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The seventh China International Import Expo, the world's first national exhibition focused on imports, was held in Shanghai on November 5 and would showcase over 400 new products, technologies, and services in the next six days.The US labor market is weak, with 12,000 new jobs added in October, far fewer than in previous months, according to data released by the US Department of Labor on November 1. The IFF to host its annual forum from November 22 - 23![]()
The IFF is hosting its annual forum from November 22 - 23, 2024 with a focus on finding solutions to the challenges that economic globalization faces. Topics to be discussed include the development of global financial markets, green finance, digital finance, and Chinese enterprises going global.
Political and financial leaders from around the world, economic and legal experts, authorities on international affairs, as well as representatives of financial institutes and leading enterprises will convene for a series of carefully curated impact-driven leaders' dialogues that will help shape international finance policies.
7th China International Import Expo opens in Shanghai
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The newest edition of the China International Import Expo (CIIE), the world's first national-level exposition dedicated to imports, opened on November 5 in Shanghai and will run through November 10, featuring over 400 new products, technologies, and services.The event this year attracts 152 countries, regions, and international organizations to attend, surpassing that of last year, Tang Wenhong, assistant to the commerce minister, said earlier. This CIIE will have nearly 3,500 companies and institutions, and 186 of them have participated in all seven CIIE events to date.
China to Relax Strategic Investment Rules to Attract Foreign Capital
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Chinese authorities on November 1 released revised rules on foreign investors' strategic investment in listed companies in a move to encourage foreign investors to make long-term and value investment in the country.The new policy will allow foreign nationals to make strategic investments in listed Chinese firms instead of just legal entities, as the current rules stipulate, according to a policy document recently issued by six Chinese authorities, including the commerce ministry. The new measures will come into force on Dec. 2.
China's Property Market Snaps Out of Eight-Month Decline in October
China’s real estate market achieved year-on-year growth in October for the first time since February, bolstered by a raft of recently introduced supporting measures, according to statistics released by the Ministry of Housing and Urban-Rural Development on November 1.Sales of newly built and pre-owned homes climbed 3.9 percent in October from the same period last year, ending a decline that had lasted since February, the data showed.Online sales transactions of new homes increased from the month before for the first time in 15 months, surging 6.7 percent. While that of pre-owned homes, which has advanced on a monthly basis for the past seven months, soared 8.9 percent, the ministry said.
China’s Factory Activity Returns to Positive Territory in October as Stimulus Policies Takes Hold
Activity in China’s manufacturing sector climbed back above the threshold of 50 to re-enter expansion territory in October after five months of contraction, indicating that the hefty government economic stimulus package rolled out last month is having the desired effect, according to data released by the National Bureau of Statistics on October 31.The manufacturing purchasing managers’ index came in at 50.1 in October, up 0.3 percentage point from September, and the second straight month of gains. A reading above 50 indicates expansion and one below contraction.The non-manufacturing PMI climbed 0.2 percentage point in October month on month to 50.2, the NBS said.The composite PMI output index, which includes both the manufacturing output index and non-manufacturing PMI, gained 0.4 percentage point in October from September to 50.8, indicating that Chinese businesses are growing.
Over 90 Pct of Foreign Companies Satisfied With China's Business Environment: Survey
More than 90 percent of foreign-funded companies in China are satisfied with the country's business environment, according to a survey released on Thursday.The survey, carried out in the third quarter of this year among over 400 foreign businesses, also revealed that about 50 percent of the respondents said they find the Chinese market more attractive, according to Sun Xiao, spokesperson of the China Council for the Promotion of International Trade.Over 60 percent of the surveyed U.S. enterprises said the attraction of the Chinese market for foreign investment becomes stronger, up 15.26 percentage points quarter on quarter, said Sun.
China's Services Trade Reports Rapid Growth in First Three Quarters
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China's services trade saw rapid growth in the first three quarters of the year, including a steep increase in the trade of travel-related services, according to data released by the Ministry of Commerce on November 5.The country's services trade totaled nearly 5.52 trillion yuan (about 777.29 billion U.S. dollars) between January and September, up 14.5 percent year on year. Services exports exceeded 2.27 trillion yuan, up 15.3 percent, and services imports rose 14 percent to over 3.24 trillion yuan, resulting in a deficit of 971.46 billion yuan.Trade in travel-related services skyrocketed 42.8 percent to surpass 1.5 trillion yuan, and trade in knowledge-intensive services rose 5.3 percent to 2.13 trillion yuan.
U.S. Adds Fewer Jobs in Weaker Labor Market in October
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U.S. employers added only 12,000 jobs in October, much fewer than in previous months, indicating labor market weakness, the U.S. Labor Department reported on November 1.The latest data follows an average monthly gain of 194,000 over the prior 12 months.In October, employment continued to trend up in health care and government, while temporary help services lost jobs and employment declined in manufacturing due to strike activity.
Eurozone's Inflation up to 2 Pct in October
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Euro area annual inflation is expected to reach 2 percent in October 2024, up from 1.7 percent in September, according to a flash estimate released on October 31 by Eurostat.The services sector recorded the highest annual inflation rate at 3.9 percent in October, maintaining its level from September, according to the European Union's (EU) statistical office.In the major economies, Germany's inflation rate was 2.4 percent in October, rising from 1.8 percent in September. France's inflation stood at 1.5 percent, while Spain recorded 1.8 percent.
Australian Central Bank Keeps Key Interest Rate on Hold at 4.35 Pct
The board of the Reserve Bank of Australia (RBA) announced on November 5 that it would maintain the cash target rate at 4.35 percent.Tuesday's decision marked 12 months since the RBA board increased rates by 0.25 percentage points in November 2023.In a statement, the board noted that inflation has fallen substantially since its peak in 2022, but underlying inflation remains too high at 3.5 percent."While headline inflation has declined substantially and will remain lower for a time, underlying inflation is more indicative of inflation momentum, and it remains too high," it said.
S. Korea's Consumer Price Rises 1.3 Pct in October
South Korea's consumer price inflation hovered below 2 percent for the second successive month in October due to a downturn in oil products prices, statistical office data showed on November 5.Consumer price index (CPI) rose 1.3 percent in October from a year earlier, after gaining 1.6 percent in the prior month, according to Statistics Korea.It marked the slowest increase in three years and nine months since January 2021, staying below the central bank's mid-term inflation target of 2 percent.Japan Lowers Growth Forecast Amid Auto Export Slowdown
Japan's cabinet office on November 1 lowered its growth forecast for the current fiscal year to an expansion of 0.7 percent in inflation-adjusted real terms, down from a previous projection of 0.9 percent in July, reflectinig delays in the recovery of automobile exports.The new forecast, released by the government at a meeting of the Council on Economic and Fiscal Policy, was also slightly below last year's growth rate of 0.8 percent.Looking ahead, the cabinet expected the economy to grow 1.2 percent next fiscal year, supported by a recovery in private consumption and steady corporate investment.
8 OPEC+ Members Extend Voluntary Oil Output Cuts by One Month
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Eight member countries of the OPEC+ oil-producing group anounced on November 3 to further extend their voluntary output cuts by a month, pushing the reductions through the end of December in response to ongoing weak oil prices.OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The eight countries participating in these cuts are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.In a statement, OPEC confirmed that these countries have "agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024."
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