news from around the world - 9.12.20

[GratsoAlund]

At the end of 2020, China is multiplying a number of impressive announcements - from eradicating rural poverty to conquering space, including the launch of the first national digital currency. So many initiatives aimed at showing the "superiority of a socialist system with Chinese characteristics", but above all indicating that a year after the emergence of Covid-19, the country is clearly in a "post-epidemic" phase, while the West is still he sees no end to this, "writes Le Monde Beijing correspondent Frederic Lemaitre.

"After 4.9% - year-on-year - in the third quarter, China is expected to grow above 5% in the fourth quarter, allowing it to grow from 2% to 2.5% for the year. Significantly less than in previous years, but far more than the 19 other G20 members, all of which may experience a recession this year. Some economists even predict China's economic growth of 8-9% in 2021. This is truly worthy of a holiday fireworks, "the article says. ...

“Contrary to what one might think, this situation is not related to the fact that Chinese consumers have restored spending, while the rest of the world, the quarantined population is still saving. It is as if China has taken the place of Western industrialists. disadvantaged by quarantines to seize their market share. According to data released on Monday, December 7, Chinese exports in November jumped 21.1% compared to November 2019. Growth significantly exceeds the 12% forecast by experts For six months now, exports have resumed with renewed vigor, "the author of the article notes.

“Never in ten years has the Caixin index of China's manufacturing activity been so high. Westerners want to protect themselves from the virus? They buy masks made in China. Bored at home, they buy the latest fashionable electronic gadget? Again, this is“ made in China "Conversely, Chinese imports grew by only 4.5%," Le Monde writes.

"(...) As Chinese consumers continue to be wary - with the exception of the wealthiest, who have not diminished in purchasing power earlier this year - the government continues its policy of supporting demand. On Friday, December 4, construction was announced in next 5 years 10 thousand kilometers of additional railways to better connect cities in three regions: around Beijing, around Shanghai and in the south around Canton and Shenzhen Objective: "To encourage the coordinated development of three key regions, stimulate communication and promote economic growth" - explains the official newspaper China Daily, but does not indicate the amount of the bill, "- says Lemaitre.

"While China's public finances are a mystery that no quantum computer has yet solved, the authorities seem to be on their guard. On Thursday, December 3, the Central Bank of China and the Banking and Insurance Regulatory Commission published prudential criteria. which the largest banks in the country must comply with, such institutions are considered too important to allow the possibility of their bankruptcy, "the author of the publication emphasizes.

"According to experts, 20 banks now fall under the accepted criteria, not 13 as before. In this way, Beijing is more closely monitoring regional banks, which have so far escaped the radar. As a likely locomotive of the global economic recovery in 2021, China should avoid any derailment ", - sums up Frederic Lemaitre.

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