News Center

MICE industry sees strong recovery, Singapore launches post-pandemic development white paper

According to a report by Singapore's Lianhe Zaobao, the Singapore Tourism Board, the Professional Convention Management Association (PCMA), and the UFI (Global Association of the Exhibition Industry) jointly launched a white paper titled "During and After the Pandemic - Reimagining Business Events." This reflects the strong recovery of the MICE industry in the Asia-Pacific region and the trend of hybrid online-offline exhibitions. The white paper points out that the revenue of the MICE industry has begun to rebound this year. UFI data shows that global revenue is expected to double this year compared to last year, with MICE revenue in the Asia-Pacific region expected to increase by 121%. In addition, Asian respondents showed strong interest in digital or hybrid events, with their likelihood of participating in such events more than double that of respondents in other regions. PCMA's April survey of the Asia-Pacific region also showed that more curators in the Asia-Pacific region (38%) plan to hold hybrid physical and online events compared to those in North America (17%). Among respondents in the Asia-Pacific region planning to hold hybrid events this year, nearly 80% plan to engage in interaction with both on-site and online audiences, compared to 27% in North America.

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08-10

MICE industry sees strong recovery, Singapore launches post-pandemic development white paper

Russia announces government decree allowing entry for Chinese citizens

Local time on June 30, Russia's official legal information portal published a government decree signed by Russian Prime Minister Mishustin on the 28th, lifting entry restrictions for citizens from 10 countries, including China, Belgium, and Liechtenstein. Chinese citizens can now apply for work, private visit, study, and tourist visas. On February 18, 2020, the Russian government announced that, due to epidemic prevention considerations, starting from 0:00 Moscow time on February 20, Russia temporarily prohibited Chinese citizens holding work, private visit, study, and tourist visas from entering the country. On March 16, Russian Prime Minister Mishustin signed a government decree, stating that in order to control the spread of the new coronavirus, the Russian government decided to temporarily prohibit foreign citizens and stateless persons from entering the country from 0:00 on March 18 to 0:00 on May 1. On April 30, Russian Prime Minister Mishustin announced that measures restricting the entry of foreign citizens would be extended until the epidemic situation in Russia improved, and the exact date for a complete lifting of restrictions could not yet be determined.

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07-02

Russia announces government decree allowing entry for Chinese citizens

Economic and Trade News

United States: White House is planning a $3 trillion economic stimulus package According to multiple US media reports on March 22, White House officials are planning a $3 trillion economic stimulus package. The first part of the plan will provide funding for promoting manufacturing, addressing climate change, building broadband and 5G networks, and upgrading transportation infrastructure. (Source: Xinhua) Brazil: Import tariffs on information and communication products will be reduced to zero Recently, the Foreign Trade Commission (CAMEX) of the Brazilian Ministry of Economy issued Decisions No. 171 and 172, reducing import tariffs on some capital goods and information and communication products to zero. (Source: Economic and Commercial Office of the Chinese Embassy in Brazil) Vietnam: Goods imported and exported under international treaties will be tax-exempt According to VNA on March 22, the Vietnamese government recently promulgated Decree No. 18, adding Article 29a on exemption of taxes on goods imported and exported under international treaties, namely, goods imported and exported under international treaties to which Vietnam is a signatory will be exempt from import and export taxes. (Source: VNA) Myanmar: Jade exports have almost come to a standstill According to the Myanmar Global New Light of Myanmar on March 22, data from the Myanmar Ministry of Commerce shows that as of mid-March this fiscal year, Myanmar's mineral exports amounted to US$496 million, down US$555 million year-on-year. Affected by the epidemic, Myanmar's jade and jewelry trade fair has been suspended for more than a year, and Myanmar's jade exports have almost come to a standstill. (Source: CCTV News Client) South Korea: Energy companies will form an alliance to address carbon neutrality According to Yonhap News Agency on March 23, industry insiders said that more than 10 leading South Korean energy companies, including SK E&S, GS Energy, POSCO Energy, E1, and Doosan Heavy Industries, will establish an "Energy Alliance" in April to address carbon neutrality policies. (Source: Yonhap News Agency) Sri Lanka: 5G spectrum auction to begin at the end of the year According to the Sri Lankan Daily News recently, the head of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) said that Sri Lanka will begin the 5G spectrum auction at the end of this year. (Source: Economic and Commercial Office of the Chinese Embassy in Sri Lanka) China has completed the ratification of RCEP On March 22, a person in charge of the Department of International Trade and Economic Affairs of the Ministry of Commerce stated that China has completed the ratification of the Regional Comprehensive Economic Partnership (RCEP) and became the first country to ratify the agreement. In addition, Thailand has also approved the agreement. (Source: Economic Daily) Tax and fee preferential policies for epidemic prevention will be extended to December 31 On March 23, the Ministry of Finance and the State Taxation Administration jointly issued an announcement on the continued implementation of tax and fee preferential policies in response to the epidemic. The tax preferential policies stipulated in the Announcement of the Ministry of Finance and the State Taxation Administration on Supporting the Resumption of Work and Production of Individual Industrial and Commercial Households and Value-Added Tax Policies will be extended to December 31, 2021. (Source: Ministry of Finance website) E-cigarette industry faces regulation On March 22, the Ministry of Industry and Information Technology publicly solicited opinions on the "Decision on Amending the Implementation Regulations of the People's Republic of China Tobacco Monopoly Law (Draft for Comments)". The draft proposes that new tobacco products such as e-cigarettes shall be implemented in accordance with the relevant provisions on cigarettes in the Regulations. (Source: MIIT website) Xiong'an New Area encourages enterprises to innovate and develop Recently, the Xiong'an New Area Administrative Committee of Hebei Province issued the "Several Measures of Hebei Xiong'an New Area on Supporting Enterprises' Innovative Development", which stipulates the scope of application, support content, subsidies and reward standards for enterprises' innovative development. (Source: People's Daily) Hubei Yichang Comprehensive Bonded Zone officially opens On March 22, the Yichang Comprehensive Bonded Zone officially opened, becoming the fourth comprehensive bonded zone in Hubei Province and filling the gap of the lack of customs special supervision areas in the Yichang section of the Hubei Pilot Free Trade Zone. (Source: Hubei Daily) A4 copy paper: Australia makes anti-circumvention final ruling Recently, the Australian Anti-Dumping Commission issued an announcement stating that from April 28, 2020 (inclusive), the scope of imported products from China, namely A4 copy paper weighing 70g/m² to 100g/m², will be expanded to 67g/m² to 100g/m². (Source: China Trade Remedy Information Network) Indonesia: Sorong Special Economic Zone in Papua Located in Sorong Regency, West Papua Province, Indonesia, the special economic zone covers investment and business development in nickel processing, fishery processing, palm oil processing, and timber processing. The special economic zone is now open to Chinese enterprises for investment promotion. (Source: China Trade and Investment Network)

