【CONTENTS】
I. Nepal, China see surge in border trade
II. Shanghai's Xuhui District holds investment promotion event in Paris to woo French businesses
III. Interview: Expo to inject fresh impetus into China-ASEAN economic, trade ties: Cambodian scholar
IV. China shows best how trade boosts global economy, says WTO chief economist
V. Economic Watch: Digital trade expo further taps China-Africa cooperation potential
I. Nepal, China see surge in border trade
KATHMANDU, Sept. 24 (Xinhua) -- Nepal-China trade through border routes rose around 70 percent during the first two months of Nepal's current 2024-25 fiscal year starting in mid-July, official figures showed.
Garments, footwear, electronic items, smartphones and electric vehicles are among goods imported from China through Rasuwagadhi and Tatopani border crossings ahead of Dashain and Tihar, two major festivals in Nepal which fall in mid-October and November.
"We're seeing good growth in trade through Rasuwagadhi border point in the last two months," said Rabindra Prasad Pyakurel, information officer at Rasuwa Customs Office.
"One obstacle to increasing trade through this route is, however, the poor road and customs infrastructure on the Nepal side," he told Xinhua.
(2024-09-25 Source: Xinhua News Agency)
II. Shanghai's Xuhui District holds investment promotion event in Paris to woo French businesses
PARIS, Sept. 28 (Xinhua) -- An investment promotion event was held on Friday in Paris to showcase the great development potential of Shanghai's Xuhui District, and to woo French businesses for more investments.
The event, themed "Xuhui & France, Together for a Shared Future", attracted over 100 participants from the political, business, and cultural sectors from both China and France.
Wang Hua, head of Xuhui District, highlighted the deep-rooted connection between Xuhui District and France, which stretched back over a century. Wang described Xuhui's current focus on high-quality development, improving the level of openness, and enhancing the district's competitiveness.
He emphasized that Xuhui has created a highly supportive business environment, marked by streamlined administrative processes and policies designed to foster innovation and attract foreign investment.
Wang outlined Xuhui's plans to build on its strengths in technology and industrial innovation, merge technological advancements with industrial development to drive future growth, as well as position itself as a leader in sectors like artificial intelligence, integrated circuits, and life sciences. He welcomed French and European companies to explore opportunities in Xuhui, underscoring the district's appeal as a prime location for international enterprises.
Already home to around 140 French companies, including firms like Valeo and Peugeot Citroen, Xuhui has seen investment of over 900 million U.S. dollars from France. In May this year, the French cultural and tourism giant Puy du Fou launched its first Asian project "SAGA" in the district, underscoring Xuhui's growing role as a hub for cultural and tourism innovation, he said.
Managers from French companies at the event spoke highly of the Xuhui District's open and collaborative spirit, as well as the strong government support that has made it an ideal base for international enterprises looking to expand in the Chinese market.
The event witnessed the signing of MoUs between Xuhui District and key French institutions. The Shanghai Xuhui-France Investment Promotion Service Center was officially inaugurated at the event, marking a new milestone in economic collaboration between Xuhui and France.
(2024-09-29 Source: Xinhua News Agency)
III. Interview: Expo to inject fresh impetus into China-ASEAN economic, trade ties: Cambodian scholar
PHNOM PENH, Sept. 25 (Xinhua) -- The 21st China-ASEAN Expo is expected to add fresh momentum into the development of China-ASEAN economic and trade relations, a Cambodian scholar said on Wednesday.
The five-day expo, kicked off in Nanning, capital city of south China's Guangxi Zhuang Autonomous Region on Tuesday, was participated by more than 3,000 enterprises.
Thong Mengdavid, a lecturer at the Institute for International Studies and Public Policy of the Royal University of Phnom Penh, said the 21st China-ASEAN Expo serves as a platform to enhance economic collaboration, promote trade, and foster regional integration between China and ASEAN member states.
He said the expo offers an important platform for enterprises from ASEAN countries to enter the vast Chinese market.
"The expo is expected to inject fresh impetus into China-ASEAN relations by creating new opportunities for cooperation, particularly in areas such as technology, infrastructure, agriculture, education, tourism, and green development," he said.
"It is also expected to advance the building of the China-ASEAN Free Trade Area 3.0 and promote high-quality regional development through a variety of economic and trade activities," he added.
