Vienna boosts Christmas lights to support struggling retailers amid economic downturn.

VIENNA will splash the cash on lighting up its famed Christmas markets to bring festive cheer to struggling retailers.

Chandeliers, glittering stars and sparkling red globes are among the designs illuminating 31 Viennese streets since Friday, with the capital boosting spending on its end-of-year light displays as Austria’s economy flounders. “It’s just beautiful. It makes the city a bit more beautiful as a whole,” Kateryna Baranovska, a 23-year-old student, told AFP.

As local businesses struggle with rising costs, Vienna’s economic chamber is covering 75 per cent of the city’s Christmas lighting expenses this year, totaling about 700,000 euros.

This shift comes as Austria’s economy faces challenges, especially due to its reliance on neighboring Germany. Dieter Steup, a representative from the chamber, emphasized the importance of festive lighting for retail, as it enhances the shopping experience during the crucial pre-Christmas period.

To minimize environmental impact, Vienna uses energy-efficient LED lights powered by renewable sources. Despite increased energy costs, the city’s Christmas lights continue to create a cherished ambiance, with 64 per cent of Austrians praising them in a recent survey. — AFP

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RUNNING from 5 to 10 November, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo, while many others are new faces exhibiting for the first time. The Annual Meeting on Pragmatic Cooperation with in the Belt and Road Initiative (BRI) Framework between Peru and China was held on Friday, according to the organizers. The attendees had an indepth discussion on new opportunities for bilateral cooperation under the BRI framework and future development. A series of pragmatic results were achieved at the meeting, including the release of the think tank report “Jointly Promoting High-Quality Development and Building an Asia-Pacific Community with a Shared Future”. The new Spanish-language version of the Belt and Road Portal, an official site in Spanish for the BRI, was launched at the meeting, where the Latin America Liaison Office of the Belt and Road Economic Information Association was also officially inaugurated. The attendees also visited a photo exhibition on pragmatic BRI cooperation between China and Latin America during the event. The event, jointly organized by the China Economic Information Service of Xinhua News Agency and Peru’s Andina News Agency, was coorganized by the China Southern Power Grid Co., Ltd. Present at the meeting were more than 100 guests, including officials and representatives from government, businesses, media, and think tanks from China and Peru. — Xinhua

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GUANGDONG Province, a powerhouse of China’s economy, has reported a new record in its foreign trade for the first three quarters of the year, with imports and exports reaching 6.75 trillion yuan (about US$951 billion), a year-on-year increase of 11.1 per cent. The province’s exports stood at 4.39 trillion yuan in the period, up 9.1 per cent year on year, while imports totalled 2.36 trillion yuan, a year-on-year growth of 15 percent, Zhang Ke, deputy director of the Guangdong sub-administration of the General Administration of Customs of China, said at a news conference on Monday. Guangdong’s foreign trade now represents 20.9 per cent of the nation’s total, maintaining its leading position with a major contribution to the nation’s growth. The province’s foreign trade growth rate outpaced the national average by 5.8 percentage points. The new historic high of Guangdong’s foreign trade scale for the same period has demonstrated the strong economic resilience and vitality of the province, Zhang said.

The city of Shenzhen, a national tech hub in Guangdong, also achieved a record high

with a total foreign trade volume of 3.37 trillion yuan for the same period, surging by 20.9 per cent year on year, according to Shenzhen customs. —Xinhua

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CHINA’S financial authorities on Friday reiterated their resolve to keep the world’s second-largest economy on track by implementing and rolling out more policies aimed at addressing outstanding challenges.

Head of the country’s central bank, along with the leaders of China’s top securities watchdog and top financial regulator gathered once again in less than a month following their joint participation in a high-profile late-September press conference that unveiled an expectation-beating raft of pro-growth policies.

“There are still prominent contradictions and challenges in the current economic operation, mainly in the real estate sector and capital market,” Pan Gong-sheng, governor of the People’s Bank of China, said in his address at the Annual Conference of Financial Street Forum 2024. The country’s major cities continued to see a price decline of commercial residential homes in September, along with improved expectations for the property sector, official data showed Friday.

“Based on international experience and China’s past practices, targeted policies need to be introduced to address these issues,” Pan said. In the past month, the country has cut the reserve requirement ratio, reduced the interest rates for existing mortgage loans and introduced a swap facility to channel more cash into the stock market, among others. The roll-out of incremental policies indicates Chinese authorities’ “firm determination to ensure economic stability, stabilize expectations, promote consumption, and improve people’s well-being,” Pan said. — Xinhua 

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CHINA’S Ministry of Commerce (MOC) announced Tuesday that it will impose temporary anti-dumping measures on brandy originating in the European Union (EU) by requiring importers to pay a cash deposit on purchase.

The imported brandy originating in the EU involves dumping, the MOC said in its preliminary assessment publicized on 29 August following an investigation launched in January of this year.

It added that the domestic brandy industry is under substantial threat of damage, and there is a causal relationship between the dumping and the substantial threat of damage.

Effective from Friday, importers of brandy originating in the EU must place deposits with Chinese customs based on dumping margins of between 30.6 per cent and 39 per cent. — Xinhua

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TOKYO stocks broke a three-day winning streak Tuesday as investors locked in recent gains amid concerns over tensions in the Middle East, while a stronger yen versus the US dollar weighed on exporters.

