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China’s import expo opens, Xi urges building open world economy

More than 3,600 companies from different countries will hold discussions and seek common development with over 400,000 purchasers from China and overseas.

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xi jinping

Beijing, Nov 5 : Chinese President Xi Jinping announced the opening of the world’s first import-themed national-level expo here on Monday, calling it a “trail-blazing” move in the history of international trade development.

A total of 172 countries, regions and international organisations from five continents will showcase their development achievements and international image at the first China International Import Expo (CIIE), reports Xinhua news agency.

More than 3,600 companies from different countries will hold discussions and seek common development with over 400,000 purchasers from China and overseas.

The CIIE is “a major policy for China to push for a new round of high-level opening-up and a major measure for China to take the initiative to open its market to the world”, Xi said when delivering a keynote speech at the opening ceremony.

He underscored the role of economic globalization, saying that it is “an irreversible historical trend” and provides strong momentum for world economic development.

“All countries should be committed to opening up and oppose protectionism and unilateralism in a clear-cut stand,” Xi said, calling for joint efforts to build an open world economy.

The fair will feature various quality exhibits ranging from German machine tools, Japanese robots and US medical equipment to Australian wine, Brazilian farm produce and South Sudanese handicrafts.

With the slogan “New Era, Shared Future”, the expo is the brainchild of Xi and is set to become a platform for win-win economic cooperation and a landmark project in the country’s higher-level opening up.

China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening up, and promote international cooperation at multilateral and bilateral levels, Xi said.

The expo comes at an inflection point as China transitions to high-quality development and shifts from the world’s workshop to the world’s market, with the world’s biggest middle-income population demanding higher-quality consumer products.

Xi announced that China’s imported goods and services were estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

China has been the world’s second largest merchandise importer for nine consecutive years.

This year marks the 40th anniversary of China’s reform and opening up, and has seen a flurry of concrete measures taken by the country to open its doors wider.

“China will not close its door to the world and will only become more and more open,” Xi added.

IANS

Business

Petrol, diesel become dearer after OMCs raise retail prices

The pump price of petrol increased by 17 paisa per litre on Thursday to Rs 82.66 a litre in Delhi from a level of Rs 82.49 a litre a day earlier.

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Oil Price

Oil marketing companies on Thursday increased the prices of petrol and diesel after keeping the retail prices unchanged for the past couple of days.

The pump price of petrol increased by 17 paisa per litre on Thursday to Rs 82.66 a litre in Delhi from a level of Rs 82.49 a litre a day earlier.

Similarly, the diesel price increased by 19 a litre to Rs 72.84 a litre in the national capital as compared to Rs 72.66 per litre on the previous day.

The prices of auto fuel have also increased across the country but the level of rise has been different depending on the taxation structure in each state.

In the past 14 days, due prices have risen 11 days with petrol prices rising by Rs 1.60 per litre and diesel by Rs 2.38 a litre.

The increase has been primarily on account of firming up of global oil and product prices following news of successful coronavirus vaccine.

Petrol prices had been static since September 22, and diesel rates hadn’t changed since October 2.

Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspend ended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.

But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.

The benchmark Brent crude has crossed $48 a barrel on Intercontinental Exchange (ICE) lately. It has remained an over $44 a barrel for most part of November.

OMCs need almost 40 paise per litre increase in retail price of petrol and diesel to cover for $ 1 increase in crude.

Going by this yardstick, product prices would have to be increased by upto Rs 2 per litre to cover under recovery on its sale.

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India

Special ‘angavastram’ awaits PM Modi in Varanasi

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PM Modi

Varanasi (Uttar Pradesh), Nov 29: A weaver from Varanasi has woven a special silk ‘angavastram’ for Prime Minister Narendra Modi, who is scheduled to visit his constituency on Monday.

The ‘angavastram’ carries the Buddhist mantra “Buddham Sharanam Gachchami, Dhammam Sharanam Gachchami, Sangham Sharanam Gachchami” along with a leaf of the ‘Bodhivriksha’.

The weaver, Bachche Lal Maurya, said that he wants Chief Minister Yogi Adityanath to gift the ‘angavastram’ to the Prime Minister during his visit to Varanasi on November 30.

Maurya said, “There are reports that Prime Minister Modi may go to Sarnath during his proposed visit to Varanasi, I started weaving the ‘angavastram’ with a Buddhist mantra and a leaf of ‘Bodhivriksha’ especially for him.”

Modi is likely to visit the holy site of Sarnath to watch the light and sound show which shows the transformation of prince Siddhartha into Lord Buddha, his first preaching and then chronicles his journey.

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Business

Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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