China Macro Outlook
Treat Recovery Data with Caution
Date: Feb 27, 2023
Because of Chinese New Year, the statistics bureau didn’t announce price, financial and PMI data until February. China switched from zero-COVID lockdown to almost no restrictions in December 2022, and by January 2023, normal life had nearly returned. The economy is generally improving, but caution about its sustainability is required.
Manufacturing PMI, the non-manufacturing business index and the composite PMI production index were 50.1%, 54.4%, and 52.9% in January 2023, up 3.1, 12.8, and 10.3 pps from December. All rose to the improvement zone, showing that the…
Back on Track in 2023
Date: Jan 29, 2023
GDP grew 3% in 2022. Specifically, China’s economy rose by 2.9% y/y in Q4 2022, down from the 3.9% growth reported in Q3. Many negative factors affected the economy in 2022, including global macroeconomic tightening, the Ukraine crisis, real estate restructuring, the pandemic management policies and so forth. As some of the above factors abated, particularly abolishment of the zero-COVID policy, we expect that, after a turbulent 2022, the economy will be back on track in 2023.
Industrial output grew 3.6% in 2022, down 6 pps from 2021. Investment rose 5.1%, up 0.2 pps,…
Recovery Is Constrained By Covid, Again
Date: Nov 24, 2022
Growth is weakly recovering, with pressure ahead largely from the Covid prevention and its related lockdowns. Although there was some rumor regarding abandoning the zero-Covid policy, there were also signs that China will commit to this policy in the short term, citing reasons from state media that China’s per capita medical resource is low. We forecast that although there might be some relaxing adjustment, for example that foreign entry has reduced to five-day quarantine from seven days, the zero-Covid policy will not be abandoned soon.
In January-October, industrial…
Recovery Slows Amid Weakening Global Economy
Growth strengthened, but only slightly. In August, industrial output rose 4.2% y/y, up 0.4 pps, lifting overall January-August growth to 3.6%, up 0.1 pps. Investment rose 5.8% y/y in January-August, up 0.1 pps. The August growth rate was 6.4% y/y, up 2.8 pps. Real estate investment growth rate fell further, to -13.8% y/y, down 1.7 pps from August 2021.
In August 2022, consumption rose 5.5% y/y, up 2.7 pps. This is partly due to the low base number of last year, when consumption rose 2.5%, and was down 6 pps from August 2021.
Exports rose 11.8% y/y, down 12.1 pps from July 2022. This seems…
Real Estate Cooling Drags Economic Recovery
Industrial output grew 3.5% y/y in January-July, up 0.1 pps from H1. In January-July, investment rose 5.7% y/y, down 0.4 pps from H1. In particular, the investment growth rate in July was down 2.4 pps from June. High infrastructure investment has been flattened by reduced real estate investment.
Retail sales of social consumption goods fell -0.2% y/y in January-July, up 0.5 pps from January-June. Exports were still strong. In July, exports rose 23.9% y/y, up 1.9 pps from June. Due to the stop of global monetary policy easing, the continuing Ukraine crisis, and the ongoing pandemic, other…
Recovering from the Lockdowns
GDP only grew 2.5% y/y in H1. As the pandemic shock has been gradually under control and the start of various economic stabilization policies, the recovery growth in June has lifted the Q2 growth to achieve positive growth at 0.4% y/y, contributing to the path “back to normal”.
In H1, industrial output rose 3.4% y/y, down 3.1 pps from Q1. In H1, investment growth rate was 6.1% y/y, down 3.2 pps from Q1, but still 1.2 pps faster than 2021. The continuing real estate cooling does not see any time ending.
Pandemic lockdowns suppressed consumption. Retail sales of social consumption goods fell…
Signs of monetary and fiscal expansion at last
Because of the long Chinese New Year holiday, the statistics bureau only announced price, financial and PMI data in February. Producer prices grew more slowly. PPI rose 9.1% y/y, down another 1.2 pps from December. The ex-factory price index of industrial goods rose 8.85% y/y, while CPI growth also slowed. CPI rose 0.9% y/y in January, down 0.6 pps from December. In particular, food prices fell -3.8% y/y, down 2.6 pps from December, dragging CPI down 0.72 pps. That is the leading factor lowering CPI. The falling price levels offer ample room for further money expansion.
