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Danny Ding: China Office Update Sept. 8
Story Date: 9/9/2021
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Source: NCDA&CS, 9/8/21
• U.S. agricultural exports will continuously break records. The fiscal year 2021 forecast of $173.5 billion is 24% higher than the fiscal year 2020 final total and nearly $17 billion above the previous record set in 2014. For fiscal year 2022, U.S. farm and food exports are projected at a record $177.5 billion, topping 2021’s forecasted level by $4 billion. The increase is primarily driven by expected record exports of soybeans, horticultural products, dairy products and sorghum.
• From January to July, China's import and export of agricultural products reached $172.45 billion, an increase of 25.7% year-on-year. Among them, the import value reached $127.38 billion, an increase of 33.3%. The U.S. is one of the most important sources of China's agricultural imports and China imported $21.05 billions of agricultural products from the U.S. in the first half of the year, up 120.8% year-on-year.
• China’s GDP growth is expected to be 8.2% this year, and China's economy will continue its growth remained unchanged over the long term, predicted Wang Tao, head of Asia economics and chief China economist with UBS Investment Bank.
• The Chinese mainland reported no new locally transmitted COVID-19 cases in recent days, The latest COVID-19 outbreak in China has been brought under control. It’s reported that more than 2 billion COVID-19 vaccine doses had been administered in China as of August 26th, and more than 889 million people in China have been fully vaccinated against the novel coronavirus.
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