Sunday , January 17 2021
Home / Orange Wang

Orange Wang



Articles by Orange Wang

China’s trade surplus hits record in December to end year in which it exported 40 masks per person around world

3 days ago

[unable to retrieve full-text content]China ended 2020 with exceptionally strong exports and a historically large foreign trade surplus, despite being the first country hit by the coronavirus crisis, and in the face of international criticism of its mercantilist trade practices.Amid prolonged debates over deglobalisation and decoupling during the pandemic, the latest official figures showed that China’s trade surplus with the United States rose again last year – to the second-largest gap on record – in a fresh sign that the trade…

Read More »

Coronavirus: China’s new outbreak raises questions about consumer spending over Lunar New Year holiday

4 days ago

[unable to retrieve full-text content]Some citizens in Shijiazhuang, the capital of northern Hebei province and the epicentre of China’s biggest coronavirus outbreak in months, have had to turn to online bartering to get the products they need amid a lockdown of the city.“I have meat at home and want to exchange it for some eggs, would anyone like to do this,” one post asked on the WeChat messaging service last weekend.“I have facial masks, also want to exchange for some eggs,” said another post by a resident in a community in…

Read More »

China’s food security requires local Communist Party members to step up, new agricultural minister says

10 days ago

[unable to retrieve full-text content]Beijing must hold provincial Communist Party secretaries and governors personally responsible for adequate grain output, the country’s new agricultural minister said this week, calling this “the most important and necessary step” in ensuring China’s food security.The comments serve as the latest sign that Beijing is ramping up its efforts to increase reliance on domestic harvests to feed the nation’s 1.4 billion people.Tang Renjian, the newly installed minister of agricultural and rural affairs…

Read More »

China’s latest digital currency test doubles down on previous trial, nudging merchants and consumers to embrace e-yuan

23 days ago

[unable to retrieve full-text content]A small team from China Construction Bank visited Ma Fei’s snack store at a shopping centre in Suzhou city in late November, asking Ma to join a trial of China’s new digital currency. Ma, the shopkeeper, refused to join, saying he had no need nor desire to take part in the programme.A few days later, the mall’s management got involved, telling Ma that the digital yuan scheme was a government project and that he had better participate. This time, Ma, in his thirties, agreed to give it a try…

Read More »

China food security: Beijing calls for biotech breakthrough to improve seed industry

26 days ago

[unable to retrieve full-text content]Some 3,000 years after Chinese farmers domesticated soybeans, the government is calling for another biotechnology breakthrough in the seed industry to improve food security.Concerns about food supply have heightened in China this year amid reports of grain shortages and a call from President Xi Jinping to cut back on “shocking” food waste.Disruptions to food supply chains due to the coronavirus pandemic and China’s reliance on imported soybeans, including from geopolitical rival the United…

Read More »

China to open energy sector to foreign investment as it seeks to balance energy security with carbon neutral pledge

26 days ago

[unable to retrieve full-text content]China will open its energy sector wider to foreign investment as part of its plan to ensure security and prioritise the development of renewables, according to a new government white paper, although “efficient” use of fossil fuels will continue.Investment restrictions will be lifted on coal, oil, gas, power generation – except nuclear – and new energy businesses during the 14th five-year plan period between 2021-25, said Zhang Jianhua, head of the National Energy Administration, on Monday.At…

Read More »

China’s economic growth looks to continue into 2021, but infrastructure boom nearing its peak, analysts say

December 15, 2020

[unable to retrieve full-text content]A series of massive infrastructure construction projects have begun across China in the final months of the year, as the country’s building boom continues to boost economic growth in the fourth quarter and looks to continue doing so into 2021.However, the momentum of the country’s infrastructure and property building boom appears to be approaching its peak after Beijing turned to this traditional growth driver to help power the economy’s recovery from the damage caused by the coronavirus…

Read More »

EU ambassador to China hits out at ‘wolf warrior diplomacy’, urges Beijing to cherish ‘Deng Xiaoping legacy’

