
China’s import trade fair CIIE was kicked off on Saturday with President Xi stressing the country’s commitment to openness in his speech. The Chinese government said it would improve the policy environment to encourage private investment in an effort to boost the economy and increase employment. China’s export and import both dropped in October.
The world is on a highway to climate hell, the UN chief Antonio Guterres warned on Monday at this year’s UN climate change conference - COP27 while the UNESCO warned that a third of glaciers in the UNESCO World Heritage sites are to disappear by 2050, due to warming temperatures caused by CO2 emissions. The Federal Reserve raised interest rates by 0.75% again on Wednesday to rein in inflation. And Canada has ordered three Chinese companies to divest their investment in critical minerals including lithium.
The IFF continues to bring you the latest China news and global development.
IFF co-organises COP27 methane emission reduction side event

The International Finance Forum co-organised on Wednesday an event on methane emission reduction on the side of the UN climate change conference COP27.
The International Chamber of Commerce and the Task Force on Carbon Pricing in Europe are also organisers of the side event.
The discussion will be centered around accelerating methane emissions abatement under the Montreal Protocol.
Xuedu Lu, the IFF Academic Committee Member and former lead climate change specialist of the Asian Development Bank will speak about China’s methane reduction plan.
According to the International Energy Agency, methane has been contributing to 30% of the global rise in temperature. The event brings together climate experts and the oil and gas industry to explore how to reduce methane emissions.
China is committed to openness, says Xi at CIIE

China’s President Xi Jinping said China is committed to openness to meet development challenges in a video address at the opening ceremony of the fifth China International Import Expo (CIIE) on Saturday.
“China is ready to work with all countries to practice true multilateralism, build more consensus for openness, jointly overcome the difficulties and challenges confronting global economic growth, and make sure that our commitment to openness will bring about broad prospects for global development,” said Xi, according to Xinhua.
The CIIE, which is held in Shanghai from November 5 to 10, was launched in 2018 by China’s Ministry of Commerce and the Shanghai municipal government.
Participants from 145 countries, regions and international organisations are gathering at the import fair this year.
China’s trade drops in October
China's exports and imports both shrunk in October, data from China's Customs showed on Monday.
China's exports in US dollar terms dropped 0.3% from a year earlier while imports fell 0.7%.
China's total trade in the first ten months reached $ 5.26 trillion, up 7.7% from the same period last year.
Exports in the first ten months in dollar terms grew 11.1% from a year ago while imports increased 3.5%.
China to improve policies to boost private investment

China will improve the policy environment to encourage private investment in an effort to boost the economy and increase employment, the state planner announced on Monday.
China will support private capital to invest in 102 major projects outlined in the 14th five-year plan, which include transportation, renewable energy and water conservation projects, according to a notice from the National Development and Reform Commission (NDRC).
The government will also provide subsidies and loan discounts for private investors, the NDRC said.
China's exports of knowledge-intensive services up 14.9% Jan-Sept
China’s exports of knowledge-intensive services grew 14.9% in the first nine months of 2022 from a year ago, official data showed.
Imports in knowledge-intensive services increased 4.8% in the first nine months, Xinhua reported.
China formally announces $17bln Airbus deals during Scholz visit
China formally announced deals with Airbus worth $17 billion on Friday which coincides with German Chancellor Olaf Scholz’s visit to Beijing.
China Aviation Supplies Holding Company, the country’s aircraft buying agency, said it has signed orders to buy 140 Airbus jets.
They are existing orders, Reuters reported quoting Airbus.
Scholz visited China on Friday with a business delegation including chief executive officers of Adidas, Siemens, Bayer, BMW and Bayer according to media reports.
China's securities regulator issues rules on personal pension investment
China’s securities regulator published on Friday rules on personal pension investment in publicly offered securities investment funds.
Financial products that personal pension accounts can invest in should be safe, stable and convenient, according to the ruling issued by the China Securities Regulatory Commission.
China first launched private pension scheme in April. Under the new scheme, employees can contribute up to 12,000 yuan per year to their pension fund, which is tax deductible.
World is on “highway to climate hell”, warns UN chief at COP27

The world is on a highway to climate hell, the UN Secretary-General Antonio Guterres warned on Monday at this year’s UN climate change conference or COP27.
“Our planet is fast approaching tipping points that will make climate chaos irreversible,” said Guterres at COP27.
He said the global climate fight will be won or lost in this crucial decade.
The annual UN climate summit formally opened on Sunday with the key goal of ensuring full implementation of the Paris Agreement, according to a statement from the UN.
The summit will also address climate mitigation, adaption, finance, loss and damage.
US Fed raises interst rate by 0.75% again to rein in inflation

The Federal Reserve raised interest rates by 0.75% again on Wednesday to rein in inflation.
“The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time,” the central bank said in a statement.
The Fed said it would take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation and economic and financial developments when determining the pace of future rate increases.
A third of glaciers in UNESCO World Heritage sites to disappear by 2050

A third of glaciers in UNESCO World Heritage sites are to disappear by 2050 due to warming temperatures caused by CO2 emissions.
Glaciers in Kilimanjaro National Park in Africa and Yellowstone National Park in the US will very likely be gone by 2050, according to the UNESCO study published on Thursday.
Fifty UNESCO World Heritage sites are home to glaciers, representing nearly 10% of the world’s total glaciers, according to the UNESCO.
“This report is a call to action. Only a rapid reduction in our CO2 emissions levels can save glaciers and the exceptional biodiversity that depends on them. COP27 will have a crucial role to help find solutions to this issue. UNESCO is determined to support states in pursuing this goal,” said Audrey Azoulay, UNESCO’s Director-General.
US trade deficit widens in September

US international trade in goods and services deficit widens in September, official data showed on Thursday.
US trade deficit grew 11.6% to $73.3 billion in September, the Commerce Department said. Exports of goods and services fell 1.1% while imports increased 1.5%.
September exports stayed at $258 billion, $2.8 billion less than August exports while imports were $331.3 billion, $4.8 billion more than August imports, according to the department’s statement.
Goods export deficit widened while services surplus dropped in September, the statement said.
Canada orders three Chinese firms to exit lithium mining

Canada asked three Chinese firms to divest their investment in the country’s lithium mines.
The Canadian government has ordered the divestiture of investments by three Chinese companies after rigorous scrutiny by Canada’s national security and intelligence community, according to a statement by François-Philippe Champagne, minister of innovation, science and industry issues last Wednesday local time.
“While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad,” Champagne said.
China’s foreign ministry spokesperson Zhao Lijian responded by saying the Canadian government was using national security as a pretext to block normal cooperation between Chinese and Canadian companies, Reuters reported.
