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Economic Watch: High-quality development of Chinese economy a boon for the world

BOAO, Hainan, March 29 (Xinhua) — The high-quality development pursued by China amid its drive to grow new quality productive forces will continue to unleash great potential for growth and business opportunities for multinational companies, according to distinguished speakers at the Boao Forum for Asia (BFA) Annual Conference 2024.

The speakers were attending a panel discussion on the outlook of the Chinese economy during the conference, which runs from March 26 to 29 in Boao, a resort town in southern China’s Hainan Province. During the fast-paced hour-long session, the discussion was kicked off with mention that the world’s second-largest economy achieved 5.2 percent growth last year, despite the economy being weighed down by the real estate sector and a sluggish global economy, with the panelists agreeing it was not “too bad.” They also made one point crystal clear — strong and sustainable growth in China holds great significance for both the country, and the world. “Last year, China by itself contributed around one third of global growth. Our research also shows that for every one percentage point faster in China’s growth, that raises on average the level of GDP in other economies in the medium term by about 0.3 percent,” said Steven Alan Barnett, senior resident representative in China of the International Monetary Fund (IMF).

When commenting on China’s economic performance last year, “solid” and “outstanding” were the two words used by Vivian Jiang, Chair of Deloitte China. “Even though the Chinese economy grew at a lower rate compared to years ago, what needs to be seen is that the quality of growth in China continues to improve.” “For instance, the growth of expenditures on research and development in China last year rose by 8.4 percent year on year, which was a much faster growth compared to the GDP growth, and this is important data for us as a professional services agency. The fast R&D spending growth means continued momentum for the Chinese economy going forward,” she said. The Chinese government has set an economic growth target of around 5 percent for 2024. “The 5 percent growth target, I believe, is a goal China can achieve.

In the first two months of this year, we already saw that most economic indicators were a lot better compared to the same period last year,” said Liu Qiao, professor of finance and dean of Guanghua School of Management, Peking University. Government data showed that in the first two months of 2024, China saw its imports and exports reach 6.6 trillion yuan (about 930 billion U.S. dollars), a historical high for the same period. Meanwhile, some 7,160 new foreign-invested firms were set up across China during the same period, up 34.9 percent year on year, the highest increase in nearly five years.

Liu said that the data from the beginning months of the year to some extent helped shore up confidence in the Chinese economy’s overall growth for the whole year. Amid concerns about the property sector’s drag on the Chinese economy, Albert Park, chief economist with the Asian Development Bank, said that the falling property prices in China were a downside risk, but the Chinese government has done a good job trying to manage the leveraging of the sector to address the longstanding imbalance between supply and demand. China rolled out a raft of pro-growth measures last year, including those for the property sector such as cutting down the down payment ratio and easing rules on old policies that had restricted home purchase transactions when home prices were soaring. “I think going forward this year and even beyond, the key part of the pivot to a high-quality development model is to continue to have consumption and be a key driver of growth,” Barnett said, adding that China still has great potential for consumption growth.

Vivian Jiang, during her part, said that China’s biggest confidence was its huge market, whether you look at its consumption or its digitalization and transformation efforts in traditional industries. The government has recently announced a plan to promote large-scale equipment upgrades and trade-in of consumer goods, as part of its efforts to boost domestic demand and support continuous economic growth this year. “This is a tailored measure that reflects China’s transition toward green and low-carbon development, and digitalization, as well as its pursuit for becoming more intelligent.

This measure is also expected to be equipped with other auxiliary supportive policies, including those from the financial sector, to promote the overall industrial upgrade in the country,” she said. In China’s economic transformation and upgrading, “limitless” business scenarios and opportunities for multinational companies, big or small, are there to grow together with China, she said. 

Somalia hosts over 38,600 refugees, asylum-seekers: UNHCR

MOGADISHU, March 29 (Xinhua) — The United Nations High Commissioner for Refugees (UNHCR) said on Thursday that Somalia is hosting 38,642 registered refugees and asylum-seekers as of February.

About 67 percent of them are women and children, 30 percent are school-age children (6-17 years), and 26 percent are women and girls of reproductive age (13-49 years), the UNHCR said in its latest update released in Mogadishu, the capital of Somalia. “The majority of refugees and asylum-seekers, or 66 percent, are from Ethiopia, followed by Yemen (29 percent), Syria (4 percent), and other countries (1 percent),” it said. According to the UNHCR, most of the refugees and asylum-seekers reside in urban or peri-urban settings across the Woqooyi Galbeed and Bari regions in northern Somalia. It said 9,046 former refugees have returned to Somalia from their countries of asylum, mostly from Yemen, followed by Kenya, since January 2020. “From the total number of refugee returnees, 3,652 individuals have been directly assisted by UNHCR, mainly through the voluntary repatriation program from Kenya and the assisted spontaneous returns program from Yemen,” the UNHCR said.