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03-25

Economic and Trade News

Why is the Consumer Goods Expo still being held?

The first China International Consumer Products Expo (hereinafter referred to as the Consumer Expo) will be held in Haikou, Hainan Province from May 7 to 10. The Expo is co-hosted by the Ministry of Commerce and the Hainan Provincial People's Government. This was learned from a press conference held by the State Council Information Office today. At the meeting, Wang Bingnan, Vice Minister of Commerce, said that China's hosting of such exhibitions as the Consumer Expo will make it a platform for international exchange and cooperation, a window for opening up, and will play a comprehensive role in large-scale exhibitions, promoting high-level opening up, smoothing domestic circulation, promoting domestic and international dual circulation, and building a new development pattern. Against the backdrop of the existing three major platforms for opening up, namely the Canton Fair, the CIIE, and the CIFTIS, why is another Consumer Expo being held? "The Canton Fair mainly focuses on goods exports, the CIIE mainly focuses on the import of goods and some services, and the CIFTIS mainly focuses on expanding opening up in the service sector, while the Consumer Expo is positioned as a global platform for the display and trading of international consumer goods," Wang Bingnan said. The exhibition industry is an important support and leading industry of the national economy, and an important platform for promoting higher-level opening up and high-quality economic development. According to the introduction, the Ministry of Commerce will focus on building an exhibition pattern that adapts to regional coordinated development, accelerate the construction of an exhibition industry system with reasonable layout, distinct characteristics, clear levels, and strong international competitiveness, expand and strengthen several national-level comprehensive exhibitions, create a number of large-scale mechanism-based multilateral and bilateral trade exhibition platforms, and support various places in cultivating a number of high-quality regional exhibition platforms. Holding the Consumer Expo is also inseparable from promoting the construction of the Hainan Free Trade Port. The "Overall Plan for the Construction of Hainan Free Trade Port" issued earlier clearly defined the positioning of Hainan International Tourism Consumption Center. Wang Bingnan said that holding the Consumer Expo is a practical action to implement the central government's decisions and deployments and to build the Hainan International Tourism Consumption Center, and it is also an important measure to promote the construction of the Hainan Free Trade Port. It will help to accelerate the innovative development of services in the free trade port and create a new highland for opening up. "The Consumer Expo is not just Hainan's Consumer Expo, but also a national and global Consumer Expo." Shen Danyang, Executive Vice Governor of Hainan Province, introduced that the first Consumer Expo focuses on "high, new, excellent, and special" consumer goods, striving to achieve a leading domestic level in terms of internationalization, unit area product value, and the number of first releases and exhibitions, and to build it into an important platform for the display and trading of global consumer goods. It will provide opportunities for the display and trading of consumer goods from various countries to enter the Chinese market, and also create business opportunities for consumer goods from various parts of China and other countries to be sold to the world. In addition, holding the Consumer Expo is also to better meet the needs of people's lives. Last year, China's per capita GDP exceeded US$10,000, and has entered an important stage of consumption upgrading, but the capacity for high-quality supply still cannot better meet the people's growing needs for a better life. Wang Bingnan said that holding the Consumer Expo is to adhere to the main line of supply-side structural reform, adhere to the theme of high-quality development, attract domestic and international consumer goods, integrate the preferential policies of the free trade port, expand effective and high-end supply, and better meet the people's needs for a better life. Consumers will receive many tangible benefits at the Consumer Expo. Han Shengjian, director of the Hainan International Economic Development Bureau, introduced that the Consumer Expo is divided into international and domestic zones. The international exhibition area is divided into five professional exhibition areas: fashion life, diamonds and jewelry, high-end food and health products, travel and living, and comprehensive services. Currently, it has gathered 1165 international brands. In the domestic exhibition area, various places across the country are organizing consumer goods and time-honored brands to participate in the exhibition. So far, the number of brands that have registered to participate in the exhibition has exceeded 1000. At that time, consumers will be able to buy a wide variety of goods in the exhibition hall, including the latest jewelry, brand watches, consumer electronics, food and health products, and time-honored brands. In addition to being able to buy a wide variety of goods, relevant national departments are formulating tax-free policies for the exhibits of the Consumer Expo. A certain quantity and amount of overseas exhibits can enjoy tax-free import and sales during the exhibition period. "The tax-free policy of the Consumer Expo is different from the Hainan offshore duty-free policy, and it does not occupy the 100,000 yuan quota for offshore duty-free," Han Shengjian explained. Visitors from outside the island can not only buy domestic goods and tax-free foreign exhibits at the exhibition venue, but also buy products with a quota of 100,000 yuan at duty-free shops in Haikou and Sanya. At that time, various duty-free shops will launch a variety of discount promotions, which is a very good shopping opportunity. Source | International Business Daily Editor | Wang Junjie

