Business

China’s warming foreign trade boosts global economic recovery

Published

1 year ago

11/02/2023

GUANGZHOU, Feb. 11 (Xinhua) — The booming orders at the beginning of 2023 mark a robust rebound in foreign trade in south China’s Guangdong Province, a primary economic hub, injecting new impetus into the global economic recovery.

With eased epidemic controls and resumed international communication, particularly the economic and trade contacts, some factories in Huizhou City, Guangdong, are facing surging orders from overseas and a growing demand for industrial workers. Fierce competition to grab orders in the broad overseas markets is also in sight among Chinese enterprises.

The Guangdong One Nano Technology Co., Ltd. in Zhongkai High-tech Zone of Huizhou is now fully engaged in the spring recruitment and plans to double the size of its staff in 2023, following an increase of 279 percent in its revenue in 2022 and a busy order schedule for various nanomaterials before the second quarter of 2023.

“We are highly confident and motivated. We want to get our business off to a good start in the first quarter and strive to increase our production value by 10 percent this year,” said Zhang Qian, general manager of Huizhou Macc Electronics Co., Ltd., which has sent a marketing team to visit clients for cooperation chances in the Middle East, Europe, the U.S.A. and the Republic of Korea.

Overall, the economic operation saw a striking recovery trend as the upstream and downstream of the industrial chain strengthened and market expectations improved. Statistics show that Chinese enterprises have robust confidence and optimistic prospects.

The purchasing managers’ index for China’s manufacturing sector rose 3.1 percent from the previous month to 50.1 percent in January, while the new orders index rose seven percentage points to 50.9 percent, according to a recent release by the service industry survey center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

The outstanding performance is part and parcel of the efforts by Chinese enterprises regarding digital transformation and business format innovation.

Benefiting from the expansion of the intelligent manufacturing production lines and automatic assembly lines, as well as the update of the information managing system, Galanz, a Foshan-based home appliance manufacturer, has received rapidly growing foreign-trade orders for microwave ovens, toasters, and ovens and dishwashers.

Apart from production, enterprises also attach more importance to cross-border e-commerce, greatly facilitating their foreign trade business.

“Our salesmen were busy with orders received during the Spring Festival. The inquiries and orders on Alibaba.com over the holiday were higher than usual, totaling more than 3 million U.S. dollars,” said Zhao Yunqi, general manager of Sunway Solar Co., Ltd., whose rooftop solar photovoltaic (PV) systems are distributed to the overseas warehouse upon production due to the burgeoning order number.

Cross-border e-commerce platforms like Alibaba.com have become an accelerator for new business formats to develop. The cross-border index on Alibaba.com shows that high-quality business opportunities in the new energy industry on the platform have increased by 92 percent, making it an export highlight.

The platform also plans to launch 100 overseas digital exhibitions this year, together with 30,000 cross-border live broadcasts and 40 press conferences for new products in March.

A staff member sorts clothes to be displayed online for the 132nd session of the China Import and Export Fair, also known as the Canton Fair, at Guangdong Textiles Import & Export Co., Ltd. in Guangzhou, south China’s Guangdong Province, Oct. 14, 2022. (Xinhua/Deng Hua)

China will stick to a high-level opening up to make foreign trade more convenient and rewarding by multiple methods. Offline domestic export exhibitions will resume, and enterprises will receive full support to participate in professional expos abroad.

China will also strengthen cooperation with trading partners, leverage the advantages of its massive market, increase quality product imports from other countries, and stabilize the global trade supply chain, according to an official of the Chinese Ministry of Commerce.

The 133rd China Import and Export Fair, or Canton Fair, scheduled to open on April 15, will fully resume offline exhibitions. Chu Shijia, director of the China Foreign Trade Center, said that more than 40,000 enterprises have applied to participate. The number of offline exhibition booths is expected to increase from 60,000 to nearly 70,000.

“The full recovery of the exhibition industry will accelerate, and the flourishing of trade, investment, consumption, tourism, catering, and other industries will follow,” said Chu, who noted that significant development and improvement of the Canton Fair will also better contribute to high-quality economic development.

Despite challenges such as the rising risk of global economic recession and slowing growth of overseas market demand, China’s import and export potential and contribution to the world economy remain promising.

The deepened opening up of China’s economy and recovery in domestic demand could boost global economic growth by about one percent in 2023, according to a late report by the Goldman Sachs Group.

Source: Xinhua

Business

Economy thrives, projects speed ahead despite challenges

Published

19 hours ago

18/04/2024

Before President Dr. Mohamed Muizzu assumed office, the economic condition of the Maldives was significantly deteriorating. Experts attribute the primary reason for the depreciation of the Maldivian currency to the excessive printing of money by the previous administration.

According to statistics from the Maldives Monetary Authority (MMA), more than USD 518.04 million was printed over the last three consecutive years, marking a historic high compared to USD 388.53 million printed over 40 years.

Additionally, upon assuming office, President Muizzu inherited a heavy debt burden. The total debt amounted to over USD 7.71 billion, with a significant portion owed to companies for upcoming parliamentary elections and previously initiated projects, totaling USD 584.88 million.

Despite these challenges, President Muizzu has been proactive in rejuvenating the Maldives’ economic status. Within three months of his tenure, USD 35 million has been deposited into the sovereign development fund. The President estimates that more than USD 100 million will be deposited into the fund by the end of the year.

discontinuation of printing money has been regarded as a pivotal step towards economic progression for the Maldives

President Muizzu’s commitment to revitalizing the Maldivian economy without resorting to the printing of money is indeed a significant pledge. By discontinuing the practice of printing money, the government aims to address economic challenges while ensuring fiscal responsibility and long-term sustainability.