At the end of…
Lockdown Halts Powerful Economic Recovery
The COVID-19 lockdowns in Shanghai and some other cities since late March have halted the strong economic recovery. In Q1, GDP was up 4.8% y/y, up 0.8 pps from Q4 2021, but 0.2 pps lower than in Q1 2020. Industrial output rose 6.5% in Q1, up
2.6 ppts from Q4, but down 1 pps from January-February. Investment rose 9.3% y/y in Q1, up 4.4 pps from 2021, but 2.9 pps lower than in January-February.
In March, overall PMI, manufacturing PMI, and non-manufacturing business activity PMI were 48.8%, 49.5% and 48.4% respectively, all falling steeply from the previous month, demonstrating that the…
Signs of monetary and fiscal expansion at last
Executive summary
Because of the long Chinese New Year holiday, the statistics bureau only announced price, financial and PMI data in February. Producer prices grew more slowly. PPI rose 9.1% y/y, down another 1.2 pps from December. The ex-factory price index of industrial goods rose 8.85% y/y, while CPI growth also slowed. CPI rose 0.9% y/y in January, down 0.6 pps from December. In particular, food prices fell -3.8% y/y, down 2.6 pps from December, dragging CPI down 0.72 pps. That is the leading factor lowering CPI. The falling price levels offer ample room for further money expansion.
At…
Yuan may appreciate further in 2022, but not hit 6 to the dollar
Growth continues to be weak. In November, industrial output grew 3.8% y/y, down 1.1 pps from Q3, much lower than the growth rates of recent years. Investment is also low, and was up 7.9% y/y, and down 1.2 pps from January-June. Its adjusted growth rate is instead negative. The real estate market is still cold: sales were down -14.2% y/y in November.
Consumption rose 3.9% y/y in November, down 1 pps from October, and its adjusted growth rate was 0.5% y/y, hitting its lowest level this year. But trade is still strong. Imports were up 26% y/y, and up 9.8 pps from Q3. Exports were up16.6% y/y.
…Growth weakens, though more structural reforms are underway
Growth has weakened, especially in services. In August, industrial output grew 5.3% y/y, and was up 11.2% from August 2019, with an annualized growth rate of 5.4%, down 0.2 ppts from July, and down 1.2 ppts from Q2. The service production index has slowed since Q2, and grew only 4.8% y/y in August, after being further hit by the COVID outbreaks, down 2.9 ppts from Q4 2020, and down 2.1 ppts from 2019.
Investment was up 8.9% y/y January-August, and increased 8% from August 2019, with an annualized growth rate of 4%, down 0.5 ppt from H1. Real estate is cooling dramatically, to the 2008…
Growth may be slower
The Chinese economy has been stably rising in Q2. GDP was up 7.9% y/y, and up 11.4% from Q2 2019, with an annualized growth rate of 5.5%, up 0.5 pps from Q1. Industrial output was up 8.9% y/y, and up 13.7% from Q2 2019, with an annualized growth rate of 6.6% y/y, slightly lower than in Q1 but higher than the pre-pandemic 2019 level; specifically, growth in June was 6.5%.
Investment was up 12.6% y/y, and increased 9.1% from Q2 2019, with an annualized growth rate of 4.4% y/y, up 1.8 pps from Q1, and down 1 pps from 2019. In Q2, retail sales of social consumption goods were up 9.5% from Q2…
Stronger yuan against a weak dollar
Growth was stable in May. Industrial output rose 8.8% y/y, and increased 13.6% from May 2019, with an annualized growth rate of 6.6%. Investment rose 15.4% y/y, and increased 8.5% from May 2019, with an annualized growth rate of 4.2% y/y -- still in a low growth zone.
Consumption has recovered further. In May, retail sales of social consumption goods rose 9.3% y/y from May 2019, with an annualized growth rate of 4.5%, up 0.2 pps from April. Trade has been strong since the beginning of this year, especially for imports, which are growing robustly. In May, imports rose 39.5% y/y. Exports rose…
Robust growth without monetary loosening
Growth is stable. Industrial output was up 9.8% y/y in April, and up 14.1% y/y from April 2019, with annualized growth of 6.8% y/y, the same as in Q1, and higher than the pre-pandemic levels in 2018 and 2019. Investment is still weak, and rose 8% y/y from April 2019, with an annualized growth rate of 3.9% y/y, up 1.3 pps from Q1. We expect economic growth to be strong, though fiscal and monetary policy are not loosening. Our forecast is based on strong trade growth from global economic recovery, commodity price appreciation and demand recovery.
