Issue 170 - 12.04.2021
13.04.2021

China advocates investing in Xinjiang

The Xinjiang Uygur Autonomous Region (“Xinjiang” for short) is the largest province-level administrative region in northwest China, covering an area of one-sixth of the country’s land. It is also the Chinese province with the longest land border of more than 5,600 kilometers – a quarter of the country’s entire land border.

Bordering eight countries – Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Pakistan, Mongolia, India, and Afghanistan – the unique geographic position of Xinjiang makes it a key gateway for China to Central Asia, West Asia, and Europe along the Silk Road Economic Belt.

Until the end of 2019, Xinjiang had attracted more than 1.8 million market entities, including 359,000 enterprises. Foreign and domestic business giants, including German chemical giant BASF and China’s real estate conglomerates Wanda Group, have invested in the region.

Despite the COVID-19 pandemic, Xinjiang achieved positive GDP growth of 3.4 percent in 2020, reaching RMB 1379.76 billion (approx. US$210.5 billion).

The region is China’s largest growing base of cotton. In 2020, the total cotton output in Xinjiang reached more than five million tons, accounting for 87.3 percent of that in the entire China. With a large pastureland, Xinjiang is also one of China’s major sheep farming areas and fine-wool production base.

Xinjiang’s location may be relatively remote, but the region is rich in resources, has the largest reserves of oil, natural gas, and coal in China, which account for 30 percent, 34 percent, and 40 percent of the country’s total, respectively. For this reason, energy and related industries like petroleum extraction and petrification are pillar industries in Xinjiang.

Xinjiang also has more than 130 types of mineral resources. The region’s reserves of beryllium and mica are the highest in China. Metallurgy processing is one of the most important industries of Xinjiang.

As a major agricultural base, Xinjiang’s primary industry still accounted for 14 percent of its GDP in 2020. Xinjiang’s sugar beet and fruits are famous among local consumers and for exports, particularly, Yili apple, Korla pear, seedless white grape, and Hami melon.

The renewable energy industry is also showing promising growth in Xinjiang. In 2020, hydropower, wind power, solar power, and other renewable energy accounted for 19.8 percent of total energy production, up from the nine percent in 2017.

In 2020, despite the COVID-19 pandemic, Xinjiang’s imports and exports of goods totaled US$21.387 billion, with exports amounting to US$15.836 billion and imports amounting to US$5.551. The surplus in imports and exports of goods (exports minus imports) was US$10.285 billion, which is smaller than that of the previous year but is still within the reasonable range.

Xinjiang had 179 trading partner countries and regions in 2020, among which, the import and export volume to Kazakhstan reached US$10.937 billion (up by 0.3 percent); to Kyrgyzstan, US$1.47 billion (down 56.8 percent); to Russia, US$1.75 billion (up 23.3 percent); to the United States, US$961 million (up 56.6 percent); to Tajikistan, US$599 million (down 39.3 percent).

It can be observed that Xinjiang’s top trading partners are concentrated among its neighboring countries. According to the 2018 statistics, all of Xinjiang’s eight neighboring countries were ranked within Xinjiang’s top 10 trading partner as per export amount.

In 2018, major exports included tomato paste, shoes, and textiles. Major exports markets included Kazakhstan, Kyrgyzstan, and Tajikistan. These three markets in Central Asia accounted for about 65 percent of Xinjiang’s total exports in 2018. Major imports included medical instruments, agricultural products, and rolled steel. Major import sources included Kazakhstan, Germany, the US, and Russia.

Border trade reached US$12 billion in 2018, accounting for 60.1 percent of the region’s total trade.

Xinjiang has become one of the hubs of trade in goods between European and Central Asian countries and China through the China‑Europe China Railway Express (CR Express) cargo trains. As the Freight Train Logistics Center in Urumqi was completed in May 2016, goods from different parts of China can gather at Urumqi and leave China by train through Korgas Port or Alashankou Port. As of May 2020, the CR express cargo trains departing from Urumqi run on 21 lines, covering 23 Asian and European countries and regions.

As to foreign direct investment (FDI), in line with China’s national reform and opening up, Xinjiang has always been endeavoring to attract foreign investment by utilizing its resource and geographic advantages and supportive policies.

In 1980, with the establishment of the first Sino-foreign joint venture – Xinjiang Tianshan Wool Textile Co., Ltd. – Xinjiang opened the door to the introduction of foreign investment. Since then, foreign investment into Xinjiang has kept increasing.

By 2018, the number of foreign invested enterprises (FIE) into Xinjiang reached 796, with the yearly actual utilized FDI amount at around US$200 million to US$250 million. The source of FDI has been diversifying and the number of countries or regions that invest in Xinjiang has grown to 54, covering all three industries and spreading in 14 of Xinjiang’s prefectures and autonomous prefectures.

