Source: NCDA&CS, 11/10/21

• China’s National Bureau of Statistics released that China’s third-quarter economic growth came in at 4.9% on a yearly basis, down from 7.9% in the second quarter and marking the slowest pace in a year. In the January-September period, China's GDP grew by 9.8% year-on-year to $12.8 trillion, down from 12.7% in the first half year. Xu Xianchun, a professor of economics at Tsinghua University, commented that overall, China's growth momentum remains strong and consumption demand is playing a major role in driving growth. For the first three quarters, consumption has contributed to 64.8% in growth, 3.1% higher than last year. 

• General Administration of Customs of China introduced that the total value of China's import and export of goods in the first three quarters of 2021 was $4.43 trillion, a year-on-year increase of 22.7%. The US is China's third largest trading partner, with imports and exports value of $550.53 billion, a year-on-year increase of 24.9%. 

• Affected by the tight coal supply and other factors, China has implemented the policy of "restricting power consumption" in many provinces. The new policy has limited the production capacity of many production enterprises, including reducing the soybean crushing capacity of oil plants. It’s reported that this has led to the recent slowdown in the purchase of soybeans by China's oil plants. It is still expected that the soybean crush will continue for some time, but the domestic soybean crush in China is expected to gradually recover. 

• Coniferous logs from the US will only be allowed entry into Chinese ports located in PWN infested areas, probably including 5 ports in Zhejiang, 1 in Fujian, 4 in Shandong and 7 in Guangdong. 

• Top Chinese diplomat Yang Jiechi and United States National Security Advisor Jake Sullivan met in Zurich, Switzerland, on 6th. In a press release following the meeting, the Chinese foreign ministry described the meeting as "extensive, candid and in-depth". 

• Since two positive cases were reported in Xi'an on October 17th, more than 700 new locally transmitted COVID-19 cases have been reported in the past nearly 20 days as of November 4th, affecting 19 provinces in China. There are 3 high-risk areas and 44 medium-risk areas in China. China have begun offering COVID-19 booster shots to targeted groups to strengthen their immunity to the virus.