China's exports of goods jumped 8.7 percent, the quickest pace this year, reaching USD308.7 billion in August; and imports inched up 0.5 percent to USD217.6 billion from a year earlier, official data shows on Tuesday.
The Federal Reserve would massively scale back a proposal in Basel III endgame to raise capital requirements for banks after politicians and the banking industry pushed back on the initial plan, warning it could restrict lending and hurt the economy.
【IFF Live】Technological Innovation and Global Competitiveness: Insights from Japan's Overseas Expansion Experience for Chinese Enterprises
From September 4th to September 9th, the IFF live broadcast room successfully conducted three live streams focusing on hot topics such as cultivating diversified talents with an international perspective and decoding the Japanese economy.
China's Exports Grow at Fastest Pace This Year in Aug
China's exports of goods rose at the quickest pace this year in August, thanks to strong demand from overseas markets, according to data released yesterday by the General Administration of Customs.
Exports jumped 8.7 percent to USD308.7 billion, and imports increased 0.5 percent to USD217.6 billion last month from a year earlier. Foreign trade rose 5.2 percent to USD526.3 billion, with a trade surplus of USD91 billion.
China’s Inflation Rises 0.6% in August, Most Since February
China’s consumer inflation rose last month by the most since February, extending gains to a seventh straight month, mainly because of higher food prices resulting from disruptive weather, the National Bureau of Statistics said on Tuesday.
The consumer price index rose 0.6 percent in August from a year earlier. And the producer price index fell 1.8 percent last month from a year earlier for the 23rd straight month in a row and by the most since April, mainly because of sluggish demand and falling global commodity prices.
China’s NEV Sales Exceed One Million in August for First Time in 2024
Monthly sales of new energy vehicles in China surpassed the one million markin August for the first time this year, spurred by government policies encouraging the trade-in of old vehicles for NEVs, according to data released by the China Passenger Car Association on Tuesday.
Retail sales of NEVs reached 1.03 million units in August, up 43 percent from a year ago and 17 percent on the prior month. But total passenger car sales fell 1.1 percent to 1.92 million, as sales of fuel-powered vehicles plunged 28 percent to about 870,000.
China to Lift Foreign Investment Access Restrictions in Manufacturing Sector
China will further relieve the restrictions on foreign investment in the manufacturing sector with the release of the 2024 version of the negative list for foreign investment access, the National Development and Reform Commission announced Sunday.
Jointly issued by the NDRC and the Ministry of Commerce (MOC), the negative list, effective Nov. 1, reduces the number of restrictions from 31 to 29, achieving zero restrictions on the manufacturing sector.
China to Allow Wholly Foreign Owned Hospitals in Eight Cities, One Province
China will allow private hospitals in eight cities and one province to be wholly foreign-owned to open up its healthcare sector and attract more overseas investment, according to a notice issued by the Ministry of Commerce, the National Health Commission, and the National Medical Products Administration on Saturday.
The areas are Beijing, Fuzhou, Guangzhou, Nanjing, Shanghai, Shenzhen, Suzhou, Tianjin, and Hainan province, according to a notice issued by the Ministry of Commerce.
China-Africa Economic, Trade Cooperation Continues to Gain Momentum
China-Africa economic and trade cooperation continues to gather momentum driven by a slew of concrete plans unveiled at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) during the three days ending on September 6.
During the summit in Beijing, China said that, in the next three years, the country will work with Africa to implementten partnership actions for modernization to deepen China-Africa cooperation and spearhead the Global South modernization.
Theten partnership actions cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green development and common security.
The Fed backpedals and unveils a scaled-back proposal for bank capital requirements
The Federal Reserve would massively scale back a proposal in Basel III endgame draft plan, to raise capital requirements for banks after politicians and the banking industry pushed back on the initial plan, warning it could restrict lending and hurt the economy, Fed Vice Chair for Supervision Michael Barr said on Tuesday.
The new proposal would increase capital levels for big banks like JPMorgan Chase (JPM) and Bank of America (BAC) by 9% in aggregate, down by half from the original plan from more than a year ago, which set the capital increase to around 19% for those institutions.
Banks with assets between USD100 billion and USD250 billion, which were initially subject to the stricter standards of the largest banks, would also no longer be subject to the increases — other than the requirement to recognize unrealized gains and losses of their securities portfolios in regulatory capital. This asignificant reversal following the string of regional bank failures that was touched off by Silicon Valley Bank last year.
Singaporean Companies Optimistic About Business Prospects in Q4
Business sentiment among Singapore's firms rose for the fourth quarter in a five-quarter row, reaching a two-year high, according to a survey issued by the Singapore Commercial Credit Bureau on Monday.
The Business Optimism Index rose 5.06 percent for the fourth quarter from 4.94 percent a quarter earlier.
The financial, construction and transportation sectors are most optimistic aboutthe business outlook, while the manufacturing sector remains relatively muted for the fourth quarter, the survey showed.
Japan Books 3.19 Trillion Yen Current Account Surplus in July
Japan logged a current account surplus of 3.19 trillion yen in July, representing a year-on-year increase of 418 billion yen, due to an increase in foreign investment returns, preliminary data from the Ministry of Finance showed on Monday.
Primary income, including dividends and interest income reflecting returns on overseas investments, booked a surplus of 4.44 trillion yen, the largest for a single month since comparable data became available in 1985.
Germany's Exports in July Down 1.2 Pct Year-on-Year
Germany's exports shrank by 1.2 percent year-on-year in July, while imports were nearly flat, according to figures published by the Federal Statistical Office on Friday.
In July, the total value of German exports , which is calendar and seasonally adjusted, reached 130 billion euros, while imports stood at 113.2 billion euros, down 0.1 percent year-on-year.
On a monthly basis, exports in July rose 1.7 percent from June while imports went up by 5.4 percent.
Weak US Jobs Report Signals Slowing Economy
Although U.S. unemployment rate in August edged down to 4.2 percent, its employers in August added fewer-than-expected 142,000 jobs, signaling that the world's largest economy is starting to slow down, the U.S. Labor Department reported Friday.
The department’s Dureau of Labor Statistic added that employment growth of 142,000 in August was below the average monthly gain of 202,000 over the prior 12 months.
EU, US, UK Set to Sign AI Treaty
The United States, the European Union, and the United Kingdomwill sign the first legally binding international artificial intelligence treaty on Thursday that prioritizes human rights and democracy in regulating both public and private AI systems.
The new framework agreed by the Council of Europe binds signatories to collaborative efforts in overseeing AI technologies and safeguarding citizens from their possible abuse.