Among all the FDI sources, Hong Kong has always been Xinjiang’s major investor, accounting for around 40 percent of Xinjiang’s total foreign investment as per actual utilized FDI amount. By the end of 2018, in total, 266 Hong Kong invested enterprises operated in Xinjiang. In 2018 alone, Hong Kong signed 85 investment contracts with Xinjiang, with contractual investment amount reaching US$1112.98 million. The actual utilized FDI amount was recorded at US$91.16 in 2018.

Foreign investments into Xinjiang are spread across different sectors; the top five industries that attract the most foreign investment are manufacturing, mining, leasing and business service, software and information technology, and finance. Besides, the agricultural industry and the retail and wholesale industry also perform well in attracting foreign investment.

To lure foreign capital into China’s western regions, including Xinjiang, the country released the Catalogue of Industries Encouraged for Foreign Investment in the Central and Western Region of China. Favorable treatment is in place for foreign-invested enterprises (FIEs) engaged in doing business in the industries encouraged by Xinjiang, including:

Lowered corporate income tax (CIT)– for FIEs in encouraged industries in the central, western, and northeastern regions that meet the requirements, the CIT rate can be reduced to 15 percent;

Tariff exemptions on imported equipment– for encouraged foreign-invested projects, the import of self-use equipment within the total amount of investment can be exempted from customs duties; and

Access to preferential land prices and looser regulation of land uses– land can be preferentially supplied for encouraged foreign-funded projects with intensive land use. The land transfer reserve price can be determined at 70 percent of the national minimum price for the transfer of industrial land, which yet shall be no less than that of the local land.

Foreign invested projects in the listed encouraged industries, whose actual investment amount is more than US$5 million, can enjoy the fiscal subsidy of no more than 10 percent of the value-added tax (VAT) paid by the enterprises within five years from the date of production and operation.

From 2011 to 2020, for newly established enterprises whose export volume accounts for 50 percent or more of its total sales volume and for existing enterprises whose export volume accounts for 70 percent or more of its total sales volume, they can be exempt from the CIT (the portion paid to local governments), property tax on self-use property, and urban land use tax on self-use land. This favorable treatment can be enjoyed by eligible enterprises for no more than five years.

From January 1, 2010 to December 31, 2020, newly settled enterprises in Xinjiang’s poverty-stricken areas, which fall under the scope of the List of Corporate Income Tax Preferential Incentives for Key Industries Encouraged for Development in Xinjiang Poverty-stricken Areas, are allowed to be exempt from CIT for the first year and second year and be entitled to 50 percent deduction of CIT from the third to the fifth year – with effect from the first tax year in which it derives the first item of income from manufacturing and business activities.

Although the latter two preferential policies expired last year, businesses should pay attention to whether there will be any extension.

Located on the eastern frontier of Central Asia, Urumqi is the capital of China’s Xinjiang Uyghur Autonomous Region. Urumqi, which means “beautiful pasture” in Mongolian, is also the most remote city from any sea in the world. Despite this fact, the city thrived as a trading hub along the Silk Road during the Tang and Ming dynasties. Today, with its large coal reserves, strong transportation networks, and a burgeoning consumer class, the city has grown to become the center of industry, retail, and commerce in Western China, as well as the regional trade hub for Central Asia.

A priority target of Beijing’s “Go West” policy, Urumqi has benefited from three development zones that have helped shape its competitive edge in industry and trade:

The Urumqi Economic and Technological Development Zone was established on the approval of the State Council in August 1994. It is the first state-level economic and technological development zone in Xinjiang. In January 2011, it merged with Toutunhe District, a municipality under the jurisdiction of Urumqi, and thus has become a multi-functional economic zone integrating state-level development zone, administrative region, international land port area, comprehensive bonded area, as well as functional parks with different characteristics. It plays an important role in developing the core area of the Silk Road Economic Belt. Urumqi ETDZ enjoys a prime location located within 10 kilometers of Urumqi’s downtown area, railway station, highways, and airport. In 2003, the zone’s activities increased with the addition of an export processing zone. Major industries are machinery, power transmission equipment, new energy, biopharmaceuticals, food and beverages, chemicals, and plastics.

The Urumqi High-tech Industrial Development Zone was established in 1992. In 2011, the zone was merged with Xinshi District for a combined land area of 263 kilometers. Major industries include information technology, biopharmaceuticals, new materials, new energy, petrochemicals, unique resources processing, and machinery.

The Ganquanbao Economic and Technological Development Zone was established in 2007. It is located in the north of Urumqi, 55 kilometers away from the city center. Ganquanbao ETDZ has been promoted to the national level economic and development zone and it solves the lack of construction and development space issue in Urumqi. It is forming a new industrial cluster with coal electricity, coal chemical industry, petroleum and petrochemical industry, and new energy being focused.

