier Milei's team in charge of international relations is reportedly weighing up whether Argentina should proceed with joining BRICS or not. This, according to experts the team has consulted, represents "an opportunity rather than a risk" for the country.

While a final official decision has yet to be made, whichever side the coin lands on will have a significant impact on Argentina's economic future. That the right-wing libertarian president-elect is mulling the merits of joining may be indicative of a softening of his hard-line campaign stance. That stance included a number of provocative claims in addition to the suggestion that the South American country would not be one of the new members joining the BRICS grouping of the world's five largest emerging markets.

Having secured victory in the election, that he is apparently willing to adopt a more pragmatic change in attitude comes as no surprise. Given that Milei is no longer in the opposition, he is now tasked with the seemingly impossible mission of navigating Argentina out of unprecedented economic woes marked by a triple-digit inflation, depleted foreign reserves and a poverty rate of more than 40 percent. Against this backdrop, good relations with the major emerging markets of BRICS are just too important for Argentina. It would be akin to cutting off one's nose to spite one's face to distance Argentina from other emerging economy markets.

As outgoing president Alberto Fernandez said, joining BRICS would help Argentina "open up possibilities of joining new markets, of consolidating existing markets, of raising investment coming in, of creating jobs and raising imports", all of which Argentina desperately needs.

Membership of the enlarged BRICS would definitely align the country with the economic dynamics of the BRICS member states, which combined already account for 42 percent of the world's population and more than one-fourth of the global GDP. The new BRICS with the addition of six countries would represent 46 percent of the world population and around 37 percent of global GDP when measured at purchasing power parity.

The BRICS grouping has become an important platform for emerging markets and developing countries to strengthen solidarity and cooperation. The New Development Bank the group established in 2014, as well as the BRICS nations' trillions of dollars in reserves, would be able to provide enough liquidity to help Argentina refinance its mounting debts.

Indeed, Argentina would have nothing to lose, but everything to gain, from its joining of BRICS. Not to do so would prove to be extremely costly for the country.

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Argentina would benefit from joining BRICS: China Daily editorial

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chinadaily.com.cn | Updated: 2023-11-27 19:59 Argentinian president-elect Javier Milei's team in charge of international relations is reportedly weighing up whether Argentina should proceed with joining BRICS or not. This, according to experts the team has consulted, represents "an opportunity rather than a risk" for the country.

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China is going to support more and made policy on private sectors those focus on financial services.

They expect better conditions and connections between government and financial institutions.

For now, there are eight institutions involved, which includes include the People's Bank of China, the country's central bank, the National Financial Regulatory Administration, the National Development and Reform Commission and the Ministry of Finance.

One of their goal is to give private enterprises ability to contain risk and their quality collateral for financing.

Question: why Chinese government want to support private financial sector?

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Employees work on the production line of a private textile company in Fuzhou, Jiangxi province. ZHU HAIPENG/FOR CHINA DAILY

New circular seen persuading banks to extend equal treatment to firms

China is expected to further strengthen policy support for the private sector with focus on improving financial services, to sustain economic recovery momentum and stabilize employment, macroeconomic experts said on Monday.

They said they expect better coordination between government departments and financial institutions, which can overcome financing bottlenecks and bolster private enterprises, most of which are mid-sized or smaller.

Their comments came on the heels of a circular jointly released by eight central government departments on Monday, stressing improvement in financial services and noting that financial institutions should accord equal treatment to enterprises.

The departments include the People's Bank of China, the country's central bank, the National Financial Regulatory Administration, the National Development and Reform Commission and the Ministry of Finance.

The circular called on financial institutions to effectively smooth and expand financing channels, including loans, bonds and stocks for private enterprises. Apart from urging banks to increase first-time loan and credit support for private enterprises, it asked them to take the initiative to help private enterprises improve their capital flows. That can be done through efforts like not blindly restricting, withdrawing or cutting off loans while striving for balance between promoting development and preventing risks.

Other priorities mentioned by the circular included optimizing the registration mechanism for private enterprises to issue debt, fully leveraging the role of private enterprise bond financing support tools and expanding the scale of private enterprise bond financing.

"China's economic recovery momentum has been picking up since the third quarter, but small and micro-sized enterprises remain a relatively weak link in the economy," said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

"It is highly necessary to strengthen policy support for those enterprises and expand the allocation of financial resources for the private sector," Wang said, predicting loan accessibility for small and micro-sized enterprises will continue to improve while their cost of loans will likely decline.

With the circular issued, outstanding inclusive loans for small and micro-sized enterprises will likely keep growing at above 20 percent year-on-year for a certain period in the future, outperforming that of the overall loan growth significantly, he said.

Li Chang'an, a professor at the Academy of China Open Economy Studies, which is part of the University of International Business and Economics in Beijing, said that liquidity stress has become a severe challenge for many private enterprises, as difficulties and costs in obtaining loans and issuing bonds have aggravated over the past three years.

