Global-China Information Service

Abstract : The handover and inauguration ceremony of the China-aided COVID-19 nucleic acid test laboratory was held in the Lao capital Vientiane on Friday. Chinese and Lao representatives pose for a group photo at a handover and inauguration ceremony of the China-aided COVID-19 nucleic acid test laboratory in Vientiane, Laos, Nov. 27, 2020. The handover and inauguration ceremony of the China-aided COVID-19 nucleic acid test laboratory was held in the Lao capital Vientiane on Friday. Southwest China’s Yunnan Province, bordering Laos, undertook the task to build the laboratory, and has sent a medical team to Vientiane to install the equipment and train local technical staff. (Photo by Kaikeo Saiyasane/Xinhua) VIENTIANE, Nov. 28 (Xinhua) — The handover and inauguration ceremony of the China-aided COVID-19 nucleic acid test laboratory was held in the Lao capital Vientiane on Friday. Southwest China’s Yunnan Province, bordering Laos, undertook the task to build the laboratory, and h...

Abstract : BMW (China) Automotive Trading Ltd. will recall 740 imported cars in the Chinese market due to faulty front tie rods, according to the country's top quality watchdog. BEIJING, Nov. 28 (Xinhua) — BMW (China) Automotive Trading Ltd. will recall 740 imported cars in the Chinese market due to faulty front tie rods, according to the country’s top quality watchdog. The recall, set to begin on Jan. 1 next year, will involve some imported X5, X6, X7 and X5 M models manufactured between May 29 and Sept. 11, 2020, said a statement issued by the State Administration for Market Regulation. The bearing seat of the right front tie rod of the front axle girder may not be firmly welded, leading to a risk that the right front wheel of the vehicle might fall off the vehicle. The company will repair the recalled vehicles free of charge to eliminate risks, according to the statement. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative ...

Abstract : The number of Chinese peer-to-peer (P2P) lenders had fallen to zero by mid-November from a peak of about 5,000, due to the country's ongoing efforts to crack down on risky forms of financing, according to an official with the country's top banking regulator. BEIJING, Nov. 28 (Xinhua) — The number of Chinese peer-to-peer (P2P) lenders had fallen to zero by mid-November from a peak of about 5,000, due to the country’s ongoing efforts to crack down on risky forms of financing, according to an official with the country’s top banking regulator. The risks of shadow banking have continued to fall in recent years, with the scale of shadow banking shrinking by 20 trillion yuan (about 3.04 trillion U.S. dollars) from its historical peak, said Liu Fushou, a lawyer with the China Banking and Insurance Regulatory Commission. Liu called for efforts to resolutely prevent and fend off systemic financial risks, and make the financial sector better serve the real economy. Shadow ...

Abstract : The longest tunnel on the China-Laos railway was drilled through on Saturday, marking new progress in the construction of the railway expected to open at the end of next year. KUNMING, Nov. 28 (Xinhua) — The longest tunnel on the China-Laos railway was drilled through on Saturday, marking new progress in the construction of the railway expected to open at the end of next year. The 17.5-km-long Anding Tunnel, at the boundary area of Yuanjiang and Mojiang counties in southwest China’s Yunnan Province, is a first-class high-risk tunnel with unfavorable geology such as faults, harmful gas, karst, and soft rock, according to sources with the China Railway Kunming Group Co. Ltd. Up to now, the Yuxi-Mohan section of the railway, which links Kunming, capital of Yunnan, and Vientiane, capital of Laos, has completed a total investment of 11 billion yuan (1.67 billion U.S. dollars) this year and 47.35 billion yuan since the start of construction. With the Anding Tunnel drilled t...

Abstract : SAIC General Motors Corporation Ltd. will recall 649,357 vehicles from the Chinese market due to defective brakes, according to the country's top quality watchdog. BEIJING, Nov. 29 (Xinhua) — SAIC General Motors Corporation Ltd. will recall 649,357 vehicles from the Chinese market due to defective brakes, according to the country’s top quality watchdog. The recall, set to begin on Dec. 31, will involve Buick Envision SUVs manufactured between July 28, 2014, and Feb. 11, 2018, read a statement on the State Administration for Market Regulation website. The recalled vehicles have a faulty front brake hose that could rupture, causing brake fluid to leak in extreme circumstances. It could require increased efforts to bring the vehicles to a stop, according to the statement. The company has promised to replace the defective parts free of charge. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk...