Shihezi is a sub-prefecture-level city in Northern Xinjiang, 150 kilometers always from Urumqi. While much of Xinjiang’s trade revolves around crops, such as tomatoes, melons, fruits, and nuts, Shihezi is different. Shihezi is one of the primary producing areas of Xinjiang cotton, and is a textile hub of China.

The Shihezi Economic and Technological Development Zone was established in 1992 and was promoted to national level economic zone in 2000. It is the only state-level economic and technological zone in the western areas of China to have been established other than in one of the regional or provincial capital cities. It serves as Shihezi’s gateway to the outside world. Shihezi has benefited from increased investment as one of the main avenues for trade between and among China, Russia, and the countries of Central Asia. Major industries include textile, food processing, modern agricultural equipment, and chemical industry.

The Ili Kazakh Autonomous Prefecture (also as Yili) is an autonomous prefecture for Kazakh people in Northern Xinjiang, China, one of five autonomous prefectures in Xinjiang. It is bordered by Mongolia, Russian, and Kazakhstan. Including Khorgas, Bakhty, and Jeminay, there are nine ports of entry at the national level. With the unique location advantage, Ili has been an important commercial hub and international channel of opening up to the west.

The Yining High-tech Industrial Development Zone is the major economic zone of Ili. It was approved and established in 2013 on the basis of the previous Yining Border Economic Cooperation Zone. Major industries include biotechnology, information technology, deep processing of agricultural products, new building materials, coal, electricity, coal chemical industry, machinery and equipment manufacturing, textile and garment processing, and modern service industry. The zone provides benefits in tax incentives and greater financial freedoms for businesses investing in the area, with the main focus being on trade with Kazakhstan and the rest of Central Asia. By far, 1,136 enterprises have been registered in the zone, 31 of which have an annual revenue over RMB 100 million (US$15.25 million).

Kashgar is close to borders with Pakistan, Kyrgyzstan, Afghanistan, Uzbekistan, and Tajikistan and already hosts Central Asia’s largest market. The city effectively links China and Central Asia and is to be developed into a major trading and logistical bridge. In 2010, Kashgar was approved to become a special economic zone, enjoying special policies on industry, taxation, finance, land, and foreign trade. It was designed as a westward export processing base and commodity transfer center in Xinjiang. It is also expected to serve as the “New Eurasian Land Bridge” to expand the international market in central and south Asian countries.

China’s ‘Go West’ strategy, which aims to narrow the economic gap between the less developed west and affluent east coast, as discussed in the previous sections, has entered its third decade.

With the launch of the Belt and Road Initiative (BRI), Beijing hopes to fit China’s western regions, including Xinjiang, into its ambitious BRI blueprint. Xinjiang needs to enhance its position as a traffic hub for China to connect BRI countries in the west.

Affected by the COVID-19 pandemic last year, the China-Europe freight trains have undertaken a large number of outbound cargo business transferred by sea and air. More than 5,000 China-Europe freight trains have traveled through the Alataw Pass, a major land port in Xinjiang that borders Kazakhstan in 2020, surging 41.8 percent over 2019.

By Qian Zhou and Zoey Zhang on April 8 2021 for the China Briefing.

China, Pacific

13.04.2021

China 2021 GDP to beat target on COVID bounce

China's economy looks to expand 17.9% for the January-March quarter, a growth figure inflated by the coronavirus-related crash in the year-ago period, a survey of 32 economists by Nikkei and Nikkei Quick News finds.

The economists predict 1.0% growth on a seasonally adjusted, quarter-on-quarter basis for the first three months of...

China's economy looks to expand 17.9% for the January-March quarter, a growth figure inflated by the coronavirus-related crash in the year-ago period, a survey of 32 economists by Nikkei and Nikkei Quick News finds.

The economists predict 1.0% growth on a seasonally adjusted, quarter-on-quarter basis for the first three months of...

13.04.2021

China's endeavour to reduce carbon emission attracts foreign investors

China's huge market of new energy vehicles (NEVs) has captured much attention from foreign investors amid the country's continuous efforts to reduce carbon emissions.

ZF Electric Mobility Technologies (Shenyang) Co., a branch under ZF Friedrichshafen AG, a leading automotive component supplier based in Germany, announced the launch of a new project...

China's huge market of new energy vehicles (NEVs) has captured much attention from foreign investors amid the country's continuous efforts to reduce carbon emissions.

ZF Electric Mobility Technologies (Shenyang) Co., a branch under ZF Friedrichshafen AG, a leading automotive component supplier based in Germany, announced the launch of a new project...

13.04.2021

China's railways transport 920m tons of cargo in Q1

China's railways sent 920 million tons of cargo in the first quarter of this year, an increase of 12 percent year-on-year, The Paper reported on Friday.

