Connect with us

Economy

Foreign institutions optimistic on china’s economy, expect strong rebound in 5 months

Published

on

Foreign institutions have expressed optimism about China’s economic outlook and believe that some industries will be affected by the coronavirus only in the short term.

The Chinese news agency said the institutions added that resilience of the country’s economy remained solid and a strong rebound would be expected in the second half of the year.

The agency quoted Citibank as saying “China’s resumption of work and production is now underway. If the epidemic is effectively controlled, industrial activities will rebound in the second quarter’’.

“With the support of more government policies, the Chinese economy is expected to see a strong rebound in the second half of the year. 

“Considering that China’s economy is still more resilient, we believe that A-share investment opportunities are greater,’’ said Wu Jingjing, head of investment strategy at Citibank, China.

Citibank said it was optimistic about companies with Internet factors in the software, e-commerce and entertainment sectors.

“Once the epidemic eases, given China’s high Internet penetration, recovery in these sectors may be faster,’’ according to Citibank.

“The epidemic has not changed the overall recovery of China’s economy in 2020. China’s economic activity and related industries will be affected in the first quarter, and then it may have a V-shape recovery’’, said Ruan Weiguo, an investment director of Invesco.

Charlie Thomas Munger, Warren Buffett’s long-term business partner, had also recently said publicly that he had not wavered in his long-term optimistic stance on Chinese enterprises and the Chinese economy.

Meanwhile, the institutions are generally optimistic about the pharmaceutical and Internet technology sectors and companies in the A-share market.

Fidelity International expressed the hope that although the epidemic might cause frustration in the short-term demand in the technology industry, the structural growth trend of the technology industry is irreversible, thanks to the booming data market. Companies in the cloud data industry chain will benefit.

Given that China’s 5G development will enter a stage of promotion in an all-round manner, Fidelity International said that it was very optimistic about related companies in China’s 5G technology construction and application industry chain.

Edited By: Ese E. Ekama

 

 

 

Foreign

Pakistan adheres to one-China policy: foreign ministry

Published

on

By

Pakistan reiterated its longstanding position on Thursday that it adheres to one-China principle regarding a decision to make a national security laws for Hong Kong by the Chinese top legislation body.

Pakistan’s Foreign Ministry spokesperson Aisha Farooqui was responding to a question when asked that China is set to make national security laws for Hong Kong to safeguard national security.

Pakistan’s position on Hong Kong is consistent and clear. Pakistan adheres to one-China policy. Hong Kong is a part of China and it is important for China to safeguard its sovereignty, territorial integrity, and protect the lives of its citizens,” Farooqui said at her weekly press briefing in Islamabad.

“We reaffirm that matters related to Hong Kong are China‘s internal affairs. We believe it is important to uphold international law and adhere to the basic norm of non-interference,” she further said.

(XINHUA)

Continue Reading

Foreign

Pakistan repatriates 51,593 nationals due to COVID-19: foreign ministry

Published

on

By

Pakistan said on Thursday that a total of 51,593 nationals had been repatriated, who were stranded abroad due to the outbreak of COVID-19.

Pakistan started repatriation of its nationals in March in the wake of the COVID-19 pandemic in different parts of the world.

As of June 3, 2020, a total of 51,593 Pakistani nationals have returned home so far through special flights and through land routes from different parts of the world,” spokesperson of the Pakistani Ministry of Foreign Affairs Aisha Farooqui said.

Giving details at the weekly press briefing, Farooqui said in the past few days, 2,558 Pakistani citizens were repatriated from Dubai, 653 from Saudi Arabia, 179 from Somalia, 51 from Egypt and Tunisia, 118 from Mauritania and Sierra Leone.

She said the foreign ministry and the country’s missions are continuing to facilitate and assist the Pakistani nationals across the world in order to bring them back to Pakistan safely and in a dignified manner.

“Our embassies and consulates are working round the clock in facilitating repatriation of our citizens back home, in accordance with a comprehensive repatriation plan devised in consultation with all stakeholders,” Farooqui said.

She said a special cell namely the Crisis Management Unit is working at the foreign ministry round the clock with a dedicated team to monitor the phased repatriation of Pakistanis across the globe in the wake of the rising threat of COVID-19.

(XINHUA)

Continue Reading

Foreign

Greece to welcome foreign tourists “above all in safety”: PM

Published

on

By

Greece is gradually opening to tourists, with public health, the safety of foreign visitors and tourism staff at the core of the government’s plan to restart the tourism industry, Greek Prime Minister Kyriakos Mitsotakis said on Thursday.

Addressing a campaign event for restarting the tourism sector, Mitsotakis said this summer would be entirely different due to the pandemic and Greece would fall short of last year’s record of 33 million arrivals.