Abstract : The Polish town of Terespol, lying on the border with Belarus, has long been one of the busiest gateways to the European Union (EU). Now riding the wave of fast-growing freight train services by China Railway Express (CRE), the town is looking for closer cooperation with China. WARSAW, Nov. 29 (Xinhua) — The Polish town of Terespol, lying on the border with Belarus, has long been one of the busiest gateways to the European Union (EU). Now riding the wave of fast-growing freight train services by China Railway Express (CRE), the town is looking for closer cooperation with China. A growing number of freight trains are passing the Bug River at Terespol to and from the EU, traveling to various cities in Poland and across the continent, including Madrid of Spain , Paris of France, Tilburg of the Netherlands , and Duisburg of Germany, to name but a few. “We already benefit from our location on the new silk road, which is very real,” Jacek Danieluk, mayor of Terespol, told X...

Abstract : China's industrial profits grew at a faster pace in October as the economy continued its robust recovery, with steady improvement in the supply-demand relations and company operations. Staff members work at a workshop in China First Heavy Industries(CFHI) in Qiqihar, northeast China’s Heilongjiang Province, April 10, 2020. (Xinhua/Wang Jianwei) BEIJING, Nov. 27 (Xinhua) — China’s industrial profits grew at a faster pace in October as the economy continued its robust recovery, with steady improvement in the supply-demand relations and company operations. The profits of major industrial firms totaled 642.91 billion yuan (about 97.77 billion U.S. dollars) in October, increasing by 28.2 percent year on year, data from the National Bureau of Statistics (NBS) showed Friday. The pace of growth quickened by 18.1 percentage points from September. In the first 10 months of the year, the profits of major industrial firms expanded 0.7 percent year on year to 5.01 trillion yua...

Abstract : China Zheshang Bank, one of the country's major joint-stock commercial banks, said its board of directors have agreed to open a wholly-owned wealth management subsidiary. HANGZHOU, Nov. 28 (Xinhua) — China Zheshang Bank, one of the country’s major joint-stock commercial banks, said its board of directors have agreed to open a wholly-owned wealth management subsidiary. Relevant matters are still pending regulatory approval, according to a statement on the lender’s website With a registered capital of 2 billion yuan (about 304.2 million U.S. dollars), the subsidiary will be located in Hangzhou, capital city of east China’s Zhejiang Province. The subsidiary’s business scope includes the issuance of public and private financing products and providing financial advisory and consulting services. The establishment of the subsidiary will strengthen the lender’s capability of serving the real economy, creating value for investors and fending off risks, according to the stat...

Abstract : The number of China-Europe freight trains entering and leaving via Horgos Port in northwest China's Xinjiang Uygur Autonomous Region has exceeded 4,000 so far this year, a record high despite the impact of COVID-19, customs authorities said Tuesday. URUMQI, Nov. 24 (Xinhua) — The number of China-Europe freight trains entering and leaving via Horgos Port in northwest China’s Xinjiang Uygur Autonomous Region has exceeded 4,000 so far this year, a record high despite the impact of COVID-19 , customs authorities said Tuesday. The number has already surpassed last year’s total, according to Horgos Customs on the China-Kazakhstan border. China-Europe freight train services have been favored by an increasing number of companies during the pandemic thanks to their low prices, large transportation capacity, and great stability and connectivity, said Long Teng with the Horgos Customs. Liu Kai, manager of a Horgos-based cargo company, said his firm has received an increasing...

Abstract : China will step up efforts to expand the free trade area network across the world to enlarge its "circle of friends", according to China's Commerce Minister Zhong Shan. BEIJING, Nov. 24 (Xinhua) — China will step up efforts to expand the free trade area network across the world to enlarge its “circle of friends”, according to China’s Commerce Minister Zhong Shan. After signing the Regional Comprehensive Economic Partnership (RCEP), China will see the China-Cambodia free trade agreement take effect at an early date and accelerate investment treaty negotiations with the European Union, Zhong said in a signed article published Tuesday in the People’s Daily. Zhong also urged efforts to upgrade the existing trade pacts with ASEAN, Singapore, the Republic of Korea (ROK) and New Zealand, and facilitate China-Japan-ROK, China-Gulf Cooperation Council, China- Norway and China-Israel free trade agreement negotiations. With the RCEP reaching a higher level in f...