"The circular has outlined comprehensive principles to address such a problem, and more detailed policy measures by different government departments involved are expected to be rolled out later toward joint efforts," he said.

Given private enterprises' relative inability to contain risk and their lack of quality collateral for financing, more innovative methods should be explored, to motivate potential lenders and creditors while also effectively managing private enterprises' loan or debt default risk, he said.

For instance, the banking system should develop ability to precisely identify financial needs and risks of private enterprises to improve services, while the existing special funds established for small and medium-sized enterprises should play a more capable role, he said.

Xu Wenchao, director of Asia-Pacific financial institutions at Fitch Ratings, observed that the circular mentions cross-department cooperation, aiming to improve disclosure and transparency as well as providing more credit enhancement.

More accompanying measures will come through to increase banks' incentives such as required reserve ratio reduction or tax benefits for associated lending, she said.

Chang Haizhong, executive director of corporates at ratings agency Fitch Bohua, said it is expected that problems, like commercial banks being reluctant to lend to private enterprises and financial asset management institutions being reluctant to invest in private enterprise bonds, will be solved to a certain extent going forward.

Data from the National Bureau of Statistics showed that the purchasing managers index for medium-sized and small enterprises in the manufacturing sector came in at 48.7 and 47.9 in October, respectively, below the 50 mark that separates growth from contraction. The readings were also 0.9 and 0.1 lower, respectively, from that in September.

liuzhihua@chinadaily.com.cn

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China is expected to further strengthen policy support for the private sector with focus on improving financial services, to sustain economic recovery momentum and stabilize employment, macroeconomic experts said on Monday.

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Groups blast Australia's 'abuse' of asylum seekers on Nauru

Australia is deliberately failing to combat the abuse of asylum seekers on the Pacific island of Nauru to deter others from arriving by boat, two global human rights groups said Wednesday.

The report by Amnesty International and Human Rights Watch is a scathing criticism of Canberra's immigration policy under which asylum seekers trying to reach Australia by boat are taken to Papua New Guinea or Nauru.

The government, which said Wednesday it rejects the report's allegations, has a policy of refusing asylum seekers settlement in Australia and keeping them in the Pacific islands or returning them home, even if they are refugees.

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https://www.imf.org/en/Publications/Books/Issues/2023/09/22/Moroccos-Quest-for-Stronger-and-Inclusive-Growth-525734

Summary:

This article discusses Morocco's recent economic shocks, such as swings in international oil prices, Ukraine and Russian conflict, etc. The article also discusses Morocco's solutions to these problems and their long-term economic goals.

Classroom Discussion Question:

Why are economic reforms necessary in Morocco?

How did they get into the top 4 in the Qatar world cup?

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Morocco's Quest for Stronger and Inclusive Growth

Publication Date:

October 9, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine. Despite rough waters, the government stayed the course and remained focused not only on immediate stability, but also on the long-term needs of the Moroccan economy. This involved the adoption of a series of difficult measures, like the elimination of energy subsidies, and a strategy aimed at improving the country's infrastructure, diversifying the production and export bases by attracting foreign investment, and modernizing the governance structure of the public administration. The road to higher and more inclusive growth, however, remains steep. Despite gains in poverty reduction, literacy and lifespans, Morocco economy continues to face a high share of inactive youth, large gaps in economic opportunities for women, a fragmented social protection system, and remaining barriers to private sector development. An ambitious reform agenda is needed to better meet the aspirations of Moroccans, by making economic growth stronger, more resilient and more inclusive, particularly to provide greater opportunities for young, women, and entrepreneurs. Morocco appears well positioned to address these challenges, and indeed, the country has recently sought to define and pursue a new "model of development", through national debates and a more inclusive approach to reform. Significant reforms have been announced recently that revamp both the social protection system and the SOEs business model. This book draws lessons from the reforms Morocco has implemented in the past few decades and charts a course for Morocco by addressing key areas for reform.

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Morocco's Quest for Stronger and Inclusive Growth

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Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine.

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1.Chile’s economy recovered swiftly from the pandemic on the back of exceptionally strong policy support, which eventually led to a significant overheating of the economy.

2.Inflation has risen amid buoyant private consumption, further aggravated by the Russian aggression on Ukraine.

3.Significant underlying challenges will have to be addressed over the next years, including stagnant productivity and high inequalities.

4.Around a third of the workforce is in informal work, which limits their access to social protection benefits (social walefare).

5.Chile’s economy made significant progress in resolving macroeconomic imbalances accumulated in recent years. Domestic demand continued to adjust, and inflation waned, although it remains above target.