The 225-issue Nikkei Stock Average ended down 395.20 points, or 1.00 per cent, from Monday at 38,937.54. The broader Topix index finished 40.24 points, or 1.47 per cent, lower at 2,699.15. On the top-tier Prime Market, decliners were led by securities house, wholesale trade and transport equipment issues. The dollar briefly weakened to the lower 147yen range in Tokyo as traders sought the Japanese currency, seen as a safe -haven asset, on worries that Israel could soon retaliate against Iran over recent missile strikes, dealers said. At 5 pm, the dollar fetched 147.59-60 yen, compared with 148.15-25 yen in New York and 148.27-29 yen in Tokyo at 5 pm Monday.

The euro was quoted at $1.0994-0996 and 162.27-31 yen against $1.0969-0979 and 162.58-68 yen in New York and $1.0969-0970 and 162.64-68 yen in Tokyo late Monday afternoon. — Kyodo

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The agreement stipulates that ADNOC will make a public offer for all outstanding shares of Covestro at a price of €62.00 per share.

GERMAN chemicals group Covestro said Tuesday it had accepted a takeover bid from the United Arab Emirates state energy company ADNOC, valuing the plastics-maker at 12 billion euros ($13.3 billion).

The agreement signed between the two groups “stipulates that the bidder will make a public takeover offer for all outstanding shares of Covestro at a price of 62.00 euro per share”, Covestro said in a statement.

The takeover offer by the Abu Dhabi National Oil Company (ADNOC) had a “minimum acceptance rate of 50 per cent plus one share”, Covestro said. Covestro, which is based in Leverkusen and has expertise in areas such as chemical recycling, has been a key target for ADNOC as it looks to diversify its operations.

It comes as the German chemicals industry has been gripped by crisis since the Russian invasion of Ukraine, which saw supplies of natural gas to Germany slashed and sent energy prices soaring.

The deal remains subject to a set of “closing conditions, including merger control, foreign investment control and EU foreign subsidies clearances”, the statement said.

The German group said it “welcomes and supports the bidder’s announced takeover offer” and would in all likelihood recommend shareholders accept the terms of the deal. — AFP

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VIETNAM has so far attracted 3,500 foreign direct investment (FDI) projects in the garment and textile industry with a combined value of US$37 billion, Vietnam News Agency reported Tuesday, citing the Vietnam Textile and Apparel Association.

The FDI accounts for 65 per cent of the sector’s total export turnover, said the report. Many large FDI corporations have poured money into building modern garment and textile factories in Vietnam, according to the association.

Experts said building technical standards and laws pertaining to energy conservation and environmental protection should be given careful consideration. — Xinhua

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OVER the past 75 years since the founding of the People’s Republic of China, the country’s economic strength, scientific and technological capabilities, and overall national power have significantly increased, and its international influence has greatly expanded, according to a report from the National Bureau of Statistics.

From 1979 to 2023, China’s economic growth averaged 8.9 per cent annually, far exceeding the average global economic growth of three percent during the same period. China’s average annual contribution to world economic growth was 24.8 percent, ranking first in the world, according to the report.

Following are some highlights of the country’s economic achievements over the past 75 years:

— In 1952, China’s GDP was only US$30 billion. In 1978, China’s GDP increased to $149.5 billion dollars, accounting for 1.7 per cent of the world economy. Since the reform and opening up, China’s economic aggregate has continued to expand.

In 2023, China’s GDP reached $17.8 trillion, accounting for 16.9 percent of the world’s total and solidifying its position as the world’s second-largest economy.

— In 1985, the number of invention patent applications in China was 8,558. This number had soared to 526,000 by 2011, making China the world leader in this area. As of the end of 2022, China’s number of accepted applications for invention patents reached 1.619 million, firmly securing its position as the world leader.

— In 1950, China’s foreign trade of goods was only $1.1 billion, accounting for 0.9 percent of the world’s total. In 2013, China became the world’s largest goods trading nation. By 2023, China’s total goods trade had reached $5.9 trillion, accounting for 12.4 percent of the global share, and has consistently ranked first in the world for seven consecutive years.

— Service trade has also undergone tremendous expansions. At the beginning of the founding of the People’s Republic of China, China’s service trade was almost zero. In 2023, the country’s total service trade import and export volume reached $933.1 billion, ranking fourth in the world. —Xinhua

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THE third Global Digital Trade Expo (GDTE), concluding here on Sunday, has been a vibrant platform for fostering global partnerships in digital commerce and

thus sustainable growth. Held in Hangzhou, a city known for blending ancient charm and modern innovation, the expo featured more than 1,500 enterprises, including

over 300 international companies.

Attendees experienced cutting-edge innovations like AI-driven robots and hydrogen-powered drones and were presented with over 400 new products and tech-

nologies. Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted China’s role as a global leader in e-commerce and digital technologies, noting that China is accelerating the digital transformation of marketsworldwide. In a written interview with Xinhua, Madiyev said China’s experience offers valuable insights for countries in the early stages of developing their digital markets, aiding global growth and helping reduce digital inequality. He cited Kazakhstan’s efforts to improve telecommunications and cybersecurity by learning from China.

In addition to cutting-edge technologies, China’s experience in e-commerce also set an example for countries seeking to capitalize on the rapid growth of digital trade.

Kilimall, an e-commerce platform founded by Chinese entrepreneurs in Africa in 2014, has become one of the most popular shopping websites among Africans. It has generated about 10,000 local jobs in logistics, courier services, customer support and regional sales. — Xinhua

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