The country's railways expanded transportation capacity, ensured transport of key materials, strengthened international cooperation and improved service efficiency and quality in Q1 this year, according...

China's railways sent 920 million tons of cargo in the first quarter of this year, an increase of 12 percent year-on-year, The Paper reported on Friday.

The country's railways expanded transportation capacity, ensured transport of key materials, strengthened international cooperation and improved service efficiency and quality in Q1 this year, according...

13.04.2021

North-south waterway connects key areas of Yangtze delta region

A waterway running across the nation from the north to the south was launched jointly by Shanghai International Port Group together with Tangshan Port Group and Guangzhou Port Group, the organization said on Saturday. 

The water route connects key areas of the Yangtze River Delta region, the Beijing-Tianjin-Hebei region and the...

A waterway running across the nation from the north to the south was launched jointly by Shanghai International Port Group together with Tangshan Port Group and Guangzhou Port Group, the organization said on Saturday. 

The water route connects key areas of the Yangtze River Delta region, the Beijing-Tianjin-Hebei region and the...

13.04.2021

Better outlook buoys shipping shares

Boosted by China's growing trade volume in the first quarter of this year and the world's surging demand for shipping services, the stock index of China's shipping-related businesses rose 7 percent on Wednesday, while the benchmark Shanghai Composite Index dropped 0.1 percent to close at 3479.63 points.

Share prices of shipping...

Boosted by China's growing trade volume in the first quarter of this year and the world's surging demand for shipping services, the stock index of China's shipping-related businesses rose 7 percent on Wednesday, while the benchmark Shanghai Composite Index dropped 0.1 percent to close at 3479.63 points.

Share prices of shipping...

13.04.2021

South China’s Hainan qualifies first wholly foreign-owned shipping enterprise

Hainan’s Maritime Safety Administration issued a compliance certificate to Hainan Laifushi Marine Engineering Management Co, meaning the enterprise became the first wholly foreign-owned shipping firm qualified for business in Hainan Free Trade Port.

This move marked that Hainan Free Trade Port has further released its policy dividend, Xinhua reported on Thursday,...

Hainan’s Maritime Safety Administration issued a compliance certificate to Hainan Laifushi Marine Engineering Management Co, meaning the enterprise became the first wholly foreign-owned shipping firm qualified for business in Hainan Free Trade Port.

This move marked that Hainan Free Trade Port has further released its policy dividend, Xinhua reported on Thursday,...

13.04.2021

China's loader sales up 52% in March

Sales of China's 23 leading loader makers reached 22,772 in March, up 52 percent year-on-year, data from the China Construction Machinery Association showed.

Some 4,151 loaders were exported to the overseas market, a 40.5-percent growth from the same period last year.

In the first quarter, total loader sales came in at 39,333...

Sales of China's 23 leading loader makers reached 22,772 in March, up 52 percent year-on-year, data from the China Construction Machinery Association showed.

Some 4,151 loaders were exported to the overseas market, a 40.5-percent growth from the same period last year.

In the first quarter, total loader sales came in at 39,333...

13.04.2021

China's excavator sales boom reflects global recovery

Business has been booming for Chinese excavator makers since the beginning of the year, fueled by surging market demands and signs of economic rebounds both at home and abroad.

In the first quarter, China's 26 leading excavator makers sold a total of 126,941 digging machines, up 85 percent year on year,...

Business has been booming for Chinese excavator makers since the beginning of the year, fueled by surging market demands and signs of economic rebounds both at home and abroad.

In the first quarter, China's 26 leading excavator makers sold a total of 126,941 digging machines, up 85 percent year on year,...

13.04.2021

China's travel industry returns to pre-pandemic level

China's travel industry bounced back to pre-coronavirus level by some metrics over the three-day Tomb Sweeping Day, or Qingming, Festival, from Saturday to Monday, the Wall Street Journal reported on Tuesday.

During this holiday, Chinese travelers made 102 million trips, more than double that of the same period a year earlier and equivalent...

China's travel industry bounced back to pre-coronavirus level by some metrics over the three-day Tomb Sweeping Day, or Qingming, Festival, from Saturday to Monday, the Wall Street Journal reported on Tuesday.

During this holiday, Chinese travelers made 102 million trips, more than double that of the same period a year earlier and equivalent...

13.04.2021

China's consumer price index up 0.4% in March

China's consumer price index, a main gauge of inflation, grew by 0.4 percent year-on-year last month, versus a 0.2 percent decline in February, the National Bureau of Statistics said on Friday.

The CPI reading picked up as non-food prices rose amid the rally in international commodity prices and recovering service prices...

China's consumer price index, a main gauge of inflation, grew by 0.4 percent year-on-year last month, versus a 0.2 percent decline in February, the National Bureau of Statistics said on Friday.

The CPI reading picked up as non-food prices rose amid the rally in international commodity prices and recovering service prices...