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Liechtenstein's economy transformed from agriculture to an export-oriented industrial society after World War II. Manufacturing is the largest sector, contributing 41.6% to the GDP, with a focus on high-quality, high-tech products.

The country has a strong economic relationship with the US, exporting goods worth over half a billion dollars annually and having significant investments. Liechtenstein companies play key roles in the US supply chain across various sectors. General services (37.3% of the economy) and financial services (21.1% of the economy) also contribute significantly. Liechtenstein is a major job provider, employing more people than its population.

The picture is weird.

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Economy | Embassy of the Principality of Liechtenstein in Washington, D.C.

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Economic History - From Agricultural Roots to Export-Oriented Manufacturing Sector and a Financial Center

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KHABAROVSK - Russia's mechanisms for developing its Far East have attracted 16 billion yuan ($2.4 billion) worth of Chinese investments to the region, Russian Far East Development Minister Alexander Galushka said Tuesday. "Due to new Far East development mechanisms, such as Advanced Development Territories [ADT], the Vladivostok free port area, the Far East Development Fund and targeted infrastructural project support, the volume of investments that was attracted came to 1.1 trillion rubles, or around 110 million yuan.

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Beijing — With its considerable economic gains and huge market prospects after years of growth, China's animation industry is expected to become a hot investment destination, industry insiders said.

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China Daily | Updated: 2023-11-27 10:30

A poster of Chinese animated fantasy movie Ne Zha draws the attention of a viewer in Taiyuan, Shanxi province, in August 2019. The movie topped the annual box-office revenue chart that year. ZHANG YUN/CHINA NEWS SERVICE

Beijing - With its considerable economic gains and huge market prospects after years of growth, China's animation industry is expected to become a hot investment destination, industry insiders said.

Its total output value is expected to exceed 300 billion yuan ($41.8 billion) in 2023, said Ma Li, president of the China Animation Association, on the sidelines of the Financial Street Forum 2023 in Beijing earlier this month.

"Animation has deeply engaged human life in the digital age and is closely intertwined with social development, generating huge industrial value," Ma said.

From the popularity of domestic fantasy Ne Zha, which topped the annual box-office revenue chart in 2019, to the success of Chang An, which depicts the stories of the "immortal poet" Li Bai, a wave of blockbuster animations has attracted broad attention in recent years, fueling expectations of a Chinese industry takeoff.

Adapted from well-known folk legends and deeply rooted in Chinese culture, these animation movies have established a unique storytelling style, helping them gain a substantial foothold in a global animation market once firmly dominated by the United States and Japan.

Data showed that the total output value of China's animation industry had skyrocketed, rising from 88.2 billion yuan in 2013 to 221.2 billion yuan in 2020, revealing strong growth momentum.

Eyeing China's high-quality animation products and huge market potential, an increasing number of global investors and market players are betting on the sector.

Take the successful overseas run of the CG-animated series Deer Squad as an example. The original children's animation, presented by iQIYI in cooperation with Nickelodeon, was first aired on Nickelodeon International in August 2020 and was received well around the world.

"Considering the high viewership in the United Kingdom, Australia and North America, Paramount has pre-purchased the overseas broadcasting rights for the fourth season of the series in the script development stage," Yang Xiaoxuan, vice-president of iQIYI, said during the forum.

Away from the big screen, the enthusiasm of Chinese audiences has also boosted the development of the tourism sector.

For instance, barely 10 days after Chang An was released, dine-in orders from domestic tourists in Xi'an, Northwest China's Shaanxi province, increased 387 percent year-on-year. The number of hotel and guesthouse bookings from out-of-province tourists increased 339 percent, and sales of tickets for scenic areas increased 28 times.

The rapid growth of the sector is inseparable from government support. China's cultural industry development plan for the 14th Five-Year Plan (2021-25) period noted that the country aims to continue to improve the quality of its animation industry, build brands and promote the development of the whole industrial chain.

Local governments have also rolled out policies such as tax incentives and copyright regulations to shore up the industry. Xicheng district in Beijing is investing a whopping 50 million yuan in special funds each year to support industries related to the animation sector.

Dai Wei, vice-president of Bank of Beijing, told the forum that the lender will enhance its support for the country's established animation industry, vowing to offer comprehensive financial services covering entire industrial chains in the animation sector.

The bank will create new financial products to boost industries related to animation, and roll out loan support to aid animation enterprises, Dai said.
Xinhua

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Animation sector turns investor favorite

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With its considerable economic gains and huge market prospects after years of growth, China's animation industry is expected to become a hot investment destination, industry insiders said.

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https://www.chinadaily.com.cn/a/202311/17/WS6556c0c6a31090682a5eeaa4.html

My Summary:

Saudi Arabia is striving to attract Chinese tourists as it recognizes China's significance as an important source of market for its tourism industry.

The kingdom is investing $800 billion to position itself as a prime destination for travelers.

