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Strategy will consolidate nation's key role in global market, say experts China is seeking a new position in the global economy, aiming to simultaneously become a "world market" and a "world factory", which will consolidate its key role in the global market, with deeper integration into global society, according to top-level policy advisers. That is a blueprint not only for guiding this year's economic work, but also setting a basic principle for China's 14th Five-Year Plan (2021-25), indicating policymakers' determination to further open the domestic market. Legislators and political advisers will gather in Beijing this week to discuss the key issues of China's development at the annual sessions of the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference. To achieve the goal, China will stabilize imports and expand exports, continually promote cross-border trade and investment and optimize the business environment … [Read more...] about Advisers: Dual circulation key to China’s development

HANOI: Even a few hours in Ho Chi Minh City, still called Saigon by the locals, will give you a feel for how much the Vietnamese economy is booming. The international airport completed in 2007 can handle 17 million passengers a year, the city’s first metropolitan train line is under construction, and ever taller office and apartment blocks are beginning to rise both inside and now outside the city’s riverfront centre. BOOMING VIETNAM The bedrock in Vietnam’s enviable run of prosperity has been the shift of low-cost manufacturing from China. In 2010, for instance, Vietnam produced more Nike sports shoes than China for the first time. In 2018, foreign direct investment almost doubled compared with 2017, with 112 countries and territories investing in Vietnam. In downtown Ho Chi Minh City, plastered in front of the metro stop being built between the city’s colonial-era Opera House and the famed Rex Hotel, is a large sign that reads “Japan-Vietnam” with the flags of the … [Read more...] about Commentary: Vietnam emerges a key winner from the US-China trade war

Video Player Close BEIJING, March 3 (Xinhua) -- China will draw up special protection measures for key wildlife species, including Hainan gibbons and pangolins, as the country sets out to formulate a preservation plan for animals and plants from 2021 to 2025. So said the National Forestry and Grassland Administration on Wednesday. In the meantime, work related to evaluating and identifying key habitat areas for wild animals will accelerate, the administration added. The number of wild giant pandas in China has increased to 1,864, and that of wild and captive crested ibises has surpassed 5,000, said the administration. It noted that the populations of the two species achieved restorative growth. So far, the country has seen stable captive breeding of more than one hundred rare and endangered wild animals, according to the administration. Enditem … [Read more...] about China prepares special protection for key wildlife species

Here are the key points from Chancellor Rishi Sunak's budget speech: • Economy expected to return to pre-COVID levels by the middle of next year, six months earlier than previously thought • GDP growth forecast for this year downgraded to 4% (from 5.5%) according to Office for Budget Responsibility • Unemployment expected to peak at 6.5% • Forecasts show government borrowing reaching £355bn in 2020/21, of 17% of the national income - the highest level since the Second World War. For 2021/22 it climbs to £234bn, 10.3% of GDP. • Debt is set to peak at 97.1% of GDP in 2023-24. • An additional £65bn in spending in response to coronavirus takes total fiscal support to £407bn • £1.6bn will go towards continuing the vaccine roll-out and improving future preparedness • Chancellor confirms furlough scheme will be extended until the end of September, with the government paying 80% of salary though employers will asked to put in 10% from July and 20% from August • Help for … [Read more...] about Budget 2021 key points: What was announced in Chancellor Rishi Sunak’s speech?

Tory Rishi Sunak today announced changes to tax, furlough and Stamp Duty in his 2021 Budget . The Chancellor said he must take "unpopular" and "honest" decisions as he reversed some Tory Corporation Tax cuts and cancelled an Income Tax break for millions of Brits. He warned next year borrowing will hit £234bn or 10.3% of GDP - “an amount so large it has only one rival in recent history, this year”. And Covid spending including fiscal support has hit £407bn. But in reality the Chancellor put off many of the most painful decisions until later and gave businesses a huge tax break for now - one he claimed was the biggest in history. He also extended several breaks and Covid support schemes beyond the end of the roadmap. Mr Sunak said more than 700,000 people have lost their jobs since March and the economy has fallen by more than 10% - the fastest fall in more than 300 years. “It’s going to take this country and the whole world a long time to recover from this extraordinary … [Read more...] about Budget 2021 summary: Key announcements at a glance as Covid spending hits £407bn