13.04.2021

China's garment industry sees further recovery in first two months

China's garment industry reported continued recovery in the first two months of the year, official data showed.

From January to February, major Chinese garment enterprises saw their combined output rise 38.4 percent from a year ago to 3.4 billion pieces, according to the Ministry of Industry and Information Technol*ogy.

During the period,...

China's garment industry reported continued recovery in the first two months of the year, official data showed.

From January to February, major Chinese garment enterprises saw their combined output rise 38.4 percent from a year ago to 3.4 billion pieces, according to the Ministry of Industry and Information Technol*ogy.

During the period,...

13.04.2021

China's service trade deficit narrows sharply

China recorded a service trade deficit of 43.28 billion yuan (about $6.61 billion) in the first two months of this year. It was down by 77.2 percent from the same period a year ago, data from the Ministry of Commerce showed on Thursday.

The country's total service trade volume reached 713.98...

China recorded a service trade deficit of 43.28 billion yuan (about $6.61 billion) in the first two months of this year. It was down by 77.2 percent from the same period a year ago, data from the Ministry of Commerce showed on Thursday.

The country's total service trade volume reached 713.98...

13.04.2021

China launches natural gas project to help attain carbon neutrality target

A major natural gas project under construction in southwestern China will further facilitate the government's efforts to achieve peak carbon dioxide emissions by 2030 and reach carbon neutrality by 2060, said an analyst.

The project will contribute substantially to the country's carbon neutrality goal, helping China achieve its target in terms...

A major natural gas project under construction in southwestern China will further facilitate the government's efforts to achieve peak carbon dioxide emissions by 2030 and reach carbon neutrality by 2060, said an analyst.

The project will contribute substantially to the country's carbon neutrality goal, helping China achieve its target in terms...

13.04.2021

Rare-earth firms in Ganzhou halt production to rectify environmental issues

About 40-50 percent of the rare-earth enterprises in Ganzhou, East China's Jiangxi Province - most in the middle and downstream segments of the industry chain - have halted production in recent days to rectify environmental protection issues, industry insiders told the Global Times. 

Ganzhou is a main production base for China's...

About 40-50 percent of the rare-earth enterprises in Ganzhou, East China's Jiangxi Province - most in the middle and downstream segments of the industry chain - have halted production in recent days to rectify environmental protection issues, industry insiders told the Global Times. 

Ganzhou is a main production base for China's...

13.04.2021

China’s economic recovery pushes coal mines to increase yield

China's fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising prices, an energy expert said following a meeting requiring coal plants to increase production to the maximum level.

The nation's top economic planner, the National Development and Reform Commission (NDRC)...

China's fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising prices, an energy expert said following a meeting requiring coal plants to increase production to the maximum level.

The nation's top economic planner, the National Development and Reform Commission (NDRC)...

13.04.2021

Chinese research team makes international breakthrough with seabed drilling rig

Sea Bull II, a deep-sea drilling rig developed by a Chinese research team, held a successful trial for drilling at a world-record depth of 231 meters on the seabed of the South China Sea on Wednesday. 

The trial could help address China’s lack of deep-sea drilling rigs that are capable of...

Sea Bull II, a deep-sea drilling rig developed by a Chinese research team, held a successful trial for drilling at a world-record depth of 231 meters on the seabed of the South China Sea on Wednesday. 

The trial could help address China’s lack of deep-sea drilling rigs that are capable of...

13.04.2021

China's forex reserves fall in March

China's foreign exchange reserves shrank to $3.17 trillion at the end of March from $3.205 trillion at the end of February, official data showed Wednesday.

The amount fell 1.09 percent from the end of February, according to the State Administration of Foreign Exchange.

In March, China's forex market functioned stably, with the...

China's foreign exchange reserves shrank to $3.17 trillion at the end of March from $3.205 trillion at the end of February, official data showed Wednesday.

The amount fell 1.09 percent from the end of February, according to the State Administration of Foreign Exchange.

In March, China's forex market functioned stably, with the...

13.04.2021

Chinese foreign trade exceeds expectation, but uncertainties remain

China's import and export magnitude has far exceeded the same period last year, with the growth rate hitting around 20 percent compared with the same period in 2018 and 2019 before the COVID-19 outbreak, according to the spokesperson with the Ministry of Commerce (MOFCOM) on Thursday.

Since last year, in the...

China's import and export magnitude has far exceeded the same period last year, with the growth rate hitting around 20 percent compared with the same period in 2018 and 2019 before the COVID-19 outbreak, according to the spokesperson with the Ministry of Commerce (MOFCOM) on Thursday.

Since last year, in the...

13.04.2021

China’s equity markets bearish as Washington holds on to aggressive stand

China stocks ended lower on Friday to post a weekly loss, as robust inflation data raised investor concerns over policy tightening, while Sino-U.S. tensions also weighed on the market.

