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China’s festival holiday boosts retail

China’s retail sales for the Spring Festival holiday rose 16.2% Y-O-Y, boosted by a variety of promotional events, data from the MOC showed on Saturday.

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BEIJING — China’s retail sales for the week-long Spring Festival holiday rose 16.2 percent year-on-year, boosted by a variety of promotional events, data from the Ministry of Commerce (MOC) showed on Saturday.

Shops and restaurants across the country pocketed 470 billion yuan ($74.4 billion) in sales volume, with that of clothes, jewelry and foods up 18.7 percent, 16.4 percent and 16.2 percent respectively, the MOC said.

The increases came as businesses rushed to take advantage of the nationwide shopping spree during the week-long holiday by launching many promotional events featuring the Dragon Lunar New Year.

The Spring Festival, or Chinese Lunar New Year, which fell on Jan 23 this year, is traditionally a time for family reunions in the nation. Businesses experience a boom during the period as people swarm to shops and restaurants.

Sales of festival-related goods saw double-digit growth in most regions, with the volume rose 15.5 percent in Beijing, 17.9 percent in Jilin, 18.1 percent in Qingdao, and 14.2 percent in Dalian.

Among the purchases, New Year gold bars, gold ingots and other Dragon-themed jewelries were most favored by consumers.

Sales of gold, silver and jewelry rose 57.6 percent during the week-long holiday at Beijing’s Caibai store, a most famous gold seller in the city. Other jewelry stores across the country also saw sales surge during the period, according to official data.

Electronics and home appliances were also well-received by consumers. Digital Single Lens Reflex, 3D TVs and the newly released iPhone 4s were among their favorites.

In addition to shopping, many people turned to traditional activities, such as visiting temple fairs.

Beijing’s Grand View Garden fair received 100,000 visitors during the holiday while over 1.2 million sightseers went to the Ancient Culture Street in the city of Tianjin.

Restaurants and entertainment facilities were all flooded with people.

The spending spree, a sign of the country’s buying potential, comes amid persistently high inflation in the country.

The country’s consumer price index (CPI), a main gauge of inflation, rose 5.4 percent in 2011 from the previous year, well above the government’s full-year control target of 4 percent, official data showed.

Though many had complained about inflation chipping away their earnings, their shrinking pockets did not spoil their appetite for shopping, giving hopes that domestic spending might come to help shore up the economy as the magic of export and investment wanes amid the global economic headwinds.

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China’s festival holiday boosts retail

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Business

Russia’s Booming Economy is Straining a Vital Trading Route with China

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Russia’s railway industry is experiencing a significant downturn, with a nearly 30% investment cut and a 5% freight volume decline, complicating trade with China amidst the economic impacts of the Ukraine war.


Downward Trend in Russia’s Railway Industry

Russia’s railway industry is currently experiencing a significant downturn, largely due to the impacts of the ongoing conflict in Ukraine. According to MMI Research, this sector is facing its biggest slowdown since the Great Financial Crisis, with freight volumes dropping by 5% in the first 11 months of 2024. The war-driven economy has hindered trade, particularly with China, which heavily relies on rail transport.

Investment Cuts and Economic Consequences

Investment in Russia’s railways is set to decrease by almost 30% next year, dropping to 890 billion rubles (approximately $8.5 billion). This reduction is attributed to high interest rates, currently at a record 21%, which further complicate financing options. The state-owned Russian Railways is reconsidering future investments, indicating potential cuts by another third through 2030.

Challenges Affecting Trade with China

The decline in rail capacity poses significant challenges for Russia’s trade with China. As Western sanctions push Russia to diversify its trade routes, rail transport has become increasingly vital for moving goods. However, supply bottlenecks, exacerbated by the need to transport war-related materials, threaten to disrupt this crucial trading relationship further.

Source : Russia’s overheated economy is squeezing one of Moscow’s key trading channels with China

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Business

Democrat Claims Musk is Undermining Spending Bill Due to China Restrictions – The Hill

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A Democrat claims Elon Musk influenced the reduction of a spending bill due to its restrictions on China, suggesting his actions impacted the legislation’s progress and funding allocation.


Allegations Against Musk

A prominent Democrat has accused Elon Musk of deliberately sabotaging a significant spending bill in response to China-related restrictions. This accusation comes amid ongoing tensions between the U.S. and China, particularly regarding technology and trade policies. The claims suggest that Musk’s influence is affecting critical legislative processes, raising concerns among lawmakers about foreign influence in American politics.

Implications for Legislation

The potential ramifications of Musk’s alleged actions could be significant. As a major player in the tech industry, his decisions can sway public opinion and impact the economy. Lawmakers fear that if influential figures like Musk oppose necessary legislation, it might hinder efforts to address vital issues such as national security and economic stability.

Political Reactions

The controversy has sparked debates among both Democrats and Republicans, highlighting the intersection of technology and politics. Many are demanding greater transparency and accountability from tech giants. As the situation unfolds, lawmakers may need to reassess their strategies to ensure that essential legislation moves forward uninterrupted.

Source : Democrat accuses Musk of tanking spending bill over China restrictions – The Hill

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China

Dissolving a Company in China: A Comparison of General Deregistration and Simplified Deregistration

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China promotes simplified deregistration to enhance its business environment, offering a faster process requiring fewer documents than general deregistration. Companies must meet eligibility criteria, resolve issues, and can choose procedures based on their situation, ensuring compliance for both options.


In addition to the general deregistration procedures, China has been promoting simplified deregistration as one of the key measures to enhance its business environment. This article highlights the differences between the general and simplified procedures, explains the eligibility criteria, and clarifies common misunderstandings about these processes.

Foreign investors may decide to close their business for multiple reasons. To legally wind up a business, investors must complete a series of procedures involving multiple government agencies, such as market regulatory bureaus, foreign exchange administrations, customs, tax authorities, banking regulators, and others. In this article, we outline the company deregistration process overseen by the local Administration for Market Regulation (AMR), comparing the general and simplified procedures.

Before 2016, companies could only deregister through the general procedure. However, on December 26, 2016, the Guidance on Fully Promoting the Reform of Simplified Company Deregistration Procedures was released. Effective March 1, 2017, simplified deregistration procedures were implemented nationwide. Since then, there have been two options: general procedures and simplified procedures.

Companies must follow the general deregistration process if any of the following conditions apply (hereinafter referred to as “existing issues”):

Companies not facing the above issues may choose either the general or simplified deregistration process.  

In summary, simplified deregistration is a faster process and requires fewer documents compared to general deregistration. Companies that meet the criteria typically would typically opt for simplified deregistration. Those that do not meet the criteria may choose this route after resolving outstanding issues. For companies with unresolved issues but seeking urgent closure, they can first publish a deregistration announcement. Once the announcement period ends and all issues are addressed, they can proceed with general deregistration. Some companies may question the legitimacy and compliance of simplified deregistration. This is a misconception. “Simplified” does not mean non-compliant, just as “general” does not imply greater legitimacy. Both processes are lawful and compliant. The AMR provides these options to enable companies ready for closure to complete the process efficiently while granting those with unsolved issues the necessary time to address them after publishing the deregistration announcement. Companies can select the most suitable process based on their specific circumstances.

 


This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in ChinaHong KongVietnamSingapore, and India . Readers may write to info@dezshira.com for more support.

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