Abstract : Underpinned by solid global demand for exports and a peak of stock market's gain since 2015, China's economic recovery stabilized in November, according to a Bloomberg report on Thursday. BEIJING, Nov. 27 (Xinhua) — Underpinned by solid global demand for exports and a peak of stock market’s gain since 2015, China’s economic recovery stabilized in November, according to a Bloomberg report on Thursday. “Authorities are turning their focus to longer-term growth objectives and discussing withdrawing the emergency stimulus” injected earlier this year, the report said, noting that China remains to be the only major economy likely to expand in 2020. Data compiled by Bloomberg showed that external demand growth has been a driving force of the economic rebound, in which health gear and technology products account for a significant part of exports. Thanks to the export orders, small and medium-sized companies in China have accelerated in production activity and an index h...

Abstract : Marcos Caldeira, a 34-year-old Brazilian businessman, has invested more than 10 million yuan (about 1.52 million U.S. dollars) in his import venture this year, shipping high-end Brazilian natural stones to China. XIAMEN, Nov. 25 (Xinhua) — Marcos Caldeira, a 34-year-old Brazilian businessman, has invested more than 10 million yuan (about 1.52 million U.S. dollars) in his import venture this year, shipping high-end Brazilian natural stones to China. In 2013, Caldeira came to the coastal city of Xiamen in east China to learn Chinese. Inspired by the city’s entrepreneurial environment, Caldeira started his own company, Marco Stones, selling Chinese stone products to South America. Caldeira has seen rapid business growth over the years, with the export volume reaching nearly 300 containers last year. Xiamen is one of China’s largest stone import and distribution centers. Caldeira’s company has become one of the largest stone exporters to the Brazilian market. Xiamen host...

Abstract : The State Railway of Thailand (SRT) and several contractors on Thursday signed five contracts relating to the construction of an initial section of the Thai-Chinese high-speed railway. BANGKOK, Nov. 26 (Xinhua) — The State Railway of Thailand (SRT) and several contractors on Thursday signed five contracts relating to the construction of an initial section of the Thai-Chinese high-speed railway. The initial section will be built between Bangkok and Nakhon Ratchasima province in northeastern Thailand, said SRT Governor Nirut Maneephan, who signed the contracts at the headquarters of the Ministry of Transport. The five contracts were related to the construction of a 101.15 km route at a cost of about 40.27 billion baht (about 1.32 billion U.S. dollars), the SRT governor said. The five contractors included Naowarat Pattanakarn Plc., Thai Engineer and Industry Co., SPTK Joint Venture Co., Italian-Thai Development Plc. and Civil Engineering Plc. Six railway stations will b...

Abstract : The People's Bank of China, the central bank, said it would conduct this year's 11th central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks. BEIJING, Nov. 27 (Xinhua) — The People’s Bank of China, the central bank, said it would conduct this year’s 11th central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks. The CBS, valued at 5 billion yuan (about 760 million U.S. dollars), is open to primary dealers for bidding at a fixed rate of 0.1 percent, the central bank said in a statement. The swap will be due on Feb. 27, 2021, said the statement. The CBS scheme allows dealers to swap the perpetual bonds they hold for central bank bills, which will boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system. Perpetual bonds are fixed-income securities with no maturity date and are not redeemable but...