The blue-chip CSI300 index fell 1.5% to 5,035.34, while the Shanghai Composite Index eased 0.9% to 3,450.68.

For the week, CSI300 dropped 2.4%,...

China stocks ended lower on Friday to post a weekly loss, as robust inflation data raised investor concerns over policy tightening, while Sino-U.S. tensions also weighed on the market.

The blue-chip CSI300 index fell 1.5% to 5,035.34, while the Shanghai Composite Index eased 0.9% to 3,450.68.

For the week, CSI300 dropped 2.4%,...

Eurasia

13.04.2021

Energy partnership bolsters China–Russia relations

Russia’s Novatek and China’s Shenergy signed a new gas deal in February 2021, highlighting the primacy of energy ties in China–Russia relations. Under the provisions of the agreement, Novatek will ship around 3 million tonnes a year of liquefied natural gas (LNG) to Shenergy’s Shanghai terminals over the next...

Russia’s Novatek and China’s Shenergy signed a new gas deal in February 2021, highlighting the primacy of energy ties in China–Russia relations. Under the provisions of the agreement, Novatek will ship around 3 million tonnes a year of liquefied natural gas (LNG) to Shenergy’s Shanghai terminals over the next 15 years.

Gas will...

13.04.2021

Trade turnover between Kazakhstan and China shows historical growth

In January-February of this year, trade between China and Kazakhstan increased by 20% compared to the same period in 2020, amounting to $3.5 billion. “The history of bilateral cooperation between our countries has not yet known such a growth rate. Such impressive statistics are not accidental, since the total trade...

In January-February of this year, trade between China and Kazakhstan increased by 20% compared to the same period in 2020, amounting to $3.5 billion. “The history of bilateral cooperation between our countries has not yet known such a growth rate. Such impressive statistics are not accidental, since the total trade...

13.04.2021

Kyrgyz PM, Chinese ambassador discuss enhancing practical cooperation

Kyrgyz Prime Minister Ulukbek Maripov has met with Chinese Ambassador to Kyrgyzstan Du Dewen, and both sides discussed such issues as the development of bilateral relations and strengthening practical cooperation, according to a press release on Friday.

Maripov, on behalf of President of Kyrgyzstan Sadyr Zhaparov and the government, thanked the...

Kyrgyz Prime Minister Ulukbek Maripov has met with Chinese Ambassador to Kyrgyzstan Du Dewen, and both sides discussed such issues as the development of bilateral relations and strengthening practical cooperation, according to a press release on Friday.

Maripov, on behalf of President of Kyrgyzstan Sadyr Zhaparov and the government, thanked the...

Europe

13.04.2021

China/Mongolia land port handles over 600 China-Europe freight trains in 2021

A total of 631 China-Europe freight trains have passed through the border port of Erenhot in North China's Inner Mongolia autonomous region this year, according to the local customs bureau.

Imports carried by the trains include agricultural products such as sugar, sunflower seeds, flaxseed and sunflower oil, in addition to traditional...

A total of 631 China-Europe freight trains have passed through the border port of Erenhot in North China's Inner Mongolia autonomous region this year, according to the local customs bureau.

Imports carried by the trains include agricultural products such as sugar, sunflower seeds, flaxseed and sunflower oil, in addition to traditional...

13.04.2021

World's largest shipping alliance launches new route linking China, Europe

Ocean Alliance, the world's largest container shipping alliance in carrying capacity, launched a new route linking northern China and Europe at Tianjin Port on Friday.

As the first foreign trade ocean lane opened at the port this year, the route aims to improve the maritime transport corridor between the Beijing-Tianjin-Hebei area...

Ocean Alliance, the world's largest container shipping alliance in carrying capacity, launched a new route linking northern China and Europe at Tianjin Port on Friday.

As the first foreign trade ocean lane opened at the port this year, the route aims to improve the maritime transport corridor between the Beijing-Tianjin-Hebei area...

13.04.2021

Belt and Road in Italy enters third year

On 23 March 2019, Italy officially became part of the Belt and Road Initiative (BRI). Two years since the first G-7 country became part of the controversial Chinese project, it is time to make an initial assessment of Italy’s highly contested membership in the BRI.

Three important elements, two external and...

On 23 March 2019, Italy officially became part of the Belt and Road Initiative (BRI). Two years since the first G-7 country became part of the controversial Chinese project, it is time to make an initial assessment of Italy’s highly contested membership in the BRI.

Three important elements, two external and...

13.04.2021

BHP eyes strong commodity sales in China

Mining giant BHP Group anticipates more growth opportunities in China thanks to the country's high-quality urbanization, a top company official said.

"China's future is one of increasing opportunities and prosperity, and one of the most important contributions that BHP can make to China is ensuring that the commodities we produce are...