Consumption recovered slowly. In April,…
Import rally
GDP was up 18.3% y/y in Q1, and up 10.3% from Q1 2019, with an annualized growth rate of around 5%. In this report, we mostly use Q1 2019 as the benchmark period, because the major shock from the pandemic in February 2020 makes Q1 2020 data hardly comparable. The adjusted growth rate was lower than in Q4 2020, and higher than in Q3 2020, and can be viewed as stable.
In Q1 2021, industrial output was up 14% y/y from Q1 2019, with annualized growth of 6.8%, slightly lower than in Q4 2020. In particular, industrial growth in March reached 12.8% y/y, with an annualized growth rate of 6.2% y/y,…
Consumption set to rebound
Economic recovery is still going strong. In January-February, industrial output was up 35.1% y/y, and up 16.9% compared to January-February 2019. Annualized growth was 8.1% y/y, higher than all quarterly growth since 2015, and up 1 pps from Q4 2020. Since the Chinese economy was shut down to a large extent last February due to COVID-19, we also look at growth rates for most indicators by comparing their performance with the same period in 2019.
In January-February, investment fell -35% y/y, and was up only 3.5% y/y from the same period in 2019. The investment slowdown is mostly due to the…
Economic resilience will stoke export growth
Producer prices increased fast between June 2020 and January 2021, and finally turned positive. The ex-factory price index of industrial goods rose 1% m/m, and 0.3% y/y. PPI rose 1.4% m/m, and 0.9% y/y. We expect the ex-factory price index to soon rise higher than 5% y/y, and PPI will rise higher than 8% y/y.
CPI fell -0.3% y/y. However, its seasonally adjusted growth rate was 0.3% m/m. The rise of the CPI level is mainly driven by the strong rebound of meat prices. The rebound is temporary, and linked to the Spring Festival effect. We expect the meat price will continuously drop for the…
Exports are surging
Industrial output rose 7% y/y in November, reaching its fastest growth rate since April. Investment rose 2.6% y/y, and was up 0.8 pps from October.
Consumption was the worst-hit macro variable of the pandemic. But retail sales of consumer goods recovered further, rising 5% y/y, up 0.7 pps from October. Its real growth rate was 6.2% y/y, and was even higher than in November 2019.
CPI fell -0.5% y/y in November, turning negative for the first time, hit by a fall in pork prices. The ex-factory price index of industrial output fell -1.5% y/y, and PPI fell -1.6% y/y, up 0.6 and 0.8 pps…
RCEP, the largest free-trade agreement deal in history
In October, industrial output rose 6.9% y/y, the same rate as in September, and the highest rate this year, up 2.2 pps from October 2019. The national service production index has been rising since the economic opening in February, and achieved positive growth in May. It rose 7.4% y/y in October, up 2 pps from September, and up 0.8 pps from October 2019. Investment rose 1.8% y/y in October, up 1 pps from September.
Retail sales of social consumption goods recovered further, and were up 4.3% y/y, and up 3.4 pps from Q3. Their real growth was 4.6% y/y, up 5 pps from Q3.Even the pandemic’s…
GDP growth hits 4.9% in Q3,with surging exports
GDP was up 4.9% y/y in Q3, a rise of 1.7 pps from Q2, but still 1.1 pps lower than in Q3 2019. Industrial output was up 5.8% y/y in Q3, up 1.4 pps from Q2, and up 0.8 pps from Q3 2019.
Investment was up 8.8% y/y, up 5 pps from Q2, and up 4.1 pps from Q3 2019, with investment in manufacturing rising fastest, by 9% y/y, up 10 pps from Q2. Retail sales of social consumption goods were up 0.9% y/y, and up 4.8 pps from Q2 -- and their real growth rate was -0.4% y/y.
CPI was up 2.3% y/y in Q3, down 0.4 pps from Q2. In particular, CPI rose only 1.7% y/y in September, an accelerated decrease.…
Recovery reaches pre-pandemic level
Industrial output was up 5.6% y/y, up 0.8 pps from July, reaching the average growth rate of 2019. We expect growth might slightly exceed the pre-pandemic level for the rest of the year. Investment fell -0.3% y/y January-August, up 1.3 pps from previous months. The driving force is switching from state to private investment, reconfirming the return to pre-pandemic economic recovery.