The UN agency said 68 Somali refugees will return to Somalia in 2024. It added that more than 800,000 Somali refugees and asylum-seekers are also hosted in neighboring countries and a further 3.9 million persons are internally displaced inside Somalia due to conflict and natural disasters. 

Uganda develops anti-tick vaccines to boost dairy, beef industry

KAMPALA, March 29 (Xinhua) — Scientists in Uganda have developed two anti-tick vaccines whose trials have been successful, and are now awaiting final approval from regulatory authorities, an official said Thursday.

Frank Mugabi, a senior communications officer at the state-run National Agricultural Research Organisation, which regulates agricultural research, told Xinhua that the vaccines were developed after years of research. “For more than a century, the control of ticks and tick-borne diseases depended on the use of chemical acaricides. However, the use of chemicals was detrimental to the environment,” Magabi said. “Now we believe our scientists have made a major breakthrough since the ticks had developed resistance to the acaricides,” he added. Mugabi said several trials had been carried out in various parts of the country for both oral and injectable vaccines in the past 12 months. “Where the trials were carried out, we found that there were no issues related to ticks. The beef and milk were also tested and there were no traces of the vaccines, meaning they were safe for consumption,” the official said.

According to Mugabi, the vaccines were developed from a protein called subolesin that was extracted from native tick species. He said a patent has already been obtained for the vaccines, which are waiting for the regulatory bodies to register and recommend them for use by farmers. According to ScienceDirect, a database of research and scientific topics, Ugandan farmers lose more than 1.1 billion U.S. dollars in aggregated annual direct and indirect loss due to the rising spread of tick-borne animal challenges, with the commonest and economically damaging tick-borne disease being the East Coast Fever. A 2018 animal census, the latest one conducted by the government, indicated that Uganda was home to at least 14.2 million head of cattle. 

WHO donates mobile devices to digitize immunization in Kenya

NAIROBI, March 29 (Xinhua) — The World Health Organization (WHO) on Thursday donated 940 mobile devices to be used to digitize immunization processes in Kenya.

Abdourahmane Diallo, WHO country representative in Kenya, told journalists in Nairobi, the capital of Kenya, that the tablets will go a long way in enabling vaccinators to improve the quality and verifiability of immunization data in the country. “Addressing the data quality gaps will result in the increase in the immunization coverage and better management of vaccine stocks,” Diallo said. He noted that the mobile devices will replace paper-based documentation for vaccinations, thereby reducing significant data errors. The UN health agency also donated 150 pieces of clothing for use by trained national responders to enhance Kenya’s public health emergency response.

Susan Nakhumicha, cabinet secretary in the Ministry for Health, said that the donation from the WHO will be a boost for the work of the National Vaccine and Immunization Program. The Kenyan official added that the tablets will help enhance the data quality for decision-making on Kenya’s immunization program by closing the gaps that have been experienced before in data collection and transmission. 

Kenya launches database for research output

NAIROBI, March 29 (Xinhua) — Kenya on Thursday launched the national research repository for all research output undertaken in the country.

Beatrice Inyangala, principal secretary in the Ministry of Education, told journalists in Nairobi, the capital of Kenya, that the database consists of an open-access repository aimed at making research freely available to the public. “The digital platform will increase the dissemination and accessibility of research by encouraging the reuse of research data to stimulate further research,” Inyangala said, noting that much of the research in Kenya remains in analog form and the digital open-access platform is expected to help break barriers to international collaboration.

Dickson Andala, chief executive officer of the state-owned National Research Fund, said that the repository facilitates the generation of analytical reports that will provide invaluable insights into the drivers of research formulation, the utilization and commercialization of research outputs. Andala added that the centralized open-access platform for research publications will act as a springboard for progressive research and innovation that positions Kenya prominently on the global innovation index. 

Former South African President Zuma barred from contesting 2024 elections

JOHANNESBURG, March 29 (Xinhua) — The Independent Electoral Commission (IEC) of South Africa, the country’s election management body, said on Thursday that it has upheld an objection against former President Jacob Zuma’s candidacy in the upcoming elections.

