CBN丨China's stable economic growth is of great significance to global recovery: WEF president

China Business Now李莹亮,实习生谢凯珊 2022-05-23 20:14


Hi everyone. I’m Stephanie LI.


Coming up on today’s program.


  • Davos 2022 returns after a two-year break;

  • China will encourage qualified digital cultural companies to go public in a bit to promote the digitalisation in the culture sector.

Here’s what you need to know about China in the past 24 hours 


China's stable economic growth is of great significance to global recovery, and "what happens in China, of course, has (a) huge impact on the rest of the world, and vice versa," World Economic Forum (WEF) President Borge Brende said in a recent interview.

As the world's second-largest economy, China has experienced rapid development in the past half-century. Nearly 800 million Chinese people have been lifted out of extreme poverty, and China's infrastructure construction has achieved remarkable results, he said, noting that the environment in China has also been greatly improved.

In the last decade, China has made a huge contribution to global economic growth, as its contribution to world economic growth has generally remained around 30 percent, said the president.

In the face of the COVID-19 pandemic, China's economic growth faces some short-term challenges. But the Chinese government is taking measures to expand domestic demand, reduce export dependence and cultivate high value-added industries to ensure economic growth, Brende said.

"So long- and medium-term, I'm quite bullish on China's economy," said the president.

As to the Russia-Ukraine conflict, Brende said it has dragged down economic growth in Europe and triggered global challenges, such as the energy crisis and high inflation, further slowing down the global economic recovery.

Brende also called on countries to use monetary policy prudently, avoid trade protectionism and beggar-thy-neighbour policies, continue to cooperate on global value chains, and promote global economic recovery in a win-win manner.

Global challenges need global solutions, he said. "We all are in the same boat, and we have to act accordingly."  

The WEF 2022 Annual Meeting, known as Davos 2022, is being held from Sunday to Thursday in Davos, Switzerland. After a two-year hiatus due to the COVID-19 pandemic, it will bring together nearly 2,500 leaders and experts from around the globe, to discuss the unprecedented global challenges governments are currently facing, including post-pandemic recovery, the Ukraine crisis and climate change.








  • China will support scientific and innovative digital cultural firms to list on the STAR Market of Shanghai Stock Exchange to widen their financial channels, according to guidelines issued by the General Office of the Communist Party of China Central Committee and the State Council. The guidelines announce the construction of a number of nation-level innovation centres and science and innovation labs for cultural digitalisation. Efforts will also be made to secure the safety of cultural data during the processing, distribution and storage. By 2035, a national cultural big data system will be established, where digital achievements of Chinese culture will be shared by all.


Update on COVID-19


  • With the outbreak of Covid-19 in Shanghai getting under control, four metro lines in the city, including metro Line 3, Line 10, Lines 6 and 16, resumed operation starting yesterday. The initial operating schedule is from 7 a.m. to 8 p.m. with an interval of about 20 minutes. 


Next on industry and company news


  • Shares in Zj Biotech hit the upper trading limit of 20 percent on Monday and those in Sansure Biotech jumped 16 percent after the Chinese pharma firms said they have developed monkeypox test kits as monkeypox becomes the latest viral outbreak to cause global panic. Another molecular diagnostic solution provider Jiangsu Bioperfectus Technologies also finished up 10 percent. There have been 92 confirmed cases and 28 suspected cases worldwide since May 13, according to the latest data from the World Health Organisation. Although China has not reported any monkeypox so far, experts warn that the risk of imported cases is increasing.


  • FAW-Volkswagen Audi apologised on Sunday after its new video ads featured famous Hong Kong star Andy Lau was accused of copying from a Douyin influencer. In a statement, Audi apologized for the trouble caused to Lau, the original author and relevant parties for its inadequate supervision and audit of the content. It said that it has removed the video from its official social media platforms.


  • The average salary of China's urban employees saw robust growth in 2021, official data showed on Friday. Real growth in the average salary for urban employees in the non-private sector, adjusted for inflation, rose by 8.6 percent to 106,837 yuan, according to data from the National Bureau of Statistics. In the private sector, the annual average salary stood at 62,884 yuan, up 7.8 percent year on year after the deduction of price factors.


Switching gears to the financial sector


  • China’s four first-tier cities has lowered banks’ mortgage interest rate by 15 basis points, media reported Monday. According to the mortgage department at several branches of ICBC in Beijing, Guangzhou and Shenzhen, the over-five-year loan prime rate (LPR), on which many lenders base their mortgage rates, has been reduced from 4.6 percent to 4.45 percent.


  • China will promote the reform of small rural commercial banks with the aim to prevent risks and enhance their capability in serving real economy, head of relevant department of the China Banking and Insurance Regulatory Commission said on Friday. The regulator stressed that these lenders are prohibited from allowing large deposits and expanding lending operations to urban areas outside their normal areas of business.

    推动农村中小银行改革化险:5月20日, 中国银保监会相关部门负责人表示,将深入推进农村中小银行改革化险,持续增强服务实体经济能力。此类银行不得吸收异地大额存款,不得发放异地贷款。

Wrapping up with a quick look at the stock market


  • Chinese stocks closed down on Monday as Beijing reported 99 new COVID-19 cases on Sunday, the highest daily tally in the capital during the current outbreak. The benchmark Shanghai Composite closed flat while the Shenzhen Component slipped 0.06 percent. Sectors related to automobile and steel were among the top gainers, while shares in real estate and banks saw great losses. The Hang Seng Index closed 1.17 percent lower and the TECH Index lost 2.42 percent. 


Biz Word of the Day


  • Value-added is the difference between the price of product or service and the cost of producing it. It helps explain why companies are able to sell their goods or services for more than they cost to produce.

  • 附加价值是在产品的原有价值的基础上,通过生产过程中的有效劳动新创造的价值,即附加在产品原有价值上的新价值。


Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, XIE Kaishan

Sound Editor: ZHANG Ran, XIE Kaishan

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜




音频制作:张然 、谢凯珊


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(作者:李莹亮,实习生谢凯珊 编辑:李艳霞)