The Sunday Mail
Manyika Kangai
China calls Moody’s concerns unwarranted
China’s Ministry of Finance said it is disappointed with ratings agency Moody’s move to change the country’s government credit rating outlook, as the Chinese economy has logged a continuous and steady recovery against the backdrop of weakening momentum of global economic recovery. In response to a media inquiry on Moody’s change of its outlook to negative from stable, the Ministry said Moody’s concerns about China’s growth prospects and fiscal sustainability are unwarranted because this year marks the first year for China’s economy to recover from the impact of the Covid-19 pandemic, but its gross domestic product (GDP) is up 5,2 percent year-on-year in the first three quarters and recent forecasts from multiple international institutions, including the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development, all showed that China can achieve its growth target of around 5 percent this year.
China’s foreign trade
China’s total foreign trade value logged positive year-on-year growth for the second consecutive month, according to the General Administration of Customs (GAC). In November, the data showed that China’s total goods imports and exports expanded 1,2 percent year-on-year. The growth pace is 0,3 percentage points faster than that registered in October. With a total foreign trade value of 3,7 trillion yuan (about US$519,84 billion) last month, the country’s exports grew 1,7 percent year-on-year to 2,1 trillion yuan (about US$295 billion), while imports edged up 0,6 percent from one year earlier to 1,6 trillion yuan (about US$225 billion). During the January-November period, the country’s foreign trade stayed unchanged compared to one year earlier, at 37,96 trillion yuan (about US$5,33 trillion).
China’s forex reserves
China’s foreign exchange reserves came in at US$3,17 trillion at the end of November, up from US$3,1 trillion at the end of October, according to data released by the State Administration of Foreign Exchange on Thursday. The country’s foreign exchange regulator attributed this increase to the combined impact of currency translation and asset price changes, adding that the sound fundamentals of its economy remain unchanged, which is conducive to maintaining the stable scale of forex reserves.
China trials visa-free travel
China is carrying out trials for visa-free travel for ordinary passport holders from France, Germany, Italy, the Netherlands, Spain, and Malaysia to boost people-to-people exchanges and high-level opening-up. From December 1 to November 30 next year, holders of ordinary passports from these six countries can enter China visa-free for business, tourism, visiting relatives and friends and transit for no more than 15 days. The visa-free entry policy is China’s latest effort to boost tourism and economic exchanges. Last month, China expanded its visa-free transit policy to include citizens from Norway for a 72/144-hour stay, bringing the total number of applicable countries to 54.
China working to commercialise 6G technology
China is working to commercialise 6G, the next-generation wireless technology after 5G, around 2030 and the 6G standards are expected to be set in 2025, according to Wang Zhiqin, leader of China’s 6G promotion group and deputy director of the China Academy of Information and Communications Technology on Wednesday. China’s Ministry of Industry and Information Technology (MIIT) announced on Tuesday that China has allocated the 6GHz spectrum for 5G and 6G systems. The 6GHz range is particularly suitable for the deployment of 5G or 6G systems in the future. The Ministry’s next step will be to solidify the foundations for 6G application and facilitate inter-sector collaboration to nurture a robust 6G ecosystem, while also propelling the formulation of globally unified 6G standards.
Manyika Kangai has over 17 years of experience facilitating and advising on China-Africa trade and investment deals. He is dedicated to helping African businesses and governments realise the full potential of the vast opportunities China presents