The tourism industry worldwide — including the Greek one, which is a traditional pillar of the national economy — has been hit hard by the pandemic, Mitsotakis noted.

“We hope to welcome visitors above all in safety, which is our top priority,” Mitsotakis said.

He stressed that all necessary hygiene protocols will be applied to ensure that Greeks and foreign nationals will feel relaxed and safe while enjoying the Greek summer.

As of June 15, Greece will be welcoming tourists from 29 countries with positive epidemiological data, including China, at the airports of Athens and Thessaloniki. The tourists will be subject only to sample testing for COVID-19 upon arrival, Greek authorities have announced.

From June 15 until at least June 30, all other travelers arriving from an airport on the European Union Aviation Safety Agency (EASA) list of affected areas with a high risk of transmission of COVID-19 will be subject to obligatory testing. They will have to spend at least one night at a designated hotel at the Greek state’s expenses.

As of July 1, international flights will be allowed into all Greek airports and visitors will be subject to random tests.

Greece was in full lockdown from March 23 until May 4. In the past few weeks, the government has been gradually lifting restrictions after viral curves flattened.

The country has registered 2,952 infections, including 180 deaths, since the first case was confirmed on Feb. 26.

(XINHUA)

Continue Reading

Economy

More integrated bonded areas approved in China to stabilise foreign trade

Published

on

China has recently approved some new integrated bonded areas in an effort to stabilise foreign trade.

Since May this year, a total of 16 integrated bonded areas had been intensively approved by the authorities, according to Xinhua-run Shanghai Securities News on Thursday, after sorting out information released by the General Administration of Customs (GAC).

“As a special customs supervision area with the highest opening level, most preferential policies, the most complete functions and the most simplified procedures in China, the integrated bonded area is of important significance to the country’s efforts to stabilise foreign investment and foreign trade this year.

‘’For example, Ningbo, a costal city in east China’s Zhejiang Province, is one of the top five cities in China in terms of the exports.

Ningbo Meishan bonded area, Ningbo Export Processing Zone (NEPZ), and Cixi Export Processing Zone (CEPZ) have recently been approved as Meishan integrated bonded area, Beilungang integrated bonded area and Qianwan integrated bonded area,” the report says.

Deputy director Ningbo Customs, Sun Xiangyang, during an online interview held by the GAC on Wednesday, said they would take the opportunity of the transformation and upgrading of the special customs supervision areas into the integrated bonded areas to give full play to the role of the integrated bonded areas in coordinating the international and domestic markets, actively deepen the improvement of processes and systems, and support development of the e-commerce companies.

He said in some regions, the bonded logistics parks have been upgraded to become integrated bonded areas.

For instance, Guangzhou Bonded Logistics Park was integrated and optimised into Guangzhou Huangpu integrated bonded area; Xiamen Xiangyu Bonded Logistics Park was upgraded to the first integrated bonded area in Xiamen, a city in southeast China’s Fujian Province.

Xiangyang, said, in addition to the integrated bonded areas recently approved on China’s eastern coast, some integrated bonded areas in central and western regions, such as Luoyang, Jinggangshan and Guanzhong, had also been approved recently.

According to customs statistics, the import and export value of special customs areas, including the integrated bonded areas, amount to 1.18 trillion yuan, bucking the decline trend and representing an increase of 2.1 per cent in the first quarter.


Edited By: Chioma Ugboma/Muhammad Suleiman Tola (NAN)

Continue Reading

Foreign

Phuket hotels to fully open for Thai visitors as foreign travelers reduce

Published

on

By

Most hotels in Thailand’s Phuket will fully open for Thai visitors as fewer foreign guests are expected to arrive amid the COVID-19 outbreak, said a leading hotelier on Thursday.

The hotels in beachfront and seaside areas of the tourist island in southern Thailand will be fully serviceable for Thais by the middle of this month with anti-pandemic measures in place, according to Kongsak Khuphongsakorn, president of the Thai Hotels Association Southern Chapter.

Phuket has eased up lockdown measures and allowed road travel in and out of the island, and most hotels have prepared to serve guests, particularly the Thais, who are largely expected to arrive between June and September, Kongsak said.

He said many hotels in Phuket will offer a steep cut in room rates for Thai guests in response to the Tourism Authority of Thailand (TAT), which plans to promote domestic tourism nationwide.

The TAT has set the Safety and Health Administration Criteria for all hotels and tourist facilities to strictly follow to stem the pandemic.

Phuket has welcomed some 14 million visitors yearly, among whom about five millions are Thais.

Foreign visitors are not expected to visit Phuket or Thailand for several months due to the pandemic, as visitors from the high-risk areas will be subject to a 14-day self quarantine once arriving in Thailand.