December 10, 2020

[unable to retrieve full-text content]European Union ambassador to China Nicolas Chapuis said on Thursday the bloc will seek common ground with the United States to stand up to Beijing’s bullying, intimidation and “wolf warrior diplomacy”, while recommending the government revisit “Deng Xiaoping’s legacy” to seek goodwill in Europe.The speech was made just days after China’s vice foreign minister Le Yucheng rejected the “wolf warrior” label used to criticise the aggressive rhetoric adopted by some Chinese diplomats. He described…

Read More »

China ‘accepts’ Joe Biden will not rush to remove Donald Trump’s US trade war tariffs, analysts say

December 4, 2020

[unable to retrieve full-text content]US President-elect Joe Biden’s decision to keep the Trump administration’s tariffs on Chinese goods for the time being is “acceptable” for China, analysts said.China and the United States signed a phase one trade deal in January, and the US halved a tariff on US$110 billion of Chinese goods to 7.5 per cent, but 25 per cent tariff on US$250 billion worth of goods remains.China is mentally prepared, the country has the best expectations for Biden’s China policy, but is prepared for the worst-case…

Read More »

Beijing is China’s only shining northern city as centre of economic gravity moves south

December 2, 2020

[unable to retrieve full-text content]All Chinese cities north of the Yangtze River, except Beijing, are in relative decline as the centre of economic gravity in the world’s second biggest economy quickly shifts southward.The capital is the only city in the north of the country included in China’s top 10 cities in terms of economic size this year, according to government data. Tianjin, one of China’s four municipalities under direct administration of the central government, lost its position in the list for the first time on record…

Read More »

China food security: how’s it going and why’s it important?

November 29, 2020

[unable to retrieve full-text content]Why is China’s food security important?China needs to feed its 1.4 billion people, around one fifth of the world’s population.The memory of China’s Great Famine that swept the country from 1958-62 is still rooted in the hearts of older generations. Mao Zedong’s Great Leap Forward, a radical agricultural campaign, was supposed to lead China into a communist utopia through rapid industrialisation and collectivisation, but it led to the death of tens of millions of people.And in a turbulent post…

Read More »

Joe Biden could be biggest risk to Chinese economy next year if he puts sanctions on certain industries, says leading economist

November 28, 2020

[unable to retrieve full-text content]Sanctions imposed by the incoming Biden administration that target specific Chinese industries could be one of the biggest risks to the economy next year, a leading economist has warned.David Li Daokui, a professor at Tsinghua University and a former adviser to China’s central bank, also warned that economic planners should not rule out the possibility that Donald Trump will make a comeback in four years’ time.He told a forum at Renmin University in Beijing on Saturday that there were signs…

Read More »

Sun Dawu vs the state: a cautionary tale for China’s private sector?

November 28, 2020

[unable to retrieve full-text content]Sun Dawu, the 66-year-old founder of a private conglomerate in the northern Chinese province of Hebei, was detained earlier this month by armed police in a new twist in the life of an outspoken figure that many see as a cautionary tale for Chinese entrepreneurs under the watch of a powerful state.Sun, the founder of Dawu Agricultural and Animal Husbandry Group, was among a number of people taken into custody early on November 11 on suspicion of crimes such as “picking quarrels and provoking…

Read More »

China’s industrial giants see profits in October grow at fastest pace in nearly nine years

November 27, 2020

[unable to retrieve full-text content]China’s industrial giants saw their profits grow for a sixth straight month in October, indicating continued recovery from the coronavirus pandemic in the world’s second largest economy.Profits at Chinese industrial firms rose 28.2 per cent in October from a year earlier to 642.91 billion yuan (US$97.8 billion), almost triple the 10.1 per cent increase in September, National Bureau of Statistics (NBS) data showed on Friday.October’s industrial profits grew at the faster pace in December 2011,…

Read More »

China closing in on declaring initial victory in beating poverty despite turbulent 2020, but concerns remain

November 26, 2020

[unable to retrieve full-text content]China claims to have lifted the last group of over 800 poor counties out of absolute poverty, one of the final steps to eradicating extreme poverty in the country of 1.4 billion people, despite a turbulent 2020.Beijing has not gone as far as to announce a complete eradication of poverty, but any problems now are attributed to specific villages or households after confirming the final 832 counties out of 3,000 across the country designated in 2012 had been removed from the category.Xia Gengsheng…

Read More »

Could coronavirus threaten China’s shift towards market economy?

