Business
Is Li Keqiang Reviving the Economy by Promoting Street Markets?
News Analysis
Over the past few days, the term “street vendor economy” has gone viral on Chinese social media. It follows a speech made by Chinese Premier Li Keqiang on China’s economic state during the “Two Sessions”—an annual meeting of the Chinese Communist Party (CCP)’s rubber-stamp legislature and its advisory body to enact policies and agendas. Chinese netizens ridiculed: “The United States has started the era of the privately funded space market economy, and we have restarted the street vendor market economy.”
During a video-based press conference in Beijing on May 28, Li admitted that China has 600 million people with a monthly income of 1,000 yuan ($140). “It’s barely enough to cover monthly rent in a mid-sized Chinese city.” “The poverty alleviation task is getting heavier as some people may fall back again into poverty due to the coronavirus,” Li added.
Li once again emphasized the new round of pro-growth measures would focus on “ensuring employment, people’s livelihoods and [helping] market entities.” He pointed out the efforts of street vendors in Chengdu city, Sichuan province have helped to prop up the economy.
During the pandemic, the Chinese economy was shut down. Overseas orders plummeted, which seriously affected small and medium-sized companies and employment of ordinary people. In March, the Chengdu City Management Committee issued new regulations that removed five restrictions for small vendors–for instance, roadside stalls are allowed in residential areas, shop owners are allowed to sell their goods outside of their stores, sidewalk sales are promoted in shopping malls, and mobile vendors are allowed to sell on the streets.
Since then, more street vendors have been given the green light to operate in Shanghai, Gansu, Zhejiang, Jiangxi, Hebei and other cities. In Jiangxi province, the Nanchang municipal government issued a policy on May 26 to designate 100 streets to open as a night market.
On May 27, the central government’s Guidance Commission on Building Spiritual Civilization announced new requirements….
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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