(XINHUA)

Continue Reading

Foreign

Interview: Syrian deputy FM says China’s legislation on national security brooks no foreign interference

Published

on

By

Syria respects China‘s right to legislate to safeguard national security, which brooks no foreign interference, Syrian Deputy Foreign Minister Faisal Mekdad has said.

In an interview with Xinhua Wednesday, Mekdad voiced his country’s support for China‘s national security legislation for its Hong Kong Special Administrative Region (HKSAR).

Last week, Chinese lawmakers voted overwhelmingly at the third session of the 13th National People’s Congress, the top legislature, to approve a decision on establishing and improving the legal system and enforcement mechanisms for the HKSAR to safeguard national security.

In response, the U.S. authorities have threatened to cancel their special trade treatment for Hong Kong. The threats are considered by the Syrian government as interference in China‘s internal affairs, Mekdad said.

“Each country has the right to legislate for itself and China is not an exception,” he said, adding that no other country has the right to interfere with the legislation enacted by the Chinese government.

Mekdad said Syria “strongly supports the decisions” made by the Chinese legislature, noting that it is the right of the Chinese people and their representatives.

Stressing that Hong Kong is “part and parcel of China,” he said the Syrian government respects the one-China principle and fully supports the efforts of the Chinese government to protect the interests and security of the Chinese people and of China as a country.

Mekdad said the Chinese government has done a “great job” by doing its best to not only end the colonization in Hong Kong, but also maintain security in the special administrative region.

China is following a correct policy of “reintegrating all parts of China into the homeland,” he said. “In Syria, we believe in one China.”

The deputy foreign minister said he thinks that the overwhelming majority of the people in Hong Kong support the legislation on national security, noting that China will succeed in its efforts to stay united.

Mekdad also voiced his belief that China has always been a defender of world peace and security.

China, as an active member of the United Nations Security Council, has played an important and decisive role in maintaining world peace and security, he said.

(XINHUA)

Continue Reading

Foreign

S.Korea’s foreign reserves rise to 407.3 bln USD in May

Published

on

By

South Korea‘s foreign reserves rose for two straight months in May as the weak U.S. dollar raised the conversion value of non-dollar assets, central bank data showed Wednesday.

Foreign reserves amounted to 407.3 billion U.S. dollars as of the end of May, up 3.33 billion dollars from a month earlier, according to the Bank of Korea (BOK). It increased by 3.77 billion dollars in April.

The expansion came as the dollar weakness lifted the conversion value of non-dollar assets.

The country’s foreign reserves were composed of 365.71 billion dollars of securities, 30.01 billion dollars of deposits, 4.79 billion dollars of gold bullion, 2.8 billion dollars of special drawing rights (SDR) and 3.99 billion dollars of IMF positions.

South Korea was the world‘s ninth-largest holder of foreign reserves as of end-April, unchanged from the previous month.

(XINHUA)

Continue Reading

Foreign

“G7+” still lacks representation: Russian foreign ministry

Published

on

By

Holding an expanded session of the Group of Seven (G7) is right in principle, but the format still lacks representation, the Russian Foreign Ministry said Tuesday.

Any global affair could not be a success without China‘s participation, the ministry’s spokesperson Maria Zakharova told RIA Novosti news agency.

Russia agrees with the comments made by United States President Donald Trump that the G7 is “a very outdated group of countries,” which does not properly represent “what’s going on in the world,” she said.

Zakharova also praised the Group of 20 as an effective and well-established format, which includes both the G7 and BRICS countries.

She made the remarks after Trump said Saturday that leaders of Russia, South Korea, Australia and India should be invited to this year’s G7 summit.

(XINHUA)

Continue Reading

Foreign

Indonesian security forces nab rebel for allegedly shooting dead foreigner in Papua

Published

on

By

Indonesian security forces have arrested a separatist who allegedly shot dead a New Zealand citizen who worked for the mining company PT Freeport Indonesia in the country’s easternmost province of Papua recently, a police officer said on Tuesday.

The rebel with an initial of TW was one of the 10 attackers of PT Freeport Indonesia which operates the Grasberg mining field, the largest gold mining and the second largest copper mining sites in the world.

The incident which occurred on March 30 also left two other employees of the firm injured.

The Provincial Police’s Chief Inspector General Paulus Waterpauw said that TW, a member of the separatist group which the government called a criminal armed group, was nabbed on Friday in the province’s city of Timika.

During the arrest, Waterpauw said, the security forces seized scores of ammunitions, according to local media.

PT Freeport Indonesia has been frequently targeted by separatist Free Papua Movement (OPM), leaving scores of casualties.

The Papua-based OPM, which has been seeking an independence through guerrilla wars since decades ago, also targeted soldiers, police personnel and civilians.

(XINHUA)

Continue Reading

Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

Read Also