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03-25

Why is the Consumer Goods Expo still being held?

India's economy shows early signs of recovery

Data recently released by India's Central Statistics Office shows that India's GDP grew by 0.4% in the third quarter of fiscal year 2020/2021, marking the first positive growth since the outbreak of the COVID-19 pandemic. India's Finance Minister Nirmala Sitharaman attributed this achievement to the effective fiscal measures taken by the government in the previous fiscal year. The 0.4% growth rate signals a positive trend in the Indian economy. Recently, major institutions have become increasingly optimistic about India's economic development in the new fiscal year. According to a recent report released by the Organisation for Economic Co-operation and Development (OECD), India's GDP is expected to grow by 12.6% in fiscal year 2021/2022, attributing this to strong fiscal measures and the recovery of domestic manufacturing and construction industries. Indian credit rating agency CRISIL also points out that the rollout of COVID-19 vaccines has significantly improved the domestic economic environment, and coupled with government spending stimulus, India's GDP growth is expected to rebound to around 11% this fiscal year. However, while CRISIL offers a positive outlook for India's future economic development, it also acknowledges that India's economic recovery is far from easy. CRISIL believes that the impact of the epidemic on small businesses and urban poor in India is far from over, and the recovery still faces considerable difficulties. The recovery of urban economies is slower than that of rural areas, and the recovery of the service sector lags behind that of manufacturing, showing an unbalanced pattern of development. A recent report by Moody's suggests that for a country's post-epidemic recovery, in the short term, GDP data depends on how the country controls the epidemic through COVID-19 vaccination programs and other measures; in the long term, the economic development trend depends on how many jobs the country lost during the epidemic. However, unemployment has been a persistent problem hindering India's economic recovery. If not addressed, the recovery process will inevitably be hampered. According to the latest data from the Centre for Monitoring Indian Economy (CMIE), India's unemployment rate was 6.9% in February 2021, although lower than 7.8% in February 2020, the labor participation rate and employment rate remain low, reflecting a serious outflow of labor in India's labor market, and the national employment situation remains grim. Unemployment directly impacts people's income, which will weaken the driving force of consumption on economic growth. For the Indian government, the key to promoting economic growth lies in better utilizing epidemic prevention measures and fiscal policies to quickly overcome the negative impact of the epidemic on economic development; and promoting reforms to address structural problems that have long plagued the country's socio-economic development. Overall, the dawn of India's economic recovery is already appearing, but it still requires effort to completely overcome the difficulties.

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03-25

India's economy shows early signs of recovery
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