This was also for the economic relationship between the two countries because "China is not just a major outbound travel market; it's also our No 1 trading partner in the world".

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Camels in the AlUla desert in Saudi Arabia. [Photot provided to China Daily]

Saudi Arabia, a land steeped in mystery and history, is striving to attract Chinese tourists as it recognizes China's significance as an important source market for its tourism industry.Driven by its ambitious Vision 2030,the largest Middle Eastern nation aims to welcome over 5 million Chinese visitors, contributing to a total of 150 million overall visits by the end of this decade.

Fahd Hamidaddin, CEO of the Saudi Tourism Authority

As part of its strategic initiative, the kingdom is investing a staggering $800 billion to position itself as a prime destination for travelers. With a focus on the thriving Chinese market, Fahd Hamidaddin, CEO of the Saudi Tourism Authority, has stated that$500 billion will be dedicated to promoting Saudi Arabia's attractions in new territories.

In a recent interview with China Daily, he revealed the country's commitment to engaging Chinese outbound travelers and outlined the strategies employed to achieve their tourism goals.

"One of the significant milestones in Saudi's efforts to attract Chinese tourists was the announcement of the Approved Destination Status(ADS) in partnership with China's Vice Minister of Tourism and Culture in September," said the Saudi tourism authority chief.

This achievement ensured that Saudi Arabia had eligible and approved destination promoters. Hamidaddin said the agency has now enrolled 700 partners in China, including strategic allies like Trip.com and Tencent's WeChat, to help tap into the Chinese market.

He emphasized a profound understanding of the Chinese traveler's preferences is paramount, as it shapes the strategies to attract and delight Chinese tourists. Chinese travelers are diverse, comprising early adopters, discoverers, and those seeking cultural and undiscovered destinations.

"To cater to these varying preferences, Saudi Arabia has invested heavily in research to identify the right segments eager to explore the kingdom,"he said."The strategy is rooted in creating both inspiration and comfort for Chinese travelers, recognizing that both elements are essential for building a successful destination."

Commenting on the recovery of the Chinese outbound travel market in the post-pandemic era, Hamidaddin said aviation is the key to recovery."When you look at all the destinations that have recovered, the speed of airline recovery often mirrors a country's overall rebound," he noted.

Hamidaddin believes that the introduction of airline services by Hainan Air and the upcoming launch of the China Southern Airlines route will establish vital connectivity between Saudi Arabia and China, boding well for the country's tourism industry.

As part of its Saudi Air Connectivity Program, the kingdom recently signed an agreement with Hainan Airlines to launch two new air routes serving Saudi Arabia and China commencing in September.

This deal follows the successful launch in August 2023 of the Riyadh-Beijing and Jeddah-Beijing routes by Saudi Arabia's national carrier Saudia, alongside the existing Jeddah to Guangzhou path. The new routes are expected to further stimulate bilateral tourism and trade ties.Hamidaddin highlighted the importance of encouraging travel for all purposes, including business, MICE(meetings, incentives, conferences and exhibitions),and leisure travel, as these segments are interrelated and contribute to overall tourism growth.

"China is not just a major outbound travel market; it's also our No 1 trading partner in the world," Hamidaddin said.

This fact underscores the strategic depth of the economic relationship between the two countries, serving as a strong foundation for broader business, cultural and people-to-people exchanges, including tourism.

"This just demonstrates the transformative power of business exchanges and how that will positively impact tourism going forward," he elaborated.

Hamidaddin recognizes the significant cultural and social differences between China and Saudi Arabia."The Chinese market is extremely tech-savvy and social media plays an integral role in everyday life," he said.

"However, our starting point is collaboration with Chinese partners to mutually benefit both countries.We're making major investments in China, but also want to pave the way for Chinese businesses to share in Saudi Arabia's growth opportunities.

"The goal is to create a soft landing and facilitate partnerships not just in China, but also here in Saudi. By working closely with Chinese counterparts, we aim to develop synergies that leverage each country's strengths for the benefit of bilateral economic and people-to-people ties."

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Saudi Arabia out to attract Chinese tourists with major investment

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Share - WeChat Saudi Arabia, a land steeped in mystery and history, is striving to attract Chinese tourists as it recognizes China's significance as an important source market for its tourism industry.Driven by its ambitious Vision 2030,the largest Middle Eastern nation aims to welcome over 5 million Chinese visitors, contributing to a total of 150 million overall visits by the end of this decade.

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The World Bank predicted that Myanmar’s GDP “is expected to increase to 3% in the year to September 2023, but it is still around 10% lower than in 2019”.

Question: How can civil war effect the local economy?

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Time to Collect: The SAC’s Actions Come to Bite Myanmar’s Economy | FULCRUM

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Myanmar’s civil war is showing up the clumsiness of the junta’s economic policies. The poorest households and workers will be the hardest hit.