Consumption was up 0.5% y/y, the first turn to positive growth this year, and up 1.6 pps from July. Exports were up 11.6% y/y, above 10% y/y for two consecutive months. Despite the U.S.-China conflict, exports to…
Recovery slows, but continues
Industrial output rose 4.8% y/y in July, the same rate as in June, down 1.1 pps from Q4 2019. Investment grew 8.3% y/y, up 2.7 pps from June, and up 2.9 pps from Q4, and is still mainly driven by state investment, with a growth rate of 12.7% y/y. The best performer among fixed asset investments is real estate, with a growth rate of 11.6% y/y in July, up 3.7 pps from Q2.
Consumption is still weak, and was down -1.1% y/y, and up 0.7 pps from June, showing customers’ caution over COVID-19. In July, exports grew 10.4% y/y, up 6.1 pps from June, and up 6.4 pps from H2 2019, possibly due to the…
Strong rebound, even without a major stimulus
GDP rose 3.2% y/y in Q2 -- a remarkable performance amid global pandemic. In June, industrial output was up 4.8% y/y, and up 0.4 pps from May, though has still not reached the pre-pandemic level, and was down 1.1 pps from Q4 2019. Investment, mostly driven by state investment, was up 5.6% y/y, up 1.7 pps from June and down 0.2 pps from Q4 2019.
Retail sales of consumption goods fell -1.8% y/y in June, up 1 pps from May. Exports rose 4.1% y/y in June, achieving positive growth for three consecutive months, averaging 4.5% y/y, higher than the growth rate of H2 2019. Imports were up 6.2% y/y,…
COVID second wave lowers our growth forecast
Industrial output rose 4.4% y/y in May, up 0.5 pps from April, comparable to its pre-pandemic level, and was down just 1.5 pps from Q4 2019. Investment was up 3.9% y/y, and up 3.1 pps from April, down 1.5 pps from Q4. Government investment is the main force lifting overall investment growth.
Consumption demand continued to recover in May. Retail sales of social consumption goods fell 2.8% y/y, up 4.7 pps from April. The global pandemic is not showing any sign of abating, and is heavily impacting trade. In May, exports were up 1.4% y/y, down 6.8 pps from April, while imports plunged 12.7%…
Moving toward pre-pandemic levels
The National Committee of the Chinese People's Political Consultative Conference (CPPCC) convened the annual two sessions on May 21st. Although for the first time the government did not set an annual growth target - possibly due to so many COVID-19 uncertainties ahead - we expect the implicit growth target is 1.8% for now, given the projected deficit and inflation numbers.
The economy is quickly recovering, as the pandemic has come under control. In April, industrial output growth turned positive, and was up 3.9% y/y, and up 5 pps from March, down only 2 pps from the pre-pandemic level, in…
Focusing on “six stabilities,” while struggling to grow
The Chinese economy was hit hard by the coronavirus in Q1, and GDP fell -6.8% y/y. Because the virus is almost contained in China, economic activities have since March been gradually picking up, and there were clear signs of recovery. Industrial output was down -1.1% y/y, up 12.4 pps from January-February.
Consumption has been hardest hit, largely due to quarantining. Retail sales of social consumption goods fell -19% y/y in Q1, and -15.8% y/y in March, up 4.7 pps from January-February. Trade has so far been largely unaffected. Exports in March were up 2.8% y/y after adjustment, down only…
Economy will be relatively stable amid global turmoil
The coronavirus outbreak in China has had major short-term negative effects on production activities. However, as of March 18th, within China it is largely contained, with zero new cases. The total number of global infection cases outside China has now surpassed the total number of cases in China, and the number is expanding rapidly. Industrial output in China fell -13.5% y/y in January-February, and investment fell -24.5% y/y. But we believe these two major indicators -- especially investment -- will recover soon.
We believe the Chinese economy and finance may be relatively stable, and…
Coronavirus effects may soon be contained in china
The coronavirus outbreak that began in late January was one of the most severe exogenous shocks in China’s recent history, especially since it overlapped with the Chinese New Year holiday, which involves the largest population migration in human history. As of February 26th, some 80,428 cases had been confirmed in China.