IEC Chairperson Mosotho Moepya said at a media briefing that they have received 82 objections about candidates nominated by 21 political parties for the 2024 national and provincial elections. “In the case of former President Zuma, yes, we did receive an objection, which has been upheld,” said Moepya. “We were unanimous. These are not matters we deal with that are personal. It is a provision of the law against which we must measure an objection and it’s straightforward. It is whether the person qualifies or does not qualify.” Zuma, who was sentenced to 15 months in prison for contempt of court in 2021, was nominated as a candidate for the elections by the newly-formed MK Party.

South Africa will hold the national and local government elections on May 29. 

45 killed in South Africa bus crash

JOHANNESBURG, March 29 (Xinhua) — A total of 45 people were killed in a bus crash that occurred Thursday in South Africa’s northeastern province of Limpopo, the country’s Department of Transport said.

The crash, which involved a passenger bus allegedly transporting people from Botswana to Moria, a town in Limpopo, killed at least 45 people and seriously injured one, the department said in a statement late Thursday. “I am sending my heartfelt condolences to the families affected by the tragic bus crash near Mamatlakala. We continue to urge responsible driving at all times with heightened alertness as more people are on our roads this Easter weekend,” Minister of Transport Sindisiwe Chikunga said. The police will continue to provide updates as the rescue and recovery efforts unfold, and the precise cause of the crash is under investigation, according to the statement.

The 45 dead were worshippers, and they were killed after their bus went out of control, fell over a bridge, and caught fire on the mountain pass between Mokopane and Marken in Limpopo, the South African Broadcasting Corporation said in an earlier report Thursday. 

14 killed after Cyclone Gamane makes landfall in northern Madagascar

ANTANANARIVO, March 29 (Xinhua) — Fourteen people were killed and three others injured after tropical Cyclone Gamane landed in Madagascar, with three more people still missing, Madagascar’s meteorological authorities said on Thursday.

Gamane made landfall on the northern tip of Madagascar Wednesday morning, packing average winds of 150 km per hour and gusts of more than 210 km per hour, accompanied by heavy rains, said Madagascar’s National Office for Risk and Disaster Management (BNGRC). A total of 36,307 people, including 9,024 households, were affected by the cyclone, which devastated seven regions of the country. Approximately 18,565 people, or 4,849 households, were forced to evacuate and seek shelter in 68 emergency sites scattered across various localities.

The floods that followed caused extensive damage, submerging 6,675 houses and nearly 1,698 rice paddies, while 617 houses were destroyed, according to the BNGRC. 
UNHCR, partners seek new funding to help 2.3 mln South Sudanese refugees in 2024

JUBA, March 29 (Xinhua) — The United Nations High Commissioner for Refugees (UNHCR) and its partners on Thursday appealed for 1.4 billion U.S. dollars in 2024 to meet the needs of 2.3 million South Sudanese refugees in East African countries.

The UN Refugee Agency and its 123 partners called for renewed support for South Sudanese refugees living in the Democratic Republic of the Congo (DRC), Ethiopia, Kenya, Sudan and Uganda with the new funding appeal. Mamadou Dian Balde, UNHCR’s regional director for the East and Horn of Africa and Great Lakes region, said significant strides and laudable efforts have been made over the last 10 years by partners. “This year’s Regional Refugee Response Plan builds on the incremental progress made and demonstrates that if given the resources, humanitarian aid combined with investments in resilience — for both refugees and the host communities that welcomed them — will facilitate longer-term solutions,” Belde said in a statement. The UNHCR said a similar number of people living in local communities in the five asylum countries will benefit from services and support provided through a Regional Refugee Response Plan. The plan will build on inclusive policies led by the Intergovernmental Authority on Development (IGAD) and the East African Community (EAC), and align with pledges made by governments, the private sector and donors made at the 2023 Global Refugee Forum last December.

According to the UNHCR, since the start of the conflict in South Sudan over 10 years ago, growing humanitarian needs compounded by dire food shortages, continued insecurity, and the impacts of climate change, have kept South Sudanese refugees in exile and prompted new displacement. Four consecutive years of flooding have also destroyed homes and livelihoods, triggering further cross-border movements, it said. The plan also aims to support the efficient delivery of humanitarian assistance and protection services, including the prevention of and responses to gender-based violence and sexual exploitation.

Balde said several countries in this region are certainly experiencing complex challenges that often demand significant financial requirements. “However, the people of South Sudan deserve our attention and support so they can contribute meaningfully to their societies and gain skills for when they eventually are able to return home,” he added. UNHCR said while the war in Sudan has forced nearly 200,000 South Sudanese to relocate to safer areas within Sudan and hundreds of thousands of others to return to their country prematurely, more than 2 million remain in need of international protection in the region. 

