11-29-20 At a closed-door conference held in Beijing on November 29, Chinese government bodies including the Ministry of Ecology and Environment finally approved new classification standards for the country’s steel scrap sector. Though the details are yet to be released, the new standards classify categories of steel scrap and are comparable to those in use internationally, paving the way for China to re-open its ports to approved types of foreign steel scrap. Despite the size of the China’s steel scrap industry, until now the country has lacked a unified system of steel scrap classifications and those that Chinese steelmakers and scrap collectors are presently using have been described as “crude” and at odds with those of other countries. The release of the new China steel scrap standards may mark the first step in China’s push to diversify raw materials for steel production, a move that analysts say will reduce reliance on Iron Ore imports from Australia amid fraught bilateral ties, souring prices and in align with China’s pursuit for carbon neutrality by 2060.
12-31-20 Ministry of Ecology and Environment, National Development and Reform Commission and other five departments jointly issued a “Notice on matters relating to the standardization of the import management of recycled iron and steel raw materials,” the announcement said that products that meet the national standard of “recycled iron and steel raw materials” are not solid waste and can be imported freely. The announcement aims to regulate the management of China’s imports of recycled iron and steel materials to clarify requirements and form a synergy. According to China’s import and export regulations for recycled iron and steel materials to clarify the customs commodity code, while proposing that does not meet the “recycled iron and steel materials” national standards will be prohibited from import. The announcement will be implemented from January 1, 2021. Steel scrap standards have been officially released on December 17, the standard for the integrated use of domestic and international recycled steel raw materials resources to provide standard technical support, is conducive to promoting the high-quality development of China’s steel industry.
A shortage of containers in China comes as exports in the country surged 21% in November from a year ago. Chinese factories are pumping out appliances, electronics, toys, clothes, and personal protective equipment to the world.
Due to China’s lopsided trade balance – exporting three containers for every one imported recently – and delays in containers returning to China due to the pandemic overseas, a severe shortage is now starting to pinch export flows.
Chinese venture capitalists are shifting their investment focus to Indonesia, where technology investments have jumped 55% in the first half of 2020. Indonesia and India, the largest and most important economies in Southeast and South Asia respectively, are important investment destinations for Chinese companies. However, Chinese experts and scholars interviewed by the Global Times reminded Chinese companies to take advantage of the lessons learned in the Indian market, invest in Indonesia with a cautious attitude, conduct site visits in advance before entering the market, and take a step-by-step approach to avoid making large-scale acquisitions in a hurry.
In the first nine months of this year, new orders received by Chinese shipbuilders accounted for 58.3% of the world market share, and orders in the hands of shipyards also accounted for 48.3% of the global share, ranking first in the world.
China replacing the US to become largest trade partner of the EU in Q3 is good news for both China and the EU, reflecting resilience and potential bilateral economic and trade relationship.
The coronavirus pandemic has reshuffled the international air travel market, and Shanghai has replaced London as the world’s largest hub, the latest report released by the International Air Transport Association showed.
Shanghai is now the top-ranked city for connectivity with the top four most connected cities all in China – Shanghai, Beijing, Guangzhou and Chengdu.
The report said London, the world’s number one most-connected city in September 2019, has seen a 67 percent decline in connectivity. By September 2020, it had fallen to number eight. The report also said New York (-66 percent fall in connectivity), Tokyo (-65 percent), Bangkok (-81 percent), Hong Kong (-81 percent) and Seoul (-69 percent) have all exited the top ten.
-Trade & Investiment: reaffirm support for rules of WTO in multilateral trading system -Innovation & Digitalization: strengthen digital infrastructure, accelerate transformation, narrow digital divide, cooperate to facilitate data flow.
APEC PUTRAJAYA VISION 2040
Our Vision is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.
Remaining committed to APEC’s mission and its voluntary, non-binding and consensus-building principles, we will achieve this Vision by pursuing the following three economic drivers:
Trade and Investment: To ensure that the Asia-Pacific remains the world’s most dynamic and interconnected regional economy, we acknowledge the importance of, and will continue to work together to deliver, a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment. We reaffirm our support for agreed upon rules of the WTO in delivering a well-functioning multilateral trading system and promoting the stability and predictability of international trade flows. We will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which contributes to high standard and comprehensive regional undertakings. We will promote seamless connectivity, resilient supply chains and responsible business conduct.
Innovation and Digitalisation:To empower all our people and businessesto participate and grow in an interconnected global economy, we will foster an enabling environment that is, among others, market-driven and supported by digital economy and innovation. We will pursue structural reforms and sound economic policies to promote innovation as well as improve productivity and dynamism. We will strengthen digital infrastructure, accelerate digital transformation, narrow the digital divide, as well as cooperate on facilitating the flow of data and strengthening consumer and business trust in digital transactions.
Strong, Balanced, Secure, Sustainable and Inclusive Growth: To ensure that the Asia-Pacific region is resilient to shocks, crises, pandemics and other emergencies, we will foster quality growth that brings palpable benefits and greater health and wellbeing to all, including MSMEs, women and others with untapped economic potential. We will intensify inclusive human resource development as well as economic and technical cooperation to better equip our people with the skills and knowledge for the future. We will promote economic policies, cooperation and growth which support global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.
To maintain APEC’s unique position as the premier forum for regional economic cooperation as well as a modern, efficient and effective incubator of ideas, we will embrace continuous improvement of APEC as an institution through good governance and stakeholder engagements. We will advance the APEC Putrajaya Vision 2040 with a spirit of equal partnership, shared responsibility, mutual respect, common interest, and common benefit. We will achieve the Vision by 2040, with an appropriate implementation plan and review of its progress.
China and 14 Asia Pacific economies (Indonesia, Malaysia, Philippines, Thailand, Singapore, Brunei Darussalam, Cambodia, Laos, Myanmar, Viet Nam, Japan, Korea, New Zealand, Australia) on Sunday officially signed the RCEP, which is said to be the world’s largest trade pact, in a virtual ceremony. The signing of the RCEP would help the Asia Pacific region take the global lead in recovering from the COVID19 pandemic and reduce US hegemony in the region. The deal will create what is believed to be the world’s largest free trade zone, covering about one-third of the world’s total population and GDP. It will be also Japan’s first free trade framework with its vital trading partners China and South Korea.
Alibaba said sales during the just ended Double 11 global shopping festival nearly reached 500 billion yuan ($75.39 billion), a milestone showing robust consumption by Chinese consumers.