The Chinese government is using monetary and fiscal policies to boost the economy. On February 2nd, the People’s Bank of China pumped $174 billion into financial markets. As of this writing, the coronavirus has been largely contained, in terms of consistently lower numbers…
With trade uncertainty eased, 6% growth target can be achieved
The United States and China on January 16th struck a "phase one" trade deal, at least easing uncertainty over the future of U.S.-China trade relations. Exports raised 5% y/y in 2019, down 2.8 pps from 2018, while imports raised 1.2% y/y, down 11.6 pps.
GDP raised 6.1% y/y last year, down 0.5 pps from 2018. Industrial output raised 5.7% y/y, down 0.5 pps, while investment raised 5.4% y/y, down 0.5 pps.
Fiscal revenue was up 3.8% y/y in January-November 2019, down 2.7 pps from the same period in 2018. Fiscal expenditure was up 7.7% y/y, up 0.9 pps. So the fiscal deficit is rapidly expanding,…
2020 growth target likely to be about 6%
The annual Central Economic Work Conference (CEWC) held by top leaders December 10th-12th emphasized “stabilities.” We believe that “around 6%” is the likeliest 2020 growth target. Infrastructure investment was mentioned, suggesting that infrastructure spending will be used to support the economy, if growth slows notably below 6%.
The good news that “phase 1” of a China-U.S. trade agreement, which includes a reduction of U.S. tariffs on Chinese goods, and an increase of foreign investor access to China, may be signed in early 2020, has cheered the markets. There are more optimistic…
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Governor of the Hungarian National Bank Dr. György Matolcsy Visits CDI
During his visit to China, Dr. György Matolcsy, Governor of the Hungarian National Bank (MNB) and former Minister of National Economy of Hungary, visited CDI on Oct 31, 2023.
Although the global economy has been largely affected by geopolitical tensions and growth slowed, the overall economic…
CDI Delegation Visits Belgium and Hungarian Think Tanks and Financial Institutions
From Sept 16 to 23, 2023, CDI delegation led by Dr. Guo Wanda, Executive Vice President of CDI, visited Belgium and Hungarian think tanks and financial institutions, including Bruegel, European Policy Centre, EGMONT-Royal Institute of International Relations, KBC Group, Hungarian National Bank,…
UK Foreign, Development and Commonwealth Office Delegation Visits CDI
UK Foreign, Development and Commonwealth Office delegation led by Chief Economist Professor Adnan Khan visited CDI on May 24, 2023. Dr. Liu Guohong, Vice President of CDI, introduced Shenzhen’s history and development as a Special Economic Zone, and its role in China’s reform and opening-up. The…
New Zealand China Council Visits CDI
The New Zealand China Council delegation led by Mr. John McKinnon visited China on May 12, 2023. Dr. Guo Wanda, Executive Vice President of CDI, introduced the current trends of Guangdong-Hong Kong-Macao Greater Bay Area, as well as Shenzhen’s role in the GBA development. Experts from New Zealand…
Consulate General of Australia in Guangzhou Delegation Visited CDI
Delegation led by Australian Consul-General in Guangzhou Mr. Anthony Aspden visited CDI on Wednesday March 8, 2023. Both sides exchanged views on the latest trend of China's development. Dr. Guo Wanda, Executive Vice President of CDI, provided an overview of the recent economic developments in…
University of British Columbia Professor Jamie Peck Visited CDI
On Feb 24, 2023, Professor Jamie Peck of University of British Columbia, Canada visited CDI. CDI experts introduced the structure and recent developments of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Afterwards, the two parties exchanged views on the GBA, particularly the coordination…
Shenzhen Scholarly Salon Held in CDI
On Sept 21, the Shenzhen Academy of Social Sciences and the China Development Institute co-organized the three hundred and seventy-third edition of the Shenzhen Scholarly Salon, themed on Opportunities of Shenzhen-Hong Kong Cooperation under the Guangdong Hong Kong-Macao Greater Bay Area. Scholars…
Outlook on China’s Economy: Dialogue between Fan Gang and Bert Hofman
On April 19, Prof Fan Gang, President of China Development Institute, and Prof Bert Hofman, Director of the East Asian Institute at the National University of Singapore, provided their insights on China’s economy in the hybrid talk held by the Singapore Institute of International Affairs.
