Category: Economy

China-US trade rose 81.3% to $109.8 billion in Jan and Feb in US dollar terms, the Chinese National Bureau of Statistics reports. Chinese exports to the US could jump 20% in 2021. US is now China’s third largest trading partner, behind ASEAN and EU. US is bound to increase imports with the $1.9 trillion bonus.

While Reuter reports:

* Jan-Feb exports +60.6% yr/yr

* Jan-Feb imports +22.2% yr/yr

* Jan-Feb trade surplus $103.25 bln

* Feb exports +154.9% y/y, imports +17.3%

After Jan-Feb exports surge 60.6% in US dollar terms, Chinese exporters weigh price hikes to offset inflated raw material costs.

China’s central bank said Wednesday it has joined its counterparts in Thailand and the United Arab Emirates to study the use of digital currencies in cross-border payments, a move that puts it closer to setting the global rules for international transactions handled in national virtual currencies.

China poised to take over the US as the world’s top destinations for foreign investment in 2020. This is helped by the country’s ability to secure a stable production while the global supply chain is fractured by the coronavirus outbreak.

China’s GDP topped 100 tln yuan for first time, reaching 101.59 tln yuan with 2.3% y-o-y expansion in 2020, said NBS official on Mon. It is estimated to account for 17% of global total for the year, with China expected to become only major economy with positive growth in 2020.

China’s 2020 new shipbuilding orders exceed South Korea’s, back to No.1 in world after two years.

• China’s official consumer price index (CPI) fell to minus 0.5 per cent in November from a year earlier – down from 0.5 per cent growth in October
• The decline was driven by improvements in pork supply, but the mild deflation has not painted a ‘picture of consumer spending exuberance’, one analyst says

You go on Taobao, everything is cheap, cheaper than a few years ago. So I buy, buy and buy.

Eight missions for 2021 from China’s Central Economic Work Conference

1, Strengthen national strategic scientific and technological strength

2, Enhance independent controllability of the industrial supply chain

3, Adhere to strategic basis of expanding domestic demand

4, Comprehensively promote reform and opening-up

5, Solve the problems of seeds and arable land

6, Strengthen anti-monopoly and prevent disorderly expansion of capital

7, Solve outstanding problems of housing in big cities

8, Work toward carbon neutrality