Venezuela slams U.S. attempts to “delegitimize” presidential elections

CARACAS, March 29 (Xinhua) — Venezuela categorically rejected the U.S. attempts to “discount and delegitimize” the results of the upcoming presidential elections, the foreign ministry said on Thursday.

Citing a U.S. statement released Wednesday, the ministry slammed the United States for “trying to discount and delegitimize the next elections.” The response came after the U.S. State Department said it was “deeply concerned” that the Venezuelan National Electoral Council aimed to restrict opposition candidates from registering to participate in the July 28 elections. Washington, the ministry said, intends to “minimize” the participation of 37 political groups that have backed the registration of 13 presidential candidates.

The constitutional requirements of the electoral process have been fulfilled, along “with each point of the agreement signed between the legitimate government of Venezuela and the self-proclaimed Unitary Platform,” as the opposition alliance is called. Venezuela “is proud of its electoral system,” and committed to “maintaining peace, economic growth and political stability,” the ministry said.

Palestinian president approves new gov’t headed by Mohammad Mustafa

RAMALLAH, March 29 (Xinhua) — Palestinian President Mahmoud Abbas on Thursday approved the new government headed by Prime Minister-designate Mohammad Mustafa, the official news agency WAFA reported.

The new government will prioritize humanitarian issues, encompassing a comprehensive plan for humanitarian aid for Palestinian people in the Gaza Strip and reconstruction of the enclave, the report said. The government will also focus on efforts to stabilize the financial situation and economic impact in Gaza and West Bank, it added. The government’s swearing-in ceremony is scheduled for Sunday, and Mustafa will also serve as the foreign minister in the new government, it noted.

On March 14, Abbas tasked Mustafa, who was the head of the Palestine Investment Fund and a senior economic advisor to Abbas, to form the 19th government, according to WAFA. His appointment came after the Palestinian government, led by former Prime Minister Mohammad Shtayyeh, resigned in light of challenging circumstances amid the developments in Gaza, the West Bank, and Jerusalem, as well as mounting pressure on Abbas to reform the Palestinian Authority and initiate the establishment of a political framework capable of governing a future Palestinian state in the aftermath of the Gaza conflict.

Israeli army kills over 200 Palestinians, arrests 1,000 in Gaza hospital: Hamas

GAZA, March 29 (Xinhua) — The Israeli army has killed over 200 people and arrested around 1,000 others in the Al-Shifa Medical Complex in northern Gaza, said the Hamas-run media office on Thursday.

The office said in a statement that the Israeli army continued committing “crimes” against those inside the complex and in its vicinity, with available information indicating “the army’s execution of more than 200 displaced citizens and arrest of around 1,000 others.” Citing testimonies from some survivors, the statement said tanks shelled many buildings, while the Israeli troops continued bombing and destroying houses over the heads of their inhabitants in the surrounding area. The office held Israel and the U.S. administration as “active partners in this aggression against the complex and the medical staff, the wounded and sick, and the displaced civilians inside.” On the other hand, Israeli public radio said the army forces and the Shin Bet security service continue fighting in the Al-Shifa Hospital area, where the combat teams killed about 200 militants.

On Wednesday, militants emerged from the emergency room at the hospital and opened fire on Israeli forces operating in the area, according to the radio. The hospital, once Gaza’s largest medical facility, is now one of the few medical centers that are still functioning in the enclave. It has also served as a shelter for displaced Palestinians since the Gaza conflict began last October. Israel has been launching a large-scale offensive against Hamas in the Gaza Strip to retaliate against a Hamas rampage through the southern Israeli border on Oct. 7, 2023, during which about 1,200 people were killed and more than 200 were taken hostage. 

Haiti’s Transitional Council pledges to restore public order

MEXICO CITY, March 29 (Xinhua) — Haiti’s Transitional Council issued its first statement Wednesday, aiming to restore public order and protect people’s lives and property, local media reported.

According to the statement, the selection mechanism for the council president, the new prime minister and new cabinet members has been completed. The council will appoint a new prime minister immediately after taking office and assist the new prime minister in forming a new government to help Haiti return to normal as soon as possible, according to the statement, which did not specify the inaugural time of the council.

Since Feb. 29, Haitian armed groups have launched a wave of attacks in the capital Port-au-Prince, calling for the resignation of Prime Minister Ariel Henry. 

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