![]()
China strongly opposes the final investment restrictions imposed by the United States on China. Moreover, China has made solemn representations to the United States and reserves the right to take action, a spokesperson with the Ministry of Commerce said on October 30. Japan's seasonally adjusted jobless rate fell to 2.4 percent in September, marking two consecutive months of declines and indicating continued improvement in the labor market in Asia's second-largest economy. The IFF to host its annual forum from November 22 - 23![]()
China strongly opposes the final investment restrictions imposed by the United States on China. Moreover, China has made solemn representations to the United States and reserves the right to take action, a spokesperson with the Ministry of Commerce said on October 30. Japan's seasonally adjusted jobless rate fell to 2.4 percent in September, marking two consecutive months of declines and indicating continued improvement in the labor market in Asia's second-largest economy.
China Strongly Opposes U.S. Ruling on Investment Restrictions Against China
![]()
China strongly opposes the U.S. final regulations on investment restrictions aimed at China, a spokesperson with the Ministry of Commerce said on October 30.China has lodged solemn representations with the United States and reserves the right to take action, said the spokesperson in a statement published on the ministry's website.The spokesperson noted that the U.S. restrictions target sectors like chips, AI and quantum computing. Most industries related to these fields are not connected to national security, but they will all be affected by the US ban, which will lead to discriminatory investment restrictions against China. The U.S. overemphasizes the concept of national security, which is a typical non market approach.
Chinese SOEs’ Revenue Gains 1.2 Pct in First Nine Months
![]()
China's state-owned enterprises (SOEs), excluding state-owned financial enterprises, reported a 1.2 percent year-on-year increase in revenue from January to September, according to data released by the Ministry of Finance on October 28.Their combined revenue reached nearly RMB61.06 trillion (USD8.56 trillion) during the period, while combined profits reached about CNY3.25 trillion, down 2.3 percent year on year, the data showed.
China Expresses Disapproval for EU's Tariff Ruling Over Chinese EVs
China does not approve of nor accept the European Commission's decision to impose extra tariffs on China-made electric vehicles (EVs), a spokesperson with the Ministry of Commerce said on October 30.China has repeatedly pointed out that the EU's anti-subsidy investigation into Chinese EVs is irrational, fraught with numerous non-compliance issues, and is a protectionist move under the guise of "fair competition," said the spokesperson in a statement released on the ministry's website.China has already appealed to the WTO's dispute settlement mechanism over the issue, and will continue to take all necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.
China's Central Bank Introduces New Liquidity Tool
China's central bank incorporated outright reverse repos, a new liquidity tool, into its monetary policy toolbox on October 28 to keep liquidity reasonable and ample in the country's banking system.The People's Bank of China (PBOC) will use outright reverse repos to trade with primary dealers in open market operations, the bank said on its website, adding that outright reverse repos will be carried out once a month, with a tenure of no more than one year.The new tool is regarded as a further enrichment of the country's monetary policy toolkit following the introduction of temporary repos, temporary reverse repos, and the buying and selling of treasury bonds.
China's Fiscal Revenue Down 2.2 Pct in First Three Quarters
China's fiscal revenue dipped 2.2 percent year on year in the first three quarters of 2024, data from the Ministry of Finance showed on October 25.A breakdown of the data shows that the country's tax revenueslumped 5.3 percent from the year prior, while its non-tax revenue soared 13.5 percent.During the first nine months, the central government collected RMB7.17 trillion (USD1.01 trillion) in fiscal revenue, a drop of 5.5 percent year on year, while local governments collected RMB9.13 trillion, a gain of 0.6 percent, according to the ministry.
China Increases Policy Support to Meet Annual Job Creation Goal
![]()
China will further improve its employment-first policy and help key population groups secure jobs in a quest to meet its annual job creation target, the Ministry of Human Resources and Social Security said on October 25.The country created a total of 10.49 million new urban jobs during the first nine months of 2024, said ministry official Chen Yongjia at a press conference. China set itself a target of generating over 12 million urban jobs in 2024.The announcements came after China's central bank launched a special re-lending facility aimed at guiding banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings on October 18.Japan's Jobless Rate Drops to 2.4 Pct in September
![]()
Japan's labor market continued to see improvement in September as the unemployment rate fell further, a government report showed on October 29.The seasonally adjusted jobless rate stood at 2.4 percent in September, down from 2.5 percent in August and marking two consecutive months of declines, according to the Ministry of Internal Affairs and Communications.The number of employed people last month was 68.14 million, an increase of 270,000 compared to the same month last year, marking 26 consecutive months of growth.Australian Inflation Falls to Three-year Low
![]()
Australia's annual inflation rate has fallen to its lowest level in over three years, the data released on October 30 by Australian Bureau of Statistics (ABS).The consumer price index (CPI), the headline measure of inflation in Australia, rose by 2.8 percent in the 12 months to the end of September and by 0.2 percent in the third quarter of 2024 between the start of July and end of September, ABS said.It marks the lowest CPI increase in any 12-month period to the end of a quarter since March 2021 and the lowest quarterly CPI growth since the three-month period ending in June 2020.
UK's Minimum Wage to Go Up by 6.7 Pct Next Year
The national minimum wage of the United Kingdom (UK) will rise from 11.44 toGBP12.21 (USD15.87) per hour from April 2025, the UK government announced on October 29.A statement from the Treasury said the 6.7 percent increase in the national living wage will provide an additional GBP1,400 annually for a full-time worker aged 21 or over, benefiting more than 3 million people across the country.The statement said the national minimum wage for 18 to 20-year-olds will also rise from GBP8.6 to GBP10 an hour, the largest rise on record.
Global Economy in Danger of Getting Stuck on Low-growth High-debt path: IMF
The International Monetary Fund (IMF) warned on October 24 that the global economy is in danger of getting stuck on a low-growth high-debt path, urging policymakers to act on debt and carry out pro-growth reforms."The global economy is in danger of getting stuck on a low-growth high -debt path, that means lower incomes and fewer jobs. It also means lower government revenues, so less investment to support families and to fight long-term challenges like climate change," IMF Managing Director Kristalina Georgieva said at a press conference during the ongoing 2024 IMF and World Bank Group Annual Meetings.Bank of Canada Reduces Policy Rate by 50 Basis Points to 3.75 Pct
The Bank of Canada oreduced its policy rate on October 23 by 50 basis points to 3.75 percent.With inflation back around the 2 percent target, the Governing Council decided to reduce the policy rate to support economic growth and keep inflation close to the middle of the 1 percent to 3 percent range, the Bank said in a news release.If the economy evolves broadly in line with the latest forecast, it will reduce the policy rate further, the Bank said.
German Business Sentiment Improves After Four-month Decline
![]()
Business sentiment in Germany showed signs of recovery in October after four consecutive months of decline. This uptick brings a glimmer of hope to the country's struggling economy, which has faced persistent challenges, particularly in the manufacturing sector, according to a survey released on October 25.TheIFO Institute of Economic Research reported that its business climate index rose to 86.5 points in October, up from 85.4 in the previous month.The index, covering four major sectors, recorded gains in manufacturing, services and trade in October, while the construction sector declined. Meanwhile, the manufacturing sector managed to halt its downward trajectory after hitting a four-year low in September, Munich-based IFO said.
![]()