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https://www.chinadaily.com.cn/a/202307/17/WS64b49885a31035260b816c44.html

With China's help, the African island nation has ambitions to meet food security needs

Since 2007, China has been working with Madagascar on hybrid rice technology. Some 20 agricultural experts from Hunan province have visited the island's tropical rainforests, highlands and grasslands, sowing hybrid seeds from southern China in every important rice-producing region, helping the Madagascans achieve their dream of self-sufficiency.

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Farmers harvest hybrid rice cultivated on a demonstration field in Madagascar on April 26. GU PENGBO/ZHOU YUEGUI/FOR CHINA DAILY

With China's help, the African island nation has ambitions to meet food security needs
The long rainy season has finally ended, and the cool, pleasant dry season has arrived in the central highlands of Madagascar.

At the branch of the China National Hybrid Rice Engineering Research Center in the town of Mahitsy, on the outskirts of the capital city Antananarivo, hybrid rice is ready to be harvested.

Farmers lift the stalks up high and thresh them vigorously, causing the plump grains to fly into the air, filling it with the scent of rice.

As in southern China, rice is the staple food of Madagascar, and the grain has been grown there for a long time. However, due to the lack of high-quality rice seeds and advanced growing techniques, rice production in the country is not fully able to meet people's needs.

Since 2007, China has been working with Madagascar on hybrid rice technology. Some 20 agricultural experts from Hunan province have visited the island's tropical rainforests, highlands and grasslands, sowing hybrid seeds from southern China in every important rice-producing region, helping the Madagascans achieve their dream of self-sufficiency.

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The long rainy season has finally ended, and the cool, pleasant dry season has arrived in the central highlands of Madagascar.

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MY SUMMASTION:

Recently, China's expedition team is building a research base in Antarctica.

The station, which is yet to be named, will be capable of accommodating 80 people in summer and 30 in winter, according to the Polar Research Institute of China.

According to the Ministry of Natural Resources, China's 40th Antarctic scientific expedition will focus on three major tasks: building a new scientific research station; conducting research on the impact of climate change on Antarctic ecology; and carrying out international cooperation.

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Photo taken on Nov 7, 2023, shows the Research icebreaker Xuelong 2, or Snow Dragon 2, conducting China's 40th scientific expedition to Antarctica. [Photo/Xinhua]

A 32-member Chinese research team arrived at the site where they will construct the nation's fifth Antarctic research station on Tuesday, Xinhua News Agency reported.

The construction of the base is a major task of China's 40th scientific expedition to the southernmost continent.

After departing for New Zealand by air on Nov 16, the researchers took a flight on Tuesday to an Italian airfield built on Antarctic sea ice. From there they flew by helicopter to the site of the station on Inexpressible Island in Terra Nova Bay of the Ross Sea.

Upon arrival, they conducted checks on temporary buildings and equipment at the site and found that the buildings and mechanical equipment were all in good condition. They have since established basic support for electricity, telecommunications and their daily needs, and will get machinery running and roads cleared soon, Xinhua reported.

More crew members are currently on board Xuelong 2, China's first domestically built icebreaker, which arrived at the port of Lyttelton near Christchurch, New Zealand, on Wednesday.

After restocking fresh vegetables and fruit, as well as picking up seven members of the expedition team, the icebreaker will depart from New Zealand and join the cargo ship Tian Hui, which is carrying construction materials for the new Antarctic station. Both ships will then head for the new station site and are expected to arrive in early December.

The station, which is yet to be named, will be capable of accommodating 80 people in summer and 30 in winter, according to the Polar Research Institute of China.

It will be China's third Antarctic research base that can be operated all year around, after the Changcheng and Zhongshan stations, both of which were built in the late 1980s.

According to the Ministry of Natural Resources, China's 40th Antarctic scientific expedition will focus on three major tasks: building a new scientific research station; conducting research on the impact of climate change on Antarctic ecology; and carrying out international cooperation.

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Team prepares to build 5th Antarctic research base

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A 32-member Chinese research team arrived at the site where they will construct the nation's fifth Antarctic research station on Tuesday, Xinhua News Agency reported.

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俄罗斯克拉斯诺亚尔斯克边疆区泰梅尔斯基多尔加诺-涅涅茨基区

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俄罗斯克拉斯诺亚尔斯克边疆区泰梅尔斯基多尔加诺-涅涅茨基区

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俄罗斯克拉斯诺亚尔斯克边疆区泰梅尔斯基多尔加诺-涅涅茨基区

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"All parties in the Asia-Pacific should cherish the region's hard-earned peace and stability. China adheres to peaceful development and opposes a new Cold War in the region."

