The Global economic outlook is gloomy in the shadow of COVID-19. As Countries take tough preventative public health measures amid what the International Monetary Fund calls “the Great Lockdown,” the global economy is projected to shrink by as much as 3 percent in 2020. In China, the first epicentre of the COVID-19 outbreak, the economy has been inescapably ground to a halt despite some encouraging signs of regrowth. In the first quarter of 2020, China’s GDP declined by 6.8 percent from a year ago, the first recorded economic contraction in decades.
China-Europe rail freight services, launched in 2011, are considered a significant part of the Belt and Road Initiative aimed at boosting trade between China and other countries and regions. Rail freight lines now link more than 60 Chinese cities to over 50 destinations in Europe.
Is the Communist government of China scheming to use cranes and bulldozers to take over the world? Over the past five years, China’s newest packaging of its global economic expansion—the Belt and Road Initiative (BRI)—has fostered alarm and eagerness in nearly equal measures. How worried should the West be about this new stage of China’s outward march?
So far, 126 countries and 29 international organizations have signed cooperation agreements of various kinds under the framework of the initiative. Over the past six years, the total trade volume between China and the other participating countries has surpassed $6 trillion and 82 industrial parks have been established, creating nearly 300,000 local jobs.
The United States relentlessly demonizes China and its BRI, labeling the country the greatest threat to America and the BRI as "debt traps" for participating countries. To maximize the effects of its propaganda, the U.S. government enlisted scholars, think tanks and mainstream media to fan the anti-Chinese government rhetoric. Presumably, their "expertise" would give it "credence."
The reform and opening-up policy changed the face of China in just 40 years. From agriculture and education to technology and economy, every sector in the country has undergone tectonic development. China Media Group is summarizing the country's recent history in a six-episode documentary, titled "To honor the 40 years we have experienced together."
For nearly six years, the Belt and Road initiative has been among the most discussed multilateral projects in the world, but in spite of this, there remain some fundamental misunderstandings about just what Belt and Road is.
China to develop HyperFlight train capable 1,000 km/h speeds by 2025
China's leaders have long known that the economy has outgrown the world market, and is desperately in need of rebalancing. But, thanks to Donald Trump’s trade war, they are now pursuing that goal with a new sense of urgency, suggesting that US pressure may well end up being a blessing in disguise for China.
China published a white paper on Sino-US trade frictions on Monday, defending the legitimacy of its positions on trade and innovation practices while accusing the United States of trade bullying and intimidation.
The Belt and Road Initiative has turned China's inland areas into the frontline of the country's opening up, with robust trade between the western, central Chinese regions and countries participating in the initiative.
We're being bombarded by Twitter storms suggesting that globalization is bad, or at least it is for US manufacturing. The outcry against globalization doesn't hold water, because globalization is an all-encompassing concept that encapsulates both manufacturing as well as its supply chains. It's especially true in the case of China's push for green vehicle technology.
With China holding the rotating chair of the Shanghai Cooperation Organization this year, the regional group can take advantage of the Belt and Road Initiative to boost interconnectivity and catalyze member states' economic growth, veteran officials said.
In 2017, China made remarkable achievements in various areas, coming one step closer to realizing the Chinese Dream of national rejuvenation. The country's GDP rose to 80 trillion yuan (about 12.3 trillion US dollars), over 13 million jobs were created, more than 10 million rural residents were lifted out of poverty, the first Chinese-built aircraft carrier was launched, and the quality of the environment has improved.
Named after the historic Silk Road, the BRI aims to chart new opportunities for international cooperation by building a trade and infrastructure network connecting Asia with Europe and Africa along the Silk Road's ancient routes. Over the past five years, the BRI has become a reality: as of December 2017, China had signed over 100 cooperation agreements with 86 countries and international organizations.
The yuan's central parity rate strengthened by 160 basis points to 6.2885 against the US dollar on Friday, according to data from the People's Bank of China, the central bank. In January, the yuan strengthened by about 3.4 percent against the US dollar, the strongest one-month rise in about 24 years. The yuan appreciated by roughly 6 percent against the US dollar in 2017, having previously suffered a decline since mid-2015, when the government launched reforms to establish a more market-oriented central parity exchange rate mechanism. A rising yuan exerts negative pressure on exports by making them more expensive for overseas buyers, but it is beneficial for imports, according to industry experts.
The Third Plenary Session of the 19th Communist Party of China Central Committee made the decision to deepen the reform of Party and State institutions, saying the reform will facilitate the modernization of the country's governance system and capability from a strategic and long-term perspective.
China has indeed drawn upon advanced Western experiences, including political, to make its remarkable achievements since reform and opening-up. But the phase of being a pure learner has passed.
WASHINGTON - China's approach to global economic affairs shows the country is a defender of a multilateralism and free trade, said an international affairs expert in a leading US newspaper on Wednesday.
The yuan's central parity rate on Thursday strengthened 192 basis points to 6.3724 against the US dollar, the highest level since November 2015. Earlier this month, the People's Bank of China (PBC), the country's central bank, reportedly removed a component known as the counter-cyclical factor from its mechanism of calculating the yuan's daily fixing against the US currency.
This is the time of the year when one-fifth of humanity celebrate the Spring Festival, the beginning of the new year according to the Chinese lunar calendar. The Spring Festival, or Chun Jie in Chinese, is the oldest public festival in China and one of the oldest in the world. It has a history of more than 4,700 years, 2,697 years older than the Gregorian New Year on the universal calendar today.
China’s trade numbers hit a new record of 27.79 trillion yuan (about 4.28 trillion US dollars) in 2017, reversing the previous two years of decline.
I’m Robert Lawrence Kuhn and here’s what I’ve been watching – 2017, what a year in China! I’ve seen it all, up close.
In 2017, cross-border investment and trade found itself under attack from all sides as part of an anti-globalization movement. China itself has been caught up in this storm, after the US decided to put it under a trade investigation.
Machine learning will give more intelligence and even actual insights to machines working as robotic assistants. The digital experience will be immersive and stimulating. And networks will become more secure and interconnected.
New archaeological research has shed fresh light on China's first emperor - creator of the world-famous terracotta army - and his quest for eternal life, state media reported.
A Chinese-made self-driving container straddle carrier, said to be the first of its kind in the world, is now undergoing testing at a port in Shanghai, reports China Central Television.