Abstract : Kyrgyzstan is ready to strengthen practical cooperation with China and will create favorable conditions for Chinese enterprises to operate in Kyrgyzstan, Acting Prime Minister of Kyrgyzstan Artem Novikov said Tuesday. Acting Prime Minister of Kyrgyzstan Artem Novikov meets with Chinese ambassador to Kyrgyzstan Du Dewen in Bishkek, Kyrgyzstan, Nov. 24, 2020. Kyrgyzstan is ready to strengthen practical cooperation with China and will create favorable conditions for Chinese enterprises to operate in Kyrgyzstan, Artem Novikov said Tuesday. (Kyrgyz government press service/Handout via Xinhua) BISHKEK, Nov. 25 (Xinhua) — Kyrgyzstan is ready to strengthen practical cooperation with China and will create favorable conditions for Chinese enterprises to operate in Kyrgyzstan, Acting Prime Minister of Kyrgyzstan Artem Novikov said Tuesday. Kyrgyzstan attaches great importance to the development of relations with China, and bilateral cooperation within the framework of the China-...

Abstract : South China's Guangdong Province has built more than 110,000 5G base stations, with nearly 27 million 5G users, according to the latest statistics. GUANGZHOU, Nov. 26 (Xinhua) — South China’s Guangdong Province has built more than 110,000 5G base stations, with nearly 27 million 5G users, according to the latest statistics. Ma Xingrui, governor of Guangdong, shared the figures at the World 5G Convention, which opened Thursday. The province has over 1,600 5G-related enterprises, accounting for about one-third of the national total. Huawei and ZTE, which are both based in the province, have more than 5,000 5G essential patents, accounting for around one-third of the global total. He added that Guangdong has an advantage in developing 5G, as the output value of communication networks and base station equipment in the province accounts for about 70 percent of the country’s total, while its smartphone shipments make up about 30 percent of the global total. Enditem About...

Abstract : New Zealand School of Music and the Confucius Institute of Victoria University of Wellington co-hosted a concert featuring a mixture of Chinese and Western music here on Thursday. Artists from New Zealand perform during China Crossing IV, a concert featuring a mixture of Chinese and Western music in Wellington, New Zealand, Nov. 26, 2020. New Zealand School of Music and the Confucius Institute of Victoria University of Wellington co-hosted a concert featuring a mixture of Chinese and Western music here on Thursday. (Photo by Meng Tao/Xinhua) WELLINGTON, Nov. 26, 2020 (Xinhua) — New Zealand School of Music and the Confucius Institute of Victoria University of Wellington co-hosted a concert featuring a mixture of Chinese and Western music here on Thursday. The concert, called China Crossing IV, debut with music by Chinese New Zealand composer Gao Ping and arrangements by SOUNZ award winning composer Michael Norris. The full program featured performances by Lan Weiwei wi...

Abstract : China had launched more than 700,000 5G base stations, with over 180 million terminal connections, as of October this year, an official said Thursday. GUANGZHOU, Nov. 26 (Xinhua) — China had launched more than 700,000 5G base stations, with over 180 million terminal connections, as of October this year, an official said Thursday. Liu Liehong, vice-minister of Industry and Information Technology, revealed the numbers at the World 5G Convention, which opened Thursday in Guangzhou, capital of south China’s Guangdong Province. Liu said that the country’s 5G technology is seeing accelerated integration with the real economy, with an increasing number of terminals and more fields of application, such as smart manufacturing, health, energy and the agricultural sector. So far, 253 types of 5G terminals have been licensed in China, including 218 types of 5G mobile phones, he said. According to the Global Mobile Suppliers Association, as of mid-November, 122 carriers in 49 count...

Abstract : Chinese Premier Li Keqiang will hold the 25th regular meeting with his Russian counterpart Mikhail Mishustin via video link on Dec. 2, Foreign Ministry spokesperson Zhao Lijian said on Thursday. BEIJING, Nov. 26 (Xinhua) — Chinese Premier Li Keqiang will hold the 25th regular meeting with his Russian counterpart Mikhail Mishustin via video link on Dec. 2, Foreign Ministry spokesperson Zhao Lijian said on Thursday. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI). Source: Chinese, Russian PMs to hold 25th regular meeting

Abstract : China's central bank on Thursday pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy. BEIJING, Nov. 26 (Xinhua) — China’s central bank on Thursday pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy. More efforts will go into improving the money supply regulation mechanism to maintain reasonable and sufficient liquidity, the People’s Bank of China (PBOC) said in its third-quarter monetary policy report, ruling out the possibility of a “flood-like” stimulus. The PBOC stressed efforts to enable structural policy tools, including re-lending and rediscount programs, to play a more effective role in stabilizing businesses and jobs. China’s financi...