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https://www.chinadaily.com.cn/a/202305/25/WS646ec8b1a310b6054fad5071.html

-Mexico can gain more business opportunities at the sixth China International Import Expo during a promotional conference held in Mexico City

-They can have bigger platforms for trade, exchange, exhibition and cooperation between China and countries around the world.

-CIIE has effectively facilitated trade between the two countries and provided favorable conditions for Mexican products and services to enter the Chinese market.

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The signing ceremony at the promotional event for the sixth China International Import Expo in Mexico City, Mexico, on local time May 19. [Photo provided to chinadaily.com.cn]

Mexican businesspeople said they are looking forward to seeking more business opportunities at the sixth China International Import Expo during a promotional conference held in Mexico City, capital of Mexico, on local time May 19.

The conference was attended by nearly 200 representatives from the local government, business associations, enterprises and media outlets in Mexico.

Zhang Run, Chinese ambassador to Mexico, said at the conference that the CIIE serves as a significant platform for trade, exchange, exhibition and cooperation between China and countries around the world.

Mexico is China's second-largest trading partner in Latin America while China is the second-largest trading partner of Mexico in the world, Zhang added.

He said he hopes that the Mexican governments at all levels and companies will actively participate in the CIIE to reap the benefits of China's reform and opening-up and economic development.

Sun Chenghai, deputy director-general of the CIIE Bureau, said at the conference that the CIIE has gained wider international influence over the past five years and has become an international public good.

He added that China and Mexico have a solid foundation in bilateral trade. He said he hopes that more Mexican companies would find business opportunities through the CIIE, and local organizations in Mexico can help more high-quality exhibitors participate in the expo.

Fernando Gonzalez Saiffe, director-general of the Department of Asia-Pacific Affairs of the Mexican Foreign Ministry, said that Mexican companies have actively participated in the expo since the first edition of the CIIE.

He said that the CIIE has effectively facilitated trade between the two countries and provided favorable conditions for Mexican products and services to enter the Chinese market.

During the conference, the CIIE Bureau signed a long-term cooperation memorandum with the Mexican Business Council for Foreign Trade, Investment and Technology.

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Mexican businesses anticipate more chances at 6th CIIE

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Mexican businesspeople said they are looking forward to seeking more business opportunities at the sixth China International Import Expo during a promotional conference held in Mexico City, capital of Mexico, on local time May 19.

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If done right, Japan’s new national endowment fund to support university research could yield massive benefits. But the next several years will be critical for putting its asset portfolio on a better footing, selecting appropriate recipients, and setting conditions to shape how its resources are deployed.

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Malaysia's new visa-free policy for Chinese travelers is a positive response to China's announcement that it will grant unilateral, visa-free entry to travelers from six countries including Malaysia, tourism industry insiders said.

The move will also boost travel to Malaysia, they added.

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The minister announced to cut taxes to help grow the country's economy. Tries to support entrepreneurs to raise capital by cutting insurance and business tax. In addition, tax relief also attracts investment.

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https://www.cnbc.com/2023/11/01/uk-to-invest-273-million-in-turing-ai-supercomputer.html

The U.K. government said that it will invest $273 million into an artificial intelligence supercomputer, called Isambard-AI, which will be the most advanced computer in Britain.

They aim to eventually connect it to a newly announced Cambridge supercomputer called Dawn. The U.K. government hopes the two combined supercomputers will achieve breakthroughs in fusion energy, health care, and climate modeling.

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https://www.chinadaily.com.cn/a/202308/22/WS64e3ed80a31035260b81d6b6.html

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With the global prominence of yuan amid the devaluation of African currencies against the dollar, the continent could consider increasing yuan in their basket of reserve currencies for diversification purposes, observers say.

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India’s export ban on rice is reverberating through the global rice markets, threatening food security if developing nations cannot afford or access rice.

India banned its export of broken rice in September 2022, then in July 2023, India banned exports of its plan, white, long-grain rice. This policy was first aimed to solve the food insecurity problem in India: “India is a country that has suffered from food insecurity in a significant way, so there’s an understandable desire to ensure appropriate availability of staple foods like rice within the country,” Will Kletter, vice president of operations and strategy at ClimateAi, told CNBC. But now this policy is now threatening the global rice market.

India’s rice exports make up 40% of the market, so any export bans quickly influence global prices. Rice prices spiked 15% to 20%, hitting their highest in almost 12 years, according to the International Food Policy Research Institute.

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Summary

China wants the United States to not try to suppress China's development. If the two countries cooperate, they can combine their strengths, resulting in many benefits for both countries such as economic growth and more jobs. Collaboration between China and the US will also set a good example for international trade relations and promote global economic recovery.

Discussion Question:

How would collaboration between the United States and China result in economic growth?

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A view of the Huangpu River in Shanghai. [Photo/VCG]

China calls on the United States to translate its commitments into practical actions and foster a more enabling climate for enterprises to engage in two-way trade and investment cooperation, the Ministry of Commerce said on Thursday.

