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NCDA&CS' Danny Ding: China Office Update
Story Date: 9/23/2021
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Source: NCDA&CS, 9/22/21
• On September 10th, President Biden and President Xi held a telephone conference. China's Ministry of Foreign Affairs said that in the call, both sides had deep communication on Sino-US relations and major international issues, which are very important for leading the correct development of the relation. The two sides agreed to continue to maintain regular contact through various ways.
• At a virtual reception hosted by the US-China Business Council, Chinese Ambassador to the US Qin Gang said China will continue to welcome US companies to explore the Chinese market. The ambassador provided an update on the Phase One Trade Deal. He said China has been faithfully implementing the agreement despite the pandemic, and has made progress in ramping up intellectual property right protections and expanding market access for agricultural products and the financial sector.
• The Chinese economy kept up its recovery last month, but domestic COVID-19 cases and natural disasters in some parts of the country have affected economic performance, China’s National Bureau of Statistics said. According to the bureau, the retail sales grew by 2.5% on a yearly basis in August, compared with 8.5% in July. On the two-year average basis, retail sales expanded by 1.5% in August.
• Fujian province has tightened prevention and control measures to contain a surge of cases in the latest COVID-19 outbreak. From 10th to 8 am on 14th, the province reported 120 confirmed cases. At president, there are 2 high-risk areas and 5 medium-risk areas, all located in Fujian.
• As of September 12th, the ocean freight of China / Southeast Asia - North America West Coast and China / Southeast Asia - North America east coast continued to rise slightly, both exceeding the $20,000/ FEU, with a year-on-year increase of more than 500%, even leading to the freight more expensive than commodities sometimes. Luckily, on the 9th, CMA CGM made the decision to stop all spot rate increases
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