Abstract : A Chinese company in Laos, Khoukham Steel Industry Sole Co., Ltd, has recently shipped rebar to Cambodia, realizing the first exportation of steel produced in Laos. VIENTIANE, Nov. 27 (Xinhua) — A Chinese company in Laos, Khoukham Steel Industry Sole Co., Ltd, has recently shipped rebar to Cambodia, realizing the first exportation of steel produced in Laos. Around a dozen trucks loaded more than 300 tons of rebar left the southern Lao border gate for Phnom Penh, the capital of Cambodia, on November 20. This batch of rebar was produced at Khoukham Steel’s plant in Savannakhet Province, some 410 km east of Lao capital Vientiane. The Lao Ministry of Industry and Commerce on Friday confirmed with Xinhua that the shipment is the first batch of domestic steel exports from Laos. Ji Yongquan, general manager of the Chinese company in Laos, told Xinhua on Friday that after receiving the order, the company has strictly controlled the quality and managed to deliver the products to...

Abstract : Profits of China's major industrial firms totaled 642.91 billion yuan (about 97.77 billion U.S. dollars) in October, increasing by 28.2 percent year on year, data from the National Bureau of Statistics showed Friday. BEIJING, Nov. 27 (Xinhua) — Profits of China’s major industrial firms totaled 642.91 billion yuan (about 97.77 billion U.S. dollars) in October, increasing by 28.2 percent year on year, data from the National Bureau of Statistics (NBS) showed Friday. The pace of growth quickened 18.1 percentage points from September. In the first 10 months of the year, the profits of major industrial firms expanded 0.7 percent year on year to 5.01 trillion yuan, reversing the 2.4-percent decline in the January-September period. Specifically, profits of state-controlled industrial firms dropped 7.5 percent from one year earlier to 1.29 trillion yuan, while industrial firms in the private sector saw their profits grow 1.1 percent year on year to 1.48 trillion yuan. Durin...

Abstract : China's Ministry of Commerce said Friday it would impose anti-dumping measures on wine imports from Australia. BEIJING, Nov. 27 (Xinhua) — China’s Ministry of Commerce said Friday it would impose anti-dumping measures on wine imports from Australia . The domestic industry has been subject to substantial damages due to the dumping of those products, the ministry said in a preliminary ruling posted on its website. Starting Saturday, importers of Australian wine are required to pay deposits ranging from 107.1 percent to 212.1 percent, the ministry said. After receiving request from the domestic industry, the ministry launched anti-dumping investigations into the products, according to a statement from the ministry on Aug. 18. The latest investigation and decision were made in line with Chinese laws and the World Trade Organization rules, the ministry said. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI)...

Abstract : Further opening up and strengthening international cooperation in technological innovation are essential to China's pursuit of a new development paradigm, according to economists from a Chinese government think tank. BEIJING, Nov. 26 (Xinhua) — Further opening up and strengthening international cooperation in technological innovation are essential to China’s pursuit of a new development paradigm, according to economists from a Chinese government think tank. To build a new development paradigm, it is necessary to improve the system for a higher-standard open economy, said Zhang Qi, director-general of the Research Department of Foreign Economic Relations at the Development Research Center (DRC) of the State Council. Floated in May, the new development paradigm of “dual circulation” allows the domestic and overseas markets to reinforce each other, with the domestic market as the mainstay. Zhang noted that the country should further advance institutional opening up, an...

Abstract : China Southern Airlines General Aviation Limited announced ownership restructuring on Thursday as the country pushes mixed-ownership reform of state-owned enterprises (SOEs). BEIJING, Nov. 26 (Xinhua) — China Southern Airlines General Aviation Limited announced ownership restructuring on Thursday as the country pushes mixed-ownership reform of state-owned enterprises (SOEs). A subsidiary of China Southern Airlines, a major carrier of the country, the company has introduced three investment entities as its stockholders, including a fund established last year to push mixed-ownership reform of SOEs. After the restructuring, the registered capital of China Southern Airlines General Aviation Limited would increase to 1.34 billion yuan (204 million U.S. dollars) from 1 billion yuan. China Southern Airlines Company Limited will continue to hold a controlling stake in the company. China has been pushing mixed-ownership reform of SOEs to encourage market operations and enhance...

