Energy News  
TRADE WARS
China trade growth 'unsustainable' if virus not controlled: minister
by Staff Writers
Beijing (AFP) May 20, 2020

A recovery in China's trade growth is not sustainable unless the coronavirus pandemic is brought under control globally, the minister of industry and information technology warned Wednesday.

China's exports saw a surprise increase in April, partly because of rising medical product shipments, as production resumed after months of closures to control the outbreak, while imports and exports fell less than expected in renminbi terms during the first four months.

But Miao Wei told a news conference that "although our imports and exports in renminbi terms from January to April have increased moderately, I think that if the global pandemic cannot come under effective control, this is unsustainable".

To drive economic growth, the country will "rapidly activate domestic demand" to make up for weakness in the international markets, he said.

China had already been trying to boost consumption as a key driver of domestic growth in a drive to recalibrate the economy from one driven by exports and state investment.

Miao also said companies have experienced a fall in production since work resumed because of falling demand after governments went into lockdown to contain the spread of the disease, effectively strangling their economies.

China's key markets have been reeling from the virus fallout, with more than 30 million jobs destroyed in the United States, where the Treasury Secretary has warned of "permanent damage" to the economy if strict stay-at-home measures are not lifted soon enough.

Asked about the possibility that firms have to stop work again after resuming production, Miao said the "general policy direction is still to... use domestic demand and consumption to drive economic growth".

He believes there remains scope for the industrial economy to continue recovering in the second quarter, and said if the pandemic comes under control performance will be better in the second half of 2020.

While a recent survey by Chinese authorities showed some 40 percent of foreign-funded enterprises plan to step up investment in China in the near term, according to Miao, firms engaged in foreign trade have been hit particularly hard during the pandemic.

China plans to "introduce more targeted policies" to help smaller firms, he said.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
German firms plan charter flight to send staff back to China
Beijing (AFP) May 13, 2020
German firms plan to charter a flight to China this month, business leaders said Wednesday, as Beijing appears ready to further ease a ban on foreigners imposed over coronavirus fears. The idea is to eventually extend a similar plan to other European countries, Joerg Wuttke, president of the EU Chamber in China, told AFP. Talks are under way for "a fast-track procedure" allowing employees of German companies to re-enter China on the special flight, said Jens Hildebrandt, executive director for t ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Common CFC replacements break down into persistent pollutants

Tiny NASA satellite captures first image of clouds and aerosols

New, rapid mechanism for atmospheric particle formation

Space video streaming company Sen awards Momentus orbital deployment contract

TRADE WARS
New BeiDou satellite starts operation in network

Velodyne Lidar announces multi-year sales agreement with GeoSLAM

Galileo positioning aiding Covid-19 reaction

GPS celebrates 25th year of operation

TRADE WARS
With attention on virus, Amazon deforestation surges

Brazil to deploy army to fight Amazon deforestation

Look beyond rainforests to protect trees, scientists say

Deforestation in Africa accelerates: UN food agency

TRADE WARS
Can renewable energy really replace fossil fuels?

Solve invasive seaweed problem by turning it into biofuels and fertilisers

Fossil fuel-free jet propulsion with air plasmas

How new materials increase the efficiency of direct ethanol fuel cells

TRADE WARS
JinkoSolar launches 2020 Flagship Tiger Pro series with module output of up to 580W

Spruce Finance acquires Clearway Energy's Portfolio of residential solar assets

Duke Energy, City of Charlotte team up on solar power project in North Carolina

Sunport Power releases new high efficiency MWT PV Modules

TRADE WARS
Wave, wind and PV: The world's first floating Ocean Hybrid Platform

Supercomputing future wind power rise

Wind energy expansion would have $27 billion economic impact

Opportunity blows for offshore wind in China

TRADE WARS
Post-COVID-19 stimulus risks global coal 'lock-in'

Miners stuck in limbo as Beijing's last coal mine closes

Coal investors face $600 bn loss to renewables: analysis

How one woman is taking on Vietnam's 'big coal'

TRADE WARS
Hong Kong history exam questions sparks China rebuke

Green or red light: China virus app is ticket to everywhere

Ex-shipbuilding boss in China faces corruption probe

Hong Kong risks new unrest with China anthem bill: opposition









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.