The Sunday Mail
Manyika Kangai
Fourth Volume of “Xi Jinping: The Governance of China” Published
The fourth volume of the book “Xi Jinping: The Governance of China” has been published by Foreign Languages Press in both Chinese and English. The book will be available at home and abroad. The latest volume contains a compilation of 109 pieces of spoken and written works of Xi Jinping, from February 3, 2020 to May 10, 2022, along with 45 photographs taken since January 2020. It is divided into 21 sections by topic.
China’s Foreign Currency Reserves Drop
China’s foreign exchange reserves dropped to US$3,07 trillion at the end of June, down US$56,5 billion from May, according to data from the People’s Bank of China released on Thursday.
PBOC, HKMA Enhance Currency Swap Agreement
The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) announced that their currency swap agreement has been enhanced. It has become a long-standing arrangement with no need for renewal. Its size has also been expanded from 500 billion yuan (about US$75 billion) to 800 billion yuan (about US$120 billion). The agreement will further deepen financial cooperation between the Chinese mainland and Hong Kong, better support the development of Hong Kong as an international financial centre and foster the development of the offshore RMB market in Hong Kong, according to a PBOC statement. The currency swap arrangement was established by the PBOC and the HKMA in 2009.
China’s Logistics Industry Rebounds
China’s Logistics Prosperity Index (LPI) was 52,1 percent in June, up 2,8 percentage points from the previous month. The LPI of China’s logistics industry has returned to the expansion range after running below 50 percent for three consecutive months. In June, 12 sub-indices rebounded to varying degrees. The Total Business Index, New Order Index, Inventory Turnover Index, Equipment Utilisation Index and Employee Index rebounded significantly. The China Logistics Prosperity Index (LPI), first launched in March 2013, provides an early indication each month of logistics activities in the Chinese logistics sector. The LPI is useful as an indicator of economic and business conditions in China. It is published by China Federation of Logistics & Purchasing (CFLP).
China plans to improve gig economy
China plans to bolster support for the development of the gig economy in its latest bid to boost employment. Recruitment information of odd jobs will be incorporated into the scope of public employment information services, according to a guideline issued on Thursday by the country’s Human Resources and Social Security Ministry and other four government agencies. Training for temporary jobseekers will be strengthened, particularly for new occupations and those with strong labour demand. China has introduced an array of policies in recent months to help jobseekers, including college students and migrant workers, find jobs to keep the country’s employment market stable.