Abstract : China and South Korea should enhance cooperation in fighting the COVID-19 pandemic, further develop bilateral ties and strengthen multilateral coordination and cooperation, visiting Chinese State Councilor and Foreign Minister Wang Yi said here on Thursday. Visiting Chinese State Councilor and Foreign Minister Wang Yi touches elbows with South Korean Foreign Minister Kang Kyung-wha after their talks in Seoul, South Korea, Nov. 26, 2020. (Xinhua/Wang Jingqiang) SEOUL, Nov. 26 (Xinhua) — China and South Korea should enhance cooperation in fighting the COVID-19 pandemic, further develop bilateral ties and strengthen multilateral coordination and cooperation, visiting Chinese State Councilor and Foreign Minister Wang Yi said here on Thursday. Wang, who arrived here late on Wednesday, made the remarks at a meeting with South Korean Foreign Minister Kang Kyung-wha during his three-day visit to South Korea. Kang, for her part, said that the South Korea-China strategic coop...

Abstract : Aided by the millimeter-level high-precision technology of China's BeiDou Navigation Satellite System (BDS), a geological disaster monitoring and early warning system can help minimize human life and property losses when landslides occur. CHENGDU, Nov. 25 (Xinhua) — Aided by the millimeter-level high-precision technology of China’s BeiDou Navigation Satellite System (BDS), a geological disaster monitoring and early warning system can help minimize human life and property losses when landslides occur. This is just one among a host of BDS applications that were on display at the 11th China Satellite Navigation Conference held in southwest China’s Chengdu City this week. The conference was the first significant event for exchanges on satellite navigation hosted by China following the commissioning of the BDS-3 system on July 31, 2020. The BDS-3 system is the first space infrastructure the country has provided for global public service. At the conference, over 100 enter...

Abstract : Themed "Sharing Advantaged Resources," the Fourth Session of NEXT Summit was held here on Wednesday, aiming to promote scientific and technological innovation and to enhance global industrial cooperation in the post-COVID era. AUCKLAND, New Zealand, Nov. 25 (Xinhua) — Themed “Sharing Advantaged Resources,” the Fourth Session of NEXT Summit was held here on Wednesday, aiming to promote scientific and technological innovation and to enhance global industrial cooperation in the post-COVID era. The summit, with online and offline events, has attracted more than 60 senior politicians, scholars, and business leaders from 12 countries. When delivering a keynote speech online, Essam Sharaf, the rotating president of NEXT Federation and former prime minister of Egypt , said the world should choose multilateralism over unilateralism, free trade over protectionism, and coexistence over superiority. He also called on countries in the world to seek dialogue and mutual u...

Abstract : The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade pact, "is a step in the right direction," and the multilateral system will be ultimately "the biggest winner" of this regional agreement, said Marcelo Olarreaga, professor of economics at the University of Geneva. GENEVA, Nov. 25 (Xinhua) — The Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade pact, “is a step in the right direction,” and the multilateral system will be ultimately “the biggest winner” of this regional agreement, said Marcelo Olarreaga, professor of economics at the University of Geneva. “I think these kinds of efforts, through which the states show their willingness to open themselves regionally … is a step in the right direction,” Olarreaga said in a recent interview with Xinhua. The RCEP accord was signed on Nov. 15 by 15 countries — the ten members of the Association of Southeast Asian Nations (ASEAN) plus ...

Abstract : China, with its rising refining industry, has driven global oil demand as the COVID-19 pandemic slashed it, and is emerging in the global refining industry shift, according to the International Energy Agency. Photo taken on July 21, 2020 shows the deck of the Kantan No.3 offshore oil platform in the northern waters of the South China Sea. (Xinhua/Pu Xiaoxu) China’s refiners are becoming a growing force in international markets for gasoline and diesel among other fuels, according to the International Energy Agency. NEW YORK, Nov. 26 (Xinhua) — China, with its rising refining industry, has driven global oil demand as the COVID-19 pandemic slashed it, and is emerging in the global refining industry shift, according to the International Energy Agency. Bloomberg quoted the agency as saying that as the demand for plastics and fuels grows in China and the rest of Asia, where economies are quickly rebounding from the pandemic, the refining capacity in China has been expanded....

