China: Daily Scan, November 18, 2021
Kota Mallikarjuna Gupta, Research Associate, VIF
Chinese premier pledges to unswervingly expand opening-up: Xinhuanet
November 17, 2021

Chinese Premier Li Keqiang said that China will unswervingly expand its opening-up and create a business environment that is market-orientated, law-based and up to international standards. Li made the remarks while attending a special virtual dialogue with global business leaders hosted by the World Economic Forum on Tuesday. Nearly 400 entrepreneurs from over 40 countries attended the meeting. Click here to read...

China approves plan to digitalize government services: Xinhuanet
November 17, 2021

A State Council executive meeting on Wednesday reviewed and approved a plan to digitalize government services nationwide during the 14th Five-Year Plan period (2021-2025). China will accelerate the construction of a digital government to improve administrative services, according to the meeting, which was chaired by Premier Li Keqiang. Click here to read...

HKSAR gov't strongly opposes U.S.-China Economic and Security Review Commission report: Xinhuanet
November 18, 2021

The Hong Kong Special Administrative Region (HKSAR) government on Thursday strongly condemned and opposed the various unfounded allegations made by a report of the United States-China Economic and Security Review Commission (USCC). Click here to read...

Innovation center pumps new life into BRICS cooperation: People’s Daily
November 18, 2021

Enterprises from BRICS countries are strengthening ties and finding more cooperation opportunities despite COVID-19, partly thanks to an innovation center launched last December in the Chinese city of Xiamen. Benefited from the BRICS Partnership on New Industrial Revolution Innovation Center, Xiamen Rockwise Information Service Co., Ltd., a stone trading platform, has attracted around 30,000 stone suppliers, including over 700 dedicated to stone imports from other BRICS countries.Click here to read...

With eye on China, US, Japan stage anti-submarine drills in S.China Sea: Global Times
November 17, 2021

Military observers said rarely-seen large-scale anti-submarine drills recently staged by the US and Japan in the South China Sea targeted China and the conventional submarines of the People's Liberation Army (PLA) Navy. The Japan Maritime Self-Defense Force's (MSDF) Twitter account said on Tuesday that "JS Kaga, JS Murasame, the JMSDF submarine and P-1, conducted a bilateral exercise with the USS P-8A," while noting that "This is the first time for the JMSDF submarine to conduct an anti-submarine warfare exercise with the @USNavy in the South China Sea." Click here to read...

Local authorities in China further regulate virtual currency mining: Global Times
November 18, 2021

Local authorities across China including Southwest China's Guizhou Province and Sichuan Province have implemented measures to further regulate local cryptocurrency mining activities, coming on the heels of China's top economic planner announcing new rules tackling on industrial-scale Bitcoin mining and involved state-owned enterprises in a bid to achieve carbon neutrality on Tuesday. Click here to read...

Policies aim to help tourist agencies: China Daily
November 18, 2021

Ministry measures to prop up smaller companies during COVID-19 drag. The Ministry of Culture and Tourism recently compiled a list of 19 preferential policies issued by central ministries to help operators in the tourism sector pull through difficulties during the COVID-19 era. Official data showed that in the first three quarters of this year, about 2.7 billion domestic trips were made, a 39 percent increase year-on-year, and total tourism consumption was 2.4 trillion yuan ($371 billion), up 63.5 percent year-on-year. Click here to read...

China’s 996 overtime culture: tech firm under investigation for pressuring staff to work extra hours: South China Morning Post
November 18, 2021

A leading Chinese information technology company is under investigation for pressuring its staff to work overtime by hanging banners berating people for not staying back past their finishing times. The Chutian Metropolis News reported that Inspur, a Shandong-based IT giant in eastern China, was exposed harassing staff to work extra hours for free after management hung banners promoting the practice in its head office in Jinan last month.
One banner carried the slogan: “If you are free, go work overtime. Go to finish our unfinished tasks.” Others read: “You work overtime and I work overtime, then for anyone who doesn’t, he can’t escape working overtime”, “If everybody takes the extra shifts, it’s a really good thing. Overtime is really good”, and: “Working overtime in the daytime, you don’t doze off; working overtime in the evening, you can’t fall asleep.” Click here to read...

China’s inflation: why was official database updated with more historical data? : South China Morning Post
November 17, 2021

Historically, when it comes to statistics, China’s record is not great. It has been criticised for altering statistics, even by internal economists, and there have been reports of cases in which local officials have altered economic figures in the interest of political gains.
So, why has China added almost four years of figures to its producer price index (PPI) database? In the middle of October, official data released showed China’s producer price index (PPI) rose by 10.7 per cent in September from a year earlier as a surge in global coal prices pushed up raw material costs. At the time, this was reported as record-high factory gate inflation for China, increasing the risk of stagflation. Stagflation occurs when an economy is hit by slow growth – China’s economy expanded by just 4.9 per cent in the third quarter – as well as by high inflation and unemployment. Click here to read...

Philippines condemns Chinese coast guard's action in South China Sea: Reuters
November 18, 2021

The Philippines condemned "in strongest terms" the actions of three Chinese Coast Guard vessels which blocked and used water cannons on two Manila supply boats on their way to a Philippine-occupied atoll in the South China Sea, its top diplomat said on Thursday. Foreign Affairs Secretary Teodoro Locsin said no one was hurt during the Nov 16 incident at the Second Thomas Shoal but the Philippines boats, which were transporting food supplies to military personnel based there had to abort their mission. Click here to read...

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