November 22, 2020

[unable to retrieve full-text content]The Chinese state’s increased role in economic activity in the wake of the Covid-19 pandemic is threatening the country’s move towards a market-oriented economy, a government adviser has warned.Peng Sen, a former deputy head at the National Development and Reform Commission, told a forum hosted by Renmin University in Beijing that China is only halfway to creating a market-based economic system, adding that the coronavirus and tensions with the United States are pushing the government back…

Read More »

Joe Biden’s US election success will be ‘warmly applauded’ and ‘accepted’ by American Factory boss Cao Dewang

November 20, 2020

[unable to retrieve full-text content]Cao Dewang, the owner of the car glass plant featured in the Oscar-winning documentary American Factory, will “warmly applaud” and “accept” Joe Biden’s victory in the US presidential election.Biden’s electoral victory was called by US news organisations at the start of last week, although incumbent Donald Trump has yet to concede amid a number of legal challenges and so far unfounded claims of election fraud.“[No matter who], as long as he is elected as the US president, I will applaud [him],”…

Read More »

China Singles’ Day: do record sales really show a rebound in consumer spending?

November 19, 2020

[unable to retrieve full-text content]Chinese consumers may have spent a record amount during the annual Singles’ Day shopping extravaganza early in November, but experts are split over whether it shows an acceleration in consumer spending following the coronavirus pandemic or simply savvy shoppers taking advantage of cutthroat deals.Touted as the world’s biggest online shopping spree, Chinese splurged 769.7 billion yuan (US117.2 billion) this year on everything from jewellery to houses, in what some say is evidence of a strong…

Read More »

As China’s consumer inflation rate hits 11-year low, economists warn of possible deflation in coming months

November 10, 2020

[unable to retrieve full-text content]The larger-than-expected deceleration in the Chinese consumer inflation rate to an 11-year low in October has prompted some economists to warn of a possible risk of deflation in the world’s second-largest economy.Other economists, however, say the risk is remote because most of the downward price pressure is being caused by a continued drop in pork prices as the nation’s pig population is replenished following the devastation caused by African swine fever, which was first detected in China in…

Read More »

China’s inflation rate seen falling sharply on lower pork prices, subdued consumer demand

November 9, 2020

[unable to retrieve full-text content]China’s annual consumer price inflation rate is expected to have slowed to less than 1 per cent in October for the first time in more than three-and-a-half years, thanks to the continued moderation in pork prices combined with protracted weak consumer demand in the wake of the coronavirus pandemic.Amid a continued drop in price pressures in the current economic recovery, some economists have warned of rising risks of deflation – a sustained drop in consumer prices – unless Beijing maintains a…

Read More »

China GDP targets may resume for 2021-25, state planner says

October 30, 2020

[unable to retrieve full-text content]China may resume setting annual economic growth targets over the next five years after abandoning the practise in 2020, the country’s top economic planning agency said on Friday.Ning Jizhe, deputy head of the National Development and Reform Commission (NDRC), said the agency would propose “relevant quantitative targets and specific indicators” for economic activity in line with the decisions made at the Central Committee’s fifth plenum, which wrapped up on Thursday.His comments suggest gross…

Read More »

China regional GDP data shows growing economic divide, exacerbated by coronavirus

October 30, 2020

[unable to retrieve full-text content]Holding cups of hot milk tea or carrying shopping bags filled with sports shoes or smartphones, tens of thousands of residents and tourists packed Shanghai’s Nanjing Road pedestrian shopping street last weekend, most not wearing masks as they swarmed onto the Bund promenade to enjoy the night view of the city.But on the same Sunday evening in late October, the atmosphere in the western border city of Kashgar in Xinjiang province more than 4,100km (2,500 miles) away was entirely different, with…

Read More »

China’s corn imports soar in September as Beijing moves to counter skyrocketing domestic prices