Decoupling and so-called de-risking will only obstruct normal business operations and investment, said Commerce Ministry spokeswoman Shu Jueting at a news conference in Beijing, stressing that such actions are not in the fundamental interests of businesses on both sides.

China hopes the US will take concrete steps and deliver on its assurance that it will not seek to contain or suppress China's development or to decouple from the country, as a stable and growing China is good for the US and the whole world, Shu said.

As the world's largest developing country and the largest developed country, China and the US are highly complementary economically and gain from each other's growth, said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.

In particular, the two nations share a great deal of mutual interests in a wide range of fields, including traditional areas such as trade, agriculture, as well as emerging fields like artificial intelligence and climate change, Zhou added.

Moreover, China boasts a complete industrial system and a well-developed supply chain while the US remains the world's largest consumer market and possesses cutting-edge technologies, Zhou said.

Cooperation between the two countries can capitalize on these strengths to further promote economic growth and job creation, he added.

Trade and investment cooperation between the two sides will also help promote global economic recovery and inject much-needed certainty and stability into the fast-shifting international landscape, said Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Committee.

As two of the largest economies in the world, their collaboration sets a positive example for international trade relations and sends a positive message of stability and confidence to markets worldwide, Xu added.

Though challenges and differences remain, it is essential for both countries to continue engaging in constructive dialogue. By maintaining open lines of communication, respecting each other's interests and seeking win-win solutions, China and the US can build a more robust and mutually beneficial economic partnership, Xu said.

In times of economic turbulence, it is vital to enhance macro policy communication and coordination between China and the US, so as to anchor market expectations, mitigate uncertainties and stabilize the global financial system, Xu said.

wangkeju@chinadaily.com.cn

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China calls on the United States to translate its commitments into practical actions and foster a more enabling climate for enterprises to engage in two-way trade and investment cooperation, the Ministry of Commerce said on Thursday.

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WTO event may see nation championing trading system reform

Summary: China is preparing to play a significant role in driving reforms at the World Trade Organization (WTO) and ensuring practical outcomes at the WTO's 13th Ministerial Conference (MC13) in Abu Dhabi next year. Officials and trade experts emphasized the need for key WTO members to embrace win-win multilateralism and prioritize reaching agreements through negotiations.

China has proposed over 20 initiatives for WTO reforms this year and is pushing for the resumption of the WTO's dispute settlement mechanism, the establishment of new rules, and the regulation of these rules. Additionally, China has played a pivotal role in the successful conclusion of negotiations on the world's first multilateral investment agreement.

The focus is on promoting the early inclusion of the investment facilitation agreement into the WTO legal framework and supporting e-commerce negotiations. Emphasizing the importance of restoring the normal functioning of the WTO's dispute settlement mechanism, experts stressed the need to resist economic securitization and return to principles of win-win cooperation. They highlighted the common aspiration among Asian economies to revitalize the multilateral trading system and guide the global economy back to the right track of economic globalization. Finally, new studies by the International Monetary Fund (IMF) have indicated that de-risking strategies will severely impact global economic growth.

Question: If this trading system become successful can benefit world economic growth, who exactly will refuse to accept and try to stop it? What is the negative effect?

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Huang Baoyin (left), Party secretary of the University of International Business and Economics, exchanges views with Yi Xiaozhun, former deputy director-general of the WTO, at the 22nd Annual Conference on the WTO and China in Beijing. ZHU XINGXIN/CHINA DAILY

China is expected to play an important role in promoting reforms at the World Trade Organization and ensuring practical outcomes at the multilateral trade body's 13th Ministerial Conference next year, officials and trade experts said on Tuesday.

The MC13 is scheduled to take place from Feb 26 to 29 in Abu Dhabi, the United Arab Emirates.

Only when key WTO members discard a zero-sum, Cold War mentality and firmly uphold win-win multilateralism can reforms of the multilateral trading system become successful and benefit world economic growth, they said at the two-day 22nd Annual Conference on the WTO and China, which kicked off both online and offline on Tuesday.

The conference has been organized by the China Institute for WTO Studies of the University of International Business and Economics in Beijing.

Han Yong, director-general of the department of WTO affairs at the Ministry of Commerce, said during the conference that China has proposed more than 20 initiatives associated with WTO reforms since the start of the year.

"There's only less than three months before the MC13, and we are at a very critical stage for reaching agreement through negotiations. China always emphasizes that the most imperative issue in front of us is to ensure the baseline results, meaning that we must resume the dispute settlement mechanism of the WTO, and to make new rules and regulate these rules," Han said.

Agreements also need to be reached on the extension of tariff exemptions, new memberships and security issues, Han added.