Abstract : Chinese bond market continues to be attractive to foreign investors thanks to higher yields and appreciation of RMB, according to multiple experts. NEW YORK, Nov. 25 (Xinhua) — Chinese bond market continues to be attractive to foreign investors thanks to higher yields and appreciation of RMB, according to multiple experts. China’s enterprise bond spreads, especially with high-yield ones, are still above their historical average and should compensate for a gradual rise in the overall rate of credit market defaults under an orderly deleveraging scenario, said Mark Haefele, chief investment officer of UBS Global Wealth Management, in a recent research note. Haefele forecasted the default rate in the overall onshore China credit market would inch up to around 1.6 percent in 2021, up from 1.2 percent at present, driven by strong gross domestic product but slower credit growth. While recent credit events will result in losses for holders of select Chinese corporate bonds, “t...

Abstract : The Dongfang 13-2 gas fields project, China's largest offshore high-temperature and high-pressure gas fields project, has been put into operation, its operator said Wednesday. BEIJING, Nov. 25 (Xinhua) — The Dongfang 13-2 gas fields project, China’s largest offshore high-temperature and high-pressure gas fields project, has been put into operation, its operator said Wednesday. The project will likely have a peak annual gas output of over 3 billion cubic meters. It can serve 1 million people for 15 years, said China National Offshore Oil Corporation (CNOOC) Limited. Natural gas from the project will be supplied directly to regions in south China through subsea pipelines, the CNOOC Limited said. The Dongfang 13-2 gas fields project is located offshore Dongfang City, south China’s island province of Hainan. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st ce...

Abstract : The city of Huozhou in north China's Shanxi Province has found that an imported frozen food packaging sample tested positive for the novel coronavirus, local health authorities said on Wednesday. TAIYUAN, Nov. 25 (Xinhua) — The city of Huozhou in north China’s Shanxi Province has found that an imported frozen food packaging sample tested positive for the novel coronavirus , local health authorities said on Wednesday. According to the epidemic prevention and control team of Linfen, which administers Huozhou, the sample was taken from frozen freshwater shrimps imported from Ecuador. Local authorities have sealed the products, quarantined, and conducted nucleic acid tests on relevant personnel who had direct contact with the food. So far, all results showed negative. China has increased efforts to block COVID-19 through imported foods, with the Ministry of Transport releasing a guideline in mid-November to prevent the transmission of COVID-19 through imported cold-c...

Abstract : Singapore Economic Development Board announced on Thursday that the country's manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. SINGAPORE, Nov. 26 (Xinhua) — Singapore Economic Development Board announced on Thursday that the country’s manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. Excluding biomedical manufacturing, the output fell 2.7 percent in October from a year ago. On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output decreased 19 percent in October. Excluding biomedical manufacturing, the output fell 2.9 percent. As for the performance of different clusters, the electronics cluster’s output fell 0.6 percent year on year in October, compared to a revised 33.1 percent increase in September. The biomedical manufacturing cluster saw its output grow 10.2 percent in October, compared to a revi...

Abstract : A Bloomberg ranking has listed Vietnam the 10th among 53 major economies amid the havoc wreaked by the COVID-19 pandemic. HANOI, Nov. 26 (Xinhua) — A Bloomberg ranking has listed Vietnam the 10th among 53 major economies amid the havoc wreaked by the COVID-19 pandemic. The country posted a resilience score of 74.3 out of 100, local online newspaper VnExpress cited the ranking as reporting on Thursday. The COVID-19 Resilience Ranking released Tuesday surveyed 53 economies valued at over 200 billion U.S. dollars on some key metrics including the growth in virus cases, overall mortality rate, testing capabilities, vaccine supply agreements, the capacity of local healthcare systems and the impact of lockdowns on these economies. According to the survey, Vietnam had a test positivity rate of 0.1 percent while Mexico has the highest rate at 62.3 percent. Vietnam scored 39 out of 100 in “lockdown severity”, said the report. A high score indicates that social and economic a...