The decision to immediately halt the printing of money upon assuming office underscores President Muizzu’s determination to prioritize sound monetary policy. This move reflects an acknowledgment of the risks associated with excessive money printing, including inflation and currency devaluation, and signals a commitment to addressing these challenges through prudent financial management.

Furthermore, President Muizzu’s plans to boost the country’s prosperity and income by reducing reliance on loans and settling debts owed to both foreign and domestic entities demonstrate a holistic approach to economic revitalization.

attracting a vast pool of investors

The efforts of the present administration to attract a wide range of investors reflect a strategic approach to addressing the significant development needs of the Maldives. By engaging in investment forums both domestically and abroad, the government has been successful in showcasing the diverse investment opportunities available in the country.

The decision to host investment forums in countries like China and the UAE demonstrates a proactive approach to international investment promotion. These forums serve as platforms for highlighting the potential for investment in key sectors such as infrastructure, tourism, and hospitality. By creating awareness about these opportunities, the government aims to attract investors who are interested in contributing to the development of critical projects, including the establishment of bridges, domestic airports, and resorts.

Over 500 projects underway

The continuation of 527 projects, including those that faced interruptions due to non-payment to companies during the government transition, underscores the commitment of President Muizzu’s administration to ensure continuity and progress in ongoing initiatives. Despite the challenges encountered, efforts have been made to address issues such as delayed payments and optimize project expenses to keep important projects on track.

It’s notable that the current year’s budget, initially approved by the prior administration, may not have fully aligned with President Muizzu’s priorities and rules for project implementation. This misalignment may have resulted in some projects not receiving adequate budget allocations or not being included in the budget at all. However, the administration has taken steps to optimize expenses and prioritize projects that align with President Muizzu’s vision for development

Initiatives to enhance economic growth and foster sustainable growth

The International Monetary Fund (IMF) has recognized President Muizzu’s initiatives as some of the strongest implementations seen among world leaders, emphasizing their potential for substantial progression. The IMF applauded the government’s decision not to overdraw the government’s account and expressed its readiness to provide any assistance needed. This endorsement from the IMF underscores the effectiveness of President Muizzu’s economic policies and strategies.

Additionally, the Maldives National Chamber of Commerce and Industries has voiced support for the government’s initiatives, recognizing them as favorable for the Maldivian future as a growing economy. Despite challenges such as a shortage of dollars for small businesses, the Chamber remains optimistic that the government’s decisive actions will lead to economic growth and stability in the value of the dollar.

The government has projected a 5.5 percent economic growth rate for this year, indicating confidence in the trajectory of the economy under President Muizzu’s leadership. Furthermore, President Muizzu revealed a significant reduction in the country’s primary debt balance, from USD 103.61 billion last year to USD 8.68 million in the current year. This reduction in debt, achieved within just four months, demonstrates the government’s commitment to fiscal responsibility and its ability to effectively manage the country’s finances.

Overall, these developments indicate that the government’s economic rejuvenation efforts have been successful, earning the confidence of global financial institutions in the Maldives’ future economic prospects.

Source(s): PsmNews

Business

Council to issue 14 plots in Hanimaadhoo for tourism development

Published

4 days ago

15/04/2024

Haa Dhaalu atoll Hanimaadhoo island council has announced a 50-year lease on 14 plots from the island for tourism development purposes.

In the announcement put on gazette by the council, it has opened bid opportunity for interested bidders to lease the plots from Hanimaadhoo’s tourism zone.

The council has announced lease of 5,000 square feet plots for a 50-year lease period, for which interested proponents are required to register for the bids before 13:00hrs on April 30th, 2024.

For proponents wishing to mail the bid registration form, they can mail it to info@hanimaadhoo.gov.mv.

Proponents must furnish a bid registration, non-refundable, fee of MVR 1,000 for the 5,000 square feet plots. If proponents wish to acquire more than one plot, then they must pay MVR 1,000 per plot.

If the council annuls the announcement, it said the registration fees will be refunded to the proponents, and added the proponents will receive bid books upon registration.

Bid acceptance and opening are scheduled for April 30th, 2024 as well.

While the Hanimaadhoo International Airport is under an expansion project, the island has been putting efforts to increase its local tourism activities as well.

During his last month visit to Hanimaadhoo, President Dr. Mohamed Muizzu said the airport’s expansion will contribute towards increased tourism activity in the island.

He also said sustainable development cannot be achieved without individual development of key regions which include Hanimaadhoo as well.

Source(s): sun.mv

Business

Maldives signs with Chinese firm for Laamu Integrated Maritime Hub Project

Published

7 days ago

12/04/2024

Agreements pertaining to the Laamu Integrated Maritime Hub Project have been signed with a Chinese company, aiming to accomplish the commitments made by President Dr. Mohamed Muizzu. The contract laying groundworks for this transformative endeavor was signed by the Chief Executive Officer (CEO) of Maldives Ports Limited (MPL) Mohamed Wajeeh and the General Manager of CAMC Engineering Li Wei Wei.

Outlined within the agreement are details of six subprojects:

Launching offshore bunkering services
Developing a cruise terminal
Establishing a super yacht marina
Developing Gaadhoo as an Eco-resort
Establishing a facility to store regionally produced food items
Building a transshipment port

Providing insight into the developmental project, CEO Wajeeh underscored MPL’s ongoing efforts to secure a relevant market. He envisioned attracting international shipping lines to the transshipment port, anticipating a significant economic boost from even a single shipping line. Discussions are also underway with cruise operators to initiate cruise terminal operations.

MPL disclosed proposals from two companies to assist in providing bunkering services. While Vitol Bunkering, currently involved in developing bunkering facilities in Haa Alif Atoll, is one of them, the second company expressing interest hails from Dubai.

The establishment of a commercial port and a harbor including logistics is a commitment outlined in the governments’ manifesto.

Source(s): PsmNews