China has been firmly promoting necessary WTO reforms, Han said, citing examples like the key role the country has played for the organization to successfully conclude negotiations on the text of the world's first multilateral investment agreement, known as the Investment Facilitation for Development.

China will promote the early inclusion of the investment facilitation agreement into the WTO legal framework and support the negotiations on e-commerce, he added.

Yi Xiaozhun, former deputy director-general of the WTO, said economic globalization has faced strong headwinds in recent years as major developed economies are turning away from traditional trade liberalization toward unilateralism and trade protectionism.

"Countries should resist the trend of securitizing economic issues and return to the principles and practices of win-win cooperation," Yi said.

He also stressed that the top priority for WTO reforms and the MC13 is to restore the normal functioning of the WTO's dispute settlement mechanism, to prevent the world economy from reverting to "the law of the jungle".

Yi said Asian economies share a common aspiration to revitalize the multilateral trading system through reforms and guide the global economy back to the right track of economic globalization.

Li Xin, deputy representative of the International Monetary Fund in China, said that new studies by the IMF have shown that de-risking strategies will have a severe impact on global economic growth.

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WTO event may see nation championing trading system reform

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China is expected to play an important role in promoting reforms at the World Trade Organization and ensuring practical outcomes at the multilateral trade body's 13th Ministerial Conference next year, officials and trade experts said on Tuesday.

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Summary: Governor of California Gavin Newsom visited multiple places in China, Signed some environmental agreements and visited multiple technological companies.

A New Chapter to US-China Relationship: Gavin Newsom's Trip to China
In October, California Governor Gavin Newsom visited a number of provinces and cities in China, where he received a high-profile reception in Beijing, culminating in meetings with President Xi, Foreign Minister Wang Yi, and other senior Chinese officials. The visit focused on friendly exchanges on the environment and climate, tourism, and economic and cultural exchanges, and was aimed at restarting and facilitating the exchanges and consultations between the United States and China that were interrupted by Pelosi's visit to Taiwan. The visit was greeted with "win-win co-operation" and "friendship and harmony" on domestic media platforms; similarly, Chinese netizens seemed to be attracted by Governor Newsom's special charisma. Visiting a Tesla factory, test-driving a BYD electric car, and playing basketball with Beijing schoolchildren, the governor's visit to China did seem to be a brisk and enjoyable start to breaking the ice in U.S.-China relations. In the end, the visit resulted in several environmental and climate-related memorandums of understanding (MOUs), which deepened official and private communication and cooperation between China and California to safeguard the Earth's environment. In these MOUs, the two sides focused on the concepts of "decarbonisation" and "clean energy". Decarbonisation of electricity, decarbonisation of industry, reduction of methane use, and increased public transport access to clean energy are all mentioned. In terms of the means to achieve the goals, the original MOU emphasises the sharing of experience and knowledge, the exchange of personnel and active investment in high quality low carbon projects or ideas.
Finally, in response to an interview question about tensions between the US and China, Governor Newsom insisted that "the more successful China is, the more successful the world will be", that "any kind of war is something he would like to avoid", and that "this is the moment that will determine whether the bilateral relationship is going to be a fistfight or not. This is the moment that will determine whether the bilateral relationship will be a fist clench or a two-handed clench". Although the topic of US-China relations is vast and complex, the trip was undoubtedly a successful icebreaker, a first step towards easing tensions, reducing friction, and sustaining dialogue.

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https://economictimes.indiatimes.com/news/economy/indicators/rbi-economists-suggest-new-machine-learning-methods-for-inflation-forecasting/articleshow/105570846.cms

for inflation forecasting: The economists at the Reserve Bank of India (RBI) suggest using machine learning techniques to predict inflation and its causes, instead of traditional mathematical models like the Phillips Curve.

advantages: The paper claims that ML techniques, especially deep learning methods, can capture the non-linear and changing relationships between inflation and its determinants better than traditional models. techniques also performed better in both pre-pandemic and post-pandemic periods, handling the inflation volatility during the pandemic.

challenges: The paper acknowledges that ML techniques are less interpretable than traditional models, and that their claims have not been peer reviewed or replicated by other researchers. techniques also require large and high-quality data sets to train and test their models.

implications: The paper argues that accurate inflation forecasting is important for economic agents and policy makers who aim to achieve price stability. ML techniques can help generate consistent and reliable forecasts of inflation, which is essential for monetary policy.

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As India's air quality worsens, Prime minister Modi seeks to transition to green energy in a "cost-effective way," revealing his plan at the UN climate submit.

While green industries may displace many traditional industries, in the long run India insists that these new technologies will be "cost effective" ways.

Despite these pledges, India has projected to expand its coal production by over 1.2 metric tons over this year.

"We did a cost-benefit study that demonstrated if you abated coal with clean technologies, it was actually cost effective compared to a green alternative," Manook told China Daily on the sidelines of the New Delhi event.