Mengdavid said the expo has made important contributions to the economic integration between China and ASEAN, facilitating investment flows and cross-border economic opportunities, laying the foundation for building a more connected, resilient and dynamic region.
"By providing a dedicated space for businesses and policymakers to engage, the event can lead to tangible partnerships and enhanced trade flows," he said.
"By fostering trade and economic relations, promoting innovation, and encouraging cultural exchange, the expo plays a pivotal role in shaping a prosperous and sustainable future for the region," he noted.
He added that the expo truly reflected China-ASEAN steadfast commitment to upholding free trade and multilateralism against the backdrop of unilateralism and protectionism.
Mengdavid said economic and trade cooperation has been a key pillar for China-ASEAN relations and that currently, China-ASEAN economic and trade relations are robust.
"In recent years, China-ASEAN trade volumes have increased significantly, driven by agreements aimed at reducing tariffs and promoting investment," he said. "Both sides have become each other's largest trading partners for several consecutive years."
The scholar said the China-ASEAN Free Trade Area and the Regional Comprehensive Economic Partnership (RCEP) agreement have laid a strong foundation for China and ASEAN to boost their trade and economic relations.
Close China-ASEAN relations and cooperation have provided mutual benefits and win-win results, significantly contributing to ensuring lasting peace, security, stability, common development and shared prosperity for the peoples in the region.
For Cambodia, the scholar said the expo offers a valuable opportunity to strengthen economic and trade exchanges with China.
"Through this expo, I expect to see increased investment in key sectors such as digital technology, e-commerce, agriculture, renewable energy, healthcare, tourism, and manufacturing, as well as collaborations on infrastructure projects," Mengdavid said.
These will help Cambodia diversify its economy and integrate more deeply into regional supply chains, ultimately contributing to its economic development, he added.
"In conclusion, the 21st China-ASEAN expo will boost trade, investment, agriculture, tourism, culture, and people-to-people exchange, injecting new energy into building a closer China-ASEAN community with a shared future," Mengdavid said.
ASEAN (the Association of Southeast Asian Nations) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
(2024-09-26 Source: Xinhua News Agency)
IV. China shows best how trade boosts global economy, says WTO chief economist
China is an example of how trade-led development can transform a country, showing that developing countries worldwide can break free from poverty by leveraging international trade, said WTO Chief Economist Ralph Ossa.
The WTO report suggests using supportive domestic policies to help workers achieve employment opportunities, which is "a more effective approach than protectionism."
GENEVA, Sept. 28 (Xinhua) -- China offers "the prime example" of the success of the World Trade Organization (WTO) as a global trade driver, WTO Chief Economist Ralph Ossa told Xinhua in a recent interview.
Through a series of successful measures in economic growth and trade, the Chinese government has lifted hundreds of millions of people out of poverty, Ossa noted.
China is an example of how trade-led development can transform a country, showing that developing countries worldwide can break free from poverty by leveraging international trade, he said.
In the 2024 edition of the World Trade Report released on Monday, the WTO presented strong evidence that trade has played a crucial role in narrowing income disparities and improving the inclusiveness of the global economy.
The report noted that between 1996 and 2021, a high trade share of GDP was strongly linked to faster growth in low- and middle-income economies, helping them narrow the gap in GDP per capita with high-income economies.
In its annual trade outlook report published in April this year, the WTO estimated that global trade volume in merchandise could increase by 2.6 percent in 2024 and 3.3 percent in 2025.
However, Ossa warned that global trade faces both cyclical and structural challenges. Cyclic challenges mainly refer to the impact of trade on the macroeconomic situation, with trade performance, particularly in Europe, being lower than expected; structural challenges stem largely from geopolitical tensions that create trade frictions.
In the face of the above challenges, strengthening the global supply chain is vital to international trade, Ossa said, adding that the trade facilitation measures taken by China, such as organizing the China International Import Expo and China International Supply Chain Expo are conducive to global trade.
Speaking of rising trade protectionism, Ossa said that "less trade will not promote inclusiveness ... true inclusiveness demands a comprehensive strategy, one that integrates open trade, on the one hand, with supportive domestic policies and effective international cooperation on the other hand."
He believes that tariffs are usually not the best tool to protect workers. The WTO report suggests using supportive domestic policies to help workers achieve employment opportunities, which is "a more effective approach than protectionism."