On…Research Reports
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CHINA TOP THINK TANKS PILOT PROJECT
CDI has been designated as one of the 25 China Top Think Tanks
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Insights
How China Should Navigate Through the Economic Challenges
Date: Nov 23, 2023
During a recent interview, Prof. FAN Gang, President of China Development Institute, provided perspectives on the development of large enterprises, insights on the importance of fostering private enterprises and how China should navigate through the economic challenges that it faces now.
Synergies and Challenges in Diverse Business Scales
Businesses of all scales have the opportunity to innovate in a variety of ways. While small businesses may specialize in specific technological fields, they often struggle to achieve systematic technological development. On the other hand, large enterprises tend to integrate multiple technologies to create more comprehensive products.…
Shenzhen Racing into the Era of Artificial Intelligence
Date: August 21, 2023
Author: Dr. LI Enhan and Ms. ZHUO Shengling, China Token Digital Economic Research Center, CDI
When discussing the rapid advancement of artificial intelligence, it undoubtedly marks the dawn of a new era in technology. It is set to become a key force driving a new wave of technological revolution and industrial transformation. Shenzhen has released a corresponding action plan and the initial roster of "City + AI" application scenarios, while also establishing a substantial 100 billion CNY fund dedicated to artificial intelligence.
Overview of the global competition in artificial intelligence
On a global scale, the competition in artificial intelligence has become a…
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China Financial Centers Index (CFCI 10)
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Events
The 2023 Global Chinese Economic & Technology Summit
Information
The World Chinese Economic Summit was founded by Tan Sri Lee Kim Yew and Tan Sri Michael Yeoh in 2009. It was first held in the Palace of the Golden Horses, Malaysia and hosted by its…
New Zealand – China Green Ports Dialogue (Invitation Only)
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Date and time: Thursday October 19, 2023 09:00-12:15 (Beijing Time)
Host: China Development Institute and New Zealand China Council
New Zealand and China are both committed to pursuing…
China-Europe Webinar - EU's Green Deal and Its Implications for China-EU Cooperation
Information
Date and time: Wednesday July 12, 2023 15:00-17:10 (Beijing Time)
Host: China Development Institute
The EU’s rules for the new carbon border adjustment mechanism (CBAM) became effective on 17 May. CBAM aims to prevent carbon leakage and restore a level playing field in high-emitting…
China Think Tank Forum & CDI 2023 Annual Conference
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The year 2023 marks the 45th anniversary of China’s reform and opening-up. Currently, China is in the midst of increasingly complicated international political and economic environment and needs to tackle domestic issues such as the lack of scientific and technological innovation…
China-Central Asia Cooperation Webinar - How to Deepen the Energy Cooperation under the Belt & Road Initiative
Information
Since the establishment of diplomatic relations between China and the five Central Asian countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in 1992, the two sides have continued to deepen industrial cooperation in key areas. In 2022, the bilateral trade volume…
The Future Of Green Hydrogen - BizTechHuìhuà Chat
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Most hydrogen currently produced is made using natural gas. As we go forward, hydrogen will increasingly be produced using renewable energy sources and the price of this production is likely to come down over time. Hydrogen and ammonia, produced using hydrogen, are potential game…
The RCEP Signing: Common Future and Shared Prosperity Towards Regional Cooperation
CGTN: 2022 Economic Prospects-Exclusive Interview with Fan Gang
CDI In the News
HK maintains No 3 rank among global financial centers
Hong Kong remained in third place in the global ranking of financial centers, following New York City and London, according to the latest Global Financial Centers Index.
Despite the impact of the COVID-19 pandemic, Hong Kong scored 715 points, only one point less than its previous ranking half a year earlier. List-topper New York lost three points to score 759, while London came in second, dropping 14 points to 726.
The GFCI was jointly published on Thursday by the China…
China-Japan industrial cooperation still has big room to grow
China and Japan have large room for cooperation in emerging industries and the two sides should seek complementary development, scholars said on Thursday.
They made the remarks at an online seminar on China-Japan industrial cooperation and development, co-organized by the Shenzhen-based think tank China Development Institute and Beijing-based think tank Pangoal Institution.
"For China and Japan, the space for cooperation in traditional industries is not that large. But in emerging…
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