Mining giant BHP Group anticipates more growth opportunities in China thanks to the country's high-quality urbanization, a top company official said.

"China's future is one of increasing opportunities and prosperity, and one of the most important contributions that BHP can make to China is ensuring that the commodities we produce are...

13.04.2021

France's Remy Cointreau bullish on China market

French spirits group Remy Cointreau said it is accelerating efforts to cash in on increasing demand in China, its fastest-growing market. Sales in China now exceed levels seen before the COVID-19 pandemic, and the annual performance this year is expected to surpass that of last year, it said.

The company plans...

French spirits group Remy Cointreau said it is accelerating efforts to cash in on increasing demand in China, its fastest-growing market. Sales in China now exceed levels seen before the COVID-19 pandemic, and the annual performance this year is expected to surpass that of last year, it said.

The company plans...

13.04.2021

Ambassador calls for strengthening China-EU ties

As two major market forces and civilizations in the world, China and the EU must cooperate; that's the only way to achieve win-win development, said Ambassador Zhang Ming, head of the Chinese Mission to the EU, at the 2021 annual general assembly of the China Chamber of Commerce to the...

As two major market forces and civilizations in the world, China and the EU must cooperate; that's the only way to achieve win-win development, said Ambassador Zhang Ming, head of the Chinese Mission to the EU, at the 2021 annual general assembly of the China Chamber of Commerce to the...

South Asia, Middle East

13.04.2021

China, Thailand sign agreement on high-speed rail line, set to open in 2026

Thai transportation authorities and Chinese construction corporations signed a construction agreement for the first phase of the Thailand-China High Speed Rail on Monday, a new step forward for the long-awaited rail project that could link the two Asian countries.

The first 251-kilometer leg connecting the Thai capital, Bangkok, and Nakhon Ratchasima,...

Thai transportation authorities and Chinese construction corporations signed a construction agreement for the first phase of the Thailand-China High Speed Rail on Monday, a new step forward for the long-awaited rail project that could link the two Asian countries.

The first 251-kilometer leg connecting the Thai capital, Bangkok, and Nakhon Ratchasima,...

13.04.2021

Malaysia-China joint train project sees 1st tunnel breakthrough

The East Coast Rail Link (ECRL), Malaysia's mega rail project jointly constructed with China Communications Construction Company (CCCC), saw on Friday the first tunnel breakthrough in Terengganu state.

The breakthrough ceremony of the 1.1-km long single-bored Paka tunnel was attended by officials and representatives of project owner Malaysia Rail Link (MRL)...

The East Coast Rail Link (ECRL), Malaysia's mega rail project jointly constructed with China Communications Construction Company (CCCC), saw on Friday the first tunnel breakthrough in Terengganu state.

The breakthrough ceremony of the 1.1-km long single-bored Paka tunnel was attended by officials and representatives of project owner Malaysia Rail Link (MRL)...

13.04.2021

China-Brunei trade grows by over 70% in 2020

China and Brunei saw their bilateral trade volume rise 72.5 percent last year, ranking top among China's ASEAN partners, Chinese Ambassador to Brunei Yu Hong said on Saturday.

During the awards ceremony of the Logo Design Competition for the 30th anniversary of the establishment of diplomatic relations between Brunei and China,...

China and Brunei saw their bilateral trade volume rise 72.5 percent last year, ranking top among China's ASEAN partners, Chinese Ambassador to Brunei Yu Hong said on Saturday.

During the awards ceremony of the Logo Design Competition for the 30th anniversary of the establishment of diplomatic relations between Brunei and China,...

13.04.2021

China-Arab relations deepen beyond silk

China and the Arabs have a long and rich economic and cultural history, and this distinguished relationship still exists today, with a promising future. This bilateral relationship between the two nations is based on the principles of respect and non-interference in internal affairs or foreign policies. Therefore, China’s relationship with...

China and the Arabs have a long and rich economic and cultural history, and this distinguished relationship still exists today, with a promising future. This bilateral relationship between the two nations is based on the principles of respect and non-interference in internal affairs or foreign policies. Therefore, China’s relationship with...

Africa, Americas

13.04.2021

Chinese companies using majority of African workers in Africa

Chinese construction companies provide large numbers of employment opportunities in Africa, said a report titled "Chinese firms and African labor are building Africa's infrastructure" in Washington Post on Friday.

The report answered concerns on China's employment practices for large infrastructure projects in Africa.

The report, citing a number of scholars' research and...

Chinese construction companies provide large numbers of employment opportunities in Africa, said a report titled "Chinese firms and African labor are building Africa's infrastructure" in Washington Post on Friday.

The report answered concerns on China's employment practices for large infrastructure projects in Africa.

The report, citing a number of scholars' research and...

