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South China Morning Post

Shanghai banks on big-ticket foreign direct investments to achieve ambitious growth and employment targets

[unable to retrieve full-text content]Shanghai, the mainland’s commercial and financial capital, riding high on the success of Tesla’s Gigafactory 3, is on the lookout for more foreign direct investment (FDI) projects to achieve ambitious growth and employment targets the city has set this year.Mayor Gong Zheng told a press conference on Wednesday that Shanghai remained the top choice for global investors looking to secure a foothold in the mainland, and FDI projects would...

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China’s cherry sales suffer ‘devastating blow’ after reports of coronavirus contamination scare consumers

[unable to retrieve full-text content]Reports that some imported cherries tested positive for traces of the coronavirus last week swiftly sent shock waves across Chinese social media, scaring customers and hurting cherry sales during the peak season ahead of the Lunar New Year.New information circulating online – that cherries have since tested negative for coronavirus contamination – appears to have done little to placate customers and quell the cherry crisis in China.The Centre...

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China-Australia relations: Canberra hits back at Xi Jinping’s ‘bullying’ remarks amid trade dispute

[unable to retrieve full-text content]Chinese President Xi Jinping’s call for big countries not to bully the weak has exposed a “disconnect” between China’s behaviour and rhetoric, a top Australian minister said on Wednesday.Still smarting from punitive Chinese sanctions on a range of Australian products and a rumbling war of words between Beijing and Canberra, Treasurer Josh Frydenberg took issue with the communist leader’s altruistic-sounding Davos speech.Xi...

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EU-China investment treaty: top European negotiator Maria Martin-Prat defends forced-labour provisions amid criticism

[unable to retrieve full-text content]The chief negotiator of the European Union’s new investment deal with China has defended the forced-labour provisions, saying that Beijing’s obligations to ratify key international standards “can be measured over time”.Speaking at a webinar on Wednesday, Maria Martin-Prat said Brussels would continue to push “autonomous measures on forced labour”, implying that it would be unreasonable to expect an investment treaty to...

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US-China tech war: former Google chief and others call for action to handle ‘asymmetric competition’ from Beijing

[unable to retrieve full-text content]An American group led by former Google CEO Eric Schmidt has produced a report that says Washington needs to manage “asymmetric competition” with China when it comes to technology and that a certain degree of “bifurcation” would be in US interests.“America’s technological leadership is fundamental to its security, prosperity, and democratic way of life. But this vital advantage is now at risk, with China surging to...

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China’s moves to curb market speculation are not ‘abrupt’ exit from coronavirus stimulus

[unable to retrieve full-text content]Unexpected moves by China’s central bank to reduce liquidity in the banking system do not represent an “abrupt” and long-lasting policy change, but are in fact an effort to protect against property and financial speculation by drawing a “red line” to guard against increasing debt.As part of its regular operations to control liquidity, the People’s Bank of China (PBOC) offered 2 billion yuan (US$309 million) in new...

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China’s frozen food import delays over coronavirus fears add fresh pressures to global supply chains

[unable to retrieve full-text content]A huge pile up of fish cargoes at a Chinese port risks impacting shipments of frozen food across the country and beyond.Hundreds of containers are being held up in Dalian, a major port for seafood imports, as local authorities test the fish for the coronavirus before allowing them to clear customs, according to several freight forwarders, consultants and shipping companies.That is leading to scant availability of electric outlets to keep refrigerated...

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China manufacturing continues sustained recovery as industrial profits grow for eighth straight month

[unable to retrieve full-text content]Profits at China’s industrial firms grew for the eighth straight month in December, suggesting a sustained recovery as the manufacturing sector rapidly emerged from its coronavirus slump.Profits surged 20.1 per cent year on year in December to 707.11 billion yuan (US$109.3 billion), after rising 15.5 per cent in November, National Bureau of Statistics (NBS) data showed on Wednesday.China is the only major economy in the world to avoid a contraction...

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Global economy to grow 5.5 per cent in 2021 after 3.5 per cent contraction in 2020, IMF forecasts

[unable to retrieve full-text content]The world economy will grow by 5.5 per cent this year, reversing the 3.5 per cent contraction that it saw in 2020, the International Monetary Fund (IMF) projects in its latest global economic forecast.Growth will also be boosted by the continued strong economic rebound in China, as well as by policy support in large economies such as the United States and Japan. In addition, the roll-out of coronavirus vaccines could boost economic activity in the second...

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Joe Biden’s China policy should keep trade and national security apart to avoid cold war: ex-US commerce chief

[unable to retrieve full-text content]China and the United States should keep trade dealings and national security issues on separate tracks to avoid full-blown decoupling, according to Carlos Gutierrez, a former US Commerce Secretary.Combining trade and investment with geopolitics and national security severely complicates bilateral relations, said Gutierrez, who served in the cabinet of president George W. Bush.“When we combine them with geopolitical issues, when we combine them with...

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