October 28, 2020

[unable to retrieve full-text content]China’s corn imports soared nearly sevenfold from a year earlier to four-and-a-half year high in September as Beijing sought to address a domestic supply shortage and skyrocketing prices with shipments from the United States.Imports of corn surged to 1.08 million tonnes last month, 675 per cent above the same period last year and an acceleration from the 339 per cent increase recorded in August, according to calculations by the South China Morning Post based on import data released by China’s…

Read More »

China repeats opening up pledges in drive to lure foreign investors into Shanghai

October 25, 2020

[unable to retrieve full-text content]Chinese financial officials have made fresh promises to open up the financial sector and attract international investors to the country’s main financial centre.The pledges were made during the Shanghai Bund Summit, a two-day gathering of Chinese bankers and regulators, that offered the country’s leaders an opportunity to showcase their plans to the global financial community ahead of a key policy meeting in Beijing, where President Xi Jinping is expected to map out the country’s development…

Read More »

China’s national pension fund keen to play ‘active’ role in Ant Group’s IPO

October 25, 2020

[unable to retrieve full-text content]China’s national pension fund has said it will be “very active” in the world’s biggest initial public offering from Ant Group, the online payments giant.Chen Wenhui, a vice-chairman of the National Council for Social Security Fund, made the comments at an event at the Bund Summit in Shanghai on Sunday with Eric Jing, Ant’s executive chairman.“We are looking forward to the subscription quota and shares that Chairman Jing will allocate to us,” Chen said. “I am trying to convince him that if they…

Read More »

Jack Ma urges financial regulation reform on eve of Ant Group’s ‘biggest IPO in history’

October 24, 2020

[unable to retrieve full-text content]Jack Ma, the Chinese billionaire behind Alibaba and Ant Group, has questioned whether international financial regulations are suitable for the Chinese economy and suggested traditional banks should change their “pawnshop” operating model.Ma, who has retired from all his corporate roles but remains the face of Alibaba and Ant, told a financial forum in Shanghai that Beijing’s emphasis on “preventing systemic financial risks” may have missed the point, while the existing regulatory framework,…

Read More »

China’s retail sales rebound, but a shift in consumer habits makes the economic outlook fuzzy

October 22, 2020

[unable to retrieve full-text content]When Vivian Li walked into a popular hotpot restaurant in downtown Beijing last week, it was the first time she had dined out in two months.Li, in her early 30s, has reined in her budget since quitting her job in the film industry in July. She had hoped to find a new job within three months, but that plan hasn’t panned out. So, she has been cutting costs by relying on public transport, purchasing discounted food via group-buying apps, and cooking just two meals a day at home.Unemployment has…

Read More »

China GDP: economy grew by 4.9 per cent in third quarter of 2020

October 19, 2020

[unable to retrieve full-text content]China’s economy grew by 4.9 per cent in the third quarter compared to a year earlier, accelerating from growth of 3.2 per cent growth in the second quarter, the National Bureau of Statistics (NBS) announced on Monday.The world’s second-largest economy has recovered strongly after shrinking by 6.8 per cent in the first three months of the year – the first official contraction since the end of the Cultural Revolution in 1976 – due to the lockdown efforts aimed at stemming the tide of the…

Read More »

China’s coronavirus recovery lays bare sharp regional economic disparity

September 30, 2020

[unable to retrieve full-text content]China’s uneven regional economic development has been turbocharged by the coronavirus pandemic, despite a broad-based national recovery, representing a long-term challenge for the nation’s leaders.The economy has bounced back from draconian lockdowns early in the year, led by industrial production and infrastructure investment, with consumer spending slowly catching up.Activity in China’s industrial sector expanded for the seventh consecutive month in September, according to the official…

Read More »

China’s service sector looks to shine during ‘golden week’ as Beijing eyes stronger domestic spending

September 30, 2020

[unable to retrieve full-text content]Pent-up demand for services – from travel to entertainment to eating out – could drive Chinese spending during the “golden week” national holiday period that starts on Thursday, but a short-term boost is unlikely to help the domestic service sector fully recover this year from the damage caused by the coronavirus.And much of that increased spending may come from affluent Chinese, with the middle- and lower-class expected to be more conservative with their money as the nation’s wealth gap has…

Read More »