13.04.2021

US recovery boon for Chinese exporters

Is the US going through a strong wave of consumption rebound as the country's economy restarts after the coronavirus' impact? Taking the business of some Chinese exporters who rely heavily on the US market, the answer is yes.

From fireworks to medical equipment makers, Chinese businesses are seeing increasing orders from...

Is the US going through a strong wave of consumption rebound as the country's economy restarts after the coronavirus' impact? Taking the business of some Chinese exporters who rely heavily on the US market, the answer is yes.

From fireworks to medical equipment makers, Chinese businesses are seeing increasing orders from...

Markets

13.04.2021

Greenback regains part of losses on US Treasury bond jump

The dollar edged higher against a basket of currencies on Friday, paring some of the week’s losses, as a stronger-than-expected rise in U.S. and Chinese inflation gauges drove up bond yields.

The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.10% higher at 92.163.

“We’re...

The dollar edged higher against a basket of currencies on Friday, paring some of the week’s losses, as a stronger-than-expected rise in U.S. and Chinese inflation gauges drove up bond yields.

The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.10% higher at 92.163.

“We’re...

13.04.2021

Stock markets keep riding high on macroeconomic resilience

The S&P 500 and the Dow notched record closing highs on Friday after solid U.S. inflation data and an uptick in Treasury yields suggested the economic recovery from the pandemic-related recession was gaining momentum.

"(It was) a fairly quiet Friday with low volume, a welcome change from 12 months ago," said...

The S&P 500 and the Dow notched record closing highs on Friday after solid U.S. inflation data and an uptick in Treasury yields suggested the economic recovery from the pandemic-related recession was gaining momentum.

"(It was) a fairly quiet Friday with low volume, a welcome change from 12 months ago," said...

13.04.2021

Brent dips below $63/b as output rises add to lockdown bullying

Oil prices settled lower on Friday and fell around 2% this week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.

Brent crude futures for June settled down 22 cents, or 0.4%, to $62.95. U.S. West Texas Intermediate (WTI) crude for May ended...

Oil prices settled lower on Friday and fell around 2% this week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.

Brent crude futures for June settled down 22 cents, or 0.4%, to $62.95. U.S. West Texas Intermediate (WTI) crude for May ended...

13.04.2021

Low winds push North Sea region’s natural gasprices up

British wholesale gas prices rose slightly on Friday as a forecast dip in wind power output increased gas demand from power stations and flows of liquefied natural gas (LNG) fell.

The within-day contract was up 0.50 pence at 53.25 p/therm by 0837 GMT. The day-ahead contract was up 0.60 p at...

British wholesale gas prices rose slightly on Friday as a forecast dip in wind power output increased gas demand from power stations and flows of liquefied natural gas (LNG) fell.

The within-day contract was up 0.50 pence at 53.25 p/therm by 0837 GMT. The day-ahead contract was up 0.60 p at...

13.04.2021

Bullion hangs between bulls and bears

Gold slipped more than 1% on Friday, weighed down by a jump in U.S. Treasury yields and a rebound in the dollar, but bullion was still on course for its first weekly gain in three weeks.

Spot gold fell 0.7% to $1,743.73 per ounce by 11:16 a.m. EDT (1516 GMT), after...

Gold slipped more than 1% on Friday, weighed down by a jump in U.S. Treasury yields and a rebound in the dollar, but bullion was still on course for its first weekly gain in three weeks.

Spot gold fell 0.7% to $1,743.73 per ounce by 11:16 a.m. EDT (1516 GMT), after...

13.04.2021

Base metal prices hover, post weekly gains

Copper prices edged lower on Friday as strong Chinese inflation data raised fears that the world’s biggest metals consumer will tighten monetary policy, though expected supply tightness kept prices on course for a weekly gain.

Benchmark copper on the London Metal Exchange (LME) was down 0.3% at $8,984 a tonne in...

Copper prices edged lower on Friday as strong Chinese inflation data raised fears that the world’s biggest metals consumer will tighten monetary policy, though expected supply tightness kept prices on course for a weekly gain.

Benchmark copper on the London Metal Exchange (LME) was down 0.3% at $8,984 a tonne in...

13.04.2021

US wheat contracts up as global supplies narrow

Chicago corn ended lower on Friday after the U.S. Department of Agriculture assessed global supply and demand within analyst estimates.

Wheat strengthened as global supply shrank on Chinese feed consumption, while soybeans eased on larger stocks in South America.

The most active corn contract on the Chicago Board of Trade ended 2-1/2...

Chicago corn ended lower on Friday after the U.S. Department of Agriculture assessed global supply and demand within analyst estimates.

Wheat strengthened as global supply shrank on Chinese feed consumption, while soybeans eased on larger stocks in South America.

The most active corn contract on the Chicago Board of Trade ended 2-1/2...