Efforts should be made in three aspects to ensure that more economies benefit from international trade: to strengthen the implementation of relevant WTO agreements, to update the WTO rulebook to adapt to future development trends, and to strengthen information sharing, said Ossa.
He called for an open, predictable and non-discriminatory trading system with broad participation from all countries, adding that globalization is the prescription for dealing with the fragmentation trend that currently threatens the global economy.
"By expanding trade integration to more economies, to more people, and towards more issues, I believe that we can make trade part of the solution to the most pressing challenges of our time," Ossa said.
(2024-09-29 Source: Xinhua News Agency)
V. Economic Watch: Digital trade expo further taps China-Africa cooperation potential
HANGZHOU, Sept. 29 (Xinhua) -- In the bustling "Smart Africa" pavilion at the third Global Digital Trade Expo held in east China's Zhejiang Province, 27-year-old Mafu, wearing a traditional African-style head wrap, was passionately promoting authentic Ethiopian coffee beans via TikTok.
Her inspiring performance captured the attention of many curious onlookers. "I mainly introduce overseas audiences to the origin, unique features and tasting techniques of our products, but most importantly, I highlight the discounts and favorable prices," said the young woman from South Africa.
About four months ago, Mafu arrived in China to study at Hangzhou Vocational & Technical College. This opportunity arose through a one-year talent training program focused on cross-border e-commerce.
"I applied as soon as I saw the admission information online, and was lucky to be accepted. E-commerce has been growing rapidly in South Africa, and I want to learn everything about the industry here in China," she said.
Xie Jijuan, head of the program, noted that over 200 African students have been trained through partnerships with several Chinese colleges and universities, with more than half already engaged in the e-commerce sector.
The cultivation of e-commerce talent is considered a crucial aspect of deepening China-Africa cooperation.
Speaking on African Digital Trade Day, a special event of the expo, Tang Wenhong, assistant minister of commerce, highlighted that China and Africa have conducted fruitful cooperation in e-commerce and other areas in recent years. He also noted how the two sides have established a solid foundation for future collaboration in the digital economy.
Chinese companies have assisted African countries in constructing and upgrading a 150,000-km communications backbone network, which helps provide internet access for nearly 700 million users. Meanwhile, Chinese companies have also built mobile payment platforms serving tens of millions of African people, according to a white paper titled "China and Africa in the New Era: A Partnership of Equals."
Many industry insiders believe that the spread of digital technologies, the ascent of e-commerce and the advancement of digital infrastructure have collectively ushered in unparalleled opportunities for Africa's economic growth.
Data from Statista, a global data and business intelligence platform, indicates that the African e-commerce industry is expected to grow at a compound annual growth rate of 24.7 percent over the past seven years, with the industry's annual revenue projected to exceed 42 billion U.S. dollars in 2024, up from just 7.7 billion dollars in 2017.
Furthermore, by 2030, at least 88 percent of Africans will own a smartphone, with 4G service adoption reaching 50 percent and that of 5G climbing to 17 percent, according to the latest report by the Global System for Mobile Communications.
In Uganda, digital trade has opened doors for thousands of small and medium-sized enterprises, entrepreneurs and business leaders to access international markets.
"The development of cross-border e-commerce between China and Africa has enabled Ugandan products such as coffee, tea and handicrafts to enter the Chinese market and has created more job opportunities and development space for us," said Oliver Wonekha, Uganda's ambassador to China, who believes that digital trade will be a highlight of China-Africa cooperation in the future.
Several China-Africa cooperation agreements were signed on African Digital Trade Day, including projects for building a China-Africa digital trade platform, a co-creation plan for China-Africa media collaboration and an energy brand export initiative.
"Madagascar is at a critical stage of digital transformation, and we are eager to work closely with Chinese companies to learn from China's advanced experience in the digital economy," said Jean Louis Robinson, Madagascar's ambassador to China.
He added that there is enormous potential and space for cooperation between China and Africa, especially in e-commerce, digital infrastructure and technological innovation.
Themed "Digital Trade, Global Access," the third Global Digital Trade Expo was held from Sept. 25 to 29 in Hangzhou, Zhejiang Province. The event is currently China's only digital trade themed expo at the national level. China's digital industry has seen robust growth in recent years, reporting a total revenue of 32.5 trillion yuan (about 4.6 trillion U.S. dollars) in 2023.
(2024-09-30 Source: Xinhua News Agency)
