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CBN丨BRICS partnership stands strong amid global challenges,CBN丨BRICS partnership stands strong amid

Tony  |  2022-06-21 21:49:03134


Hi everyone. I’m Stephanie LI.


Coming up on today’s program.


  • The 14th summit of BRICS will be held this week in Beijing, championing multilateralism;

  • China encourages renminbi settlement in new models of foreign trade.

Here’s what you need to know about China in the past 24 hours 


The 14th summit of BRICS, an emerging-market group that includes Brazil, Russia, India, China and South Africa, will be held this week in virtual format under the theme of "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development" under China's chairmanship.

Over the past 16 years since its establishment, BRICS has become an all-round and multi-level framework, with practical cooperation carried out in dozens of areas, upholding the spirit of openness, inclusiveness and win-win cooperation.

As the world is faced with numerous uncertainties, the five major developing countries are expected to contribute their wisdom and efforts to promoting global development.

BRICS countries are an important driving force for regional and global economic and trade growth. Despite the prolonged impact of COVID-19, the total volume of trade in goods of BRICS countries reached nearly $8.55 trillion in 2021, a year-on-year increase of 33.4 percent, official data showed.

Meanwhile, China's bilateral trade with other BRICS countries totaled $490.4 billion, up 39 percent year on year and higher than the overall growth of China's foreign trade in the same period.

Worldwide, BRICS countries account for 18 percent of trade in goods and 25 percent of foreign investment, statistics showed.

During the 12th meeting of BRICS economic and trade ministers held earlier this month, the participants pledged to deepen cooperation in fields such as the digital economy, trade investment and sustainable development, supply chain and multilateral trade mechanisms.

To tackle infrastructure and development challenges faced by emerging economies, the New Development Bank (NDB), with its headquarters in Shanghai, was founded by BRICS countries and formally opened in July 2015.

According to the bank, from 2022 to 2026, it will provide $30 billion of financial support for member countries, with 40 percent of the funds to be used for mitigating global warming.

Also, BRICS countries have supported one another with medical supplies and carried out extensive cooperation on the global fight against COVID-19. In March, the five BRICS countries jointly proposed an initiative to strengthen vaccine cooperation to ensure the accessibility and affordability of vaccines in developing countries through their equitable distribution as global public goods.  











Moving on to regional highlights


  • China's eastern province of Shandong sealed foreign investment deals worth $15.6 billion for 99 projects in various cities on Monday during the third Qingdao Multinationals Summit.  


Next on industry and company news


  • Construction of a lithium-ion battery separator plant, in which a joint venture between Chinese power battery giant CATL and lithium battery separator supplier Yunnan Energy New Materials invested 5.2 billion yuan, will be completed by next year. The JV will build the factory in Xiamen, Yunnan Energy said late yesterday, adding that it will be partially put into operation as soon as next year.


  • Tencent Holdings offloaded 74.6 million shares in New Oriental Education's Hong Kong listed stock Koolearn Technology between June 15 and 16, reducing its shareholding from 9.04 percent to 1.58 percent, cashing out more than HK$700 million, according to the Hong Kong Stock Exchange on Monday. Tencent was the second largest shareholder of Koolearn with 90.42 million shares before the selloff. Stock price of Koolearn rebounded 3 percent on Tuesday after a huge loss yesterday.

    腾讯大笔减持新东方在线: 港交所20日信息显示,6月15、16日,第二大股东腾讯控股大笔减持新东方在线,持股比例下降至1.58%,套现超7亿港元;摩根士丹利、花旗银行等多家外资机构也纷纷减持。新东方在线股价周一大跌超30%,今天回涨3%。

  • Apple recently began hiring auto engineers in Beijing, Shanghai and Shenzhen, according to Apple's official website. The roles entail providing integration support for automotive partners and helping developers complete Apple's system certification, in a move that may be aimed at helping its 14 partners deploy a new generation of the CarPlay system in the local market.  


  • FreshHema, Alibaba’s offline retail chain, has reportedly started a new round of layoffs in May, mainly in procurement and operation departments in various local regions, with a one-month buffer period until the end of June, media reported today citing sources close to the company.  


  • JD.com has reportedly cut back the operations of its community group-buying platform Jingxi Pinpin due to dismal sales amid intense competition. The bulk buy platform is only offering services in three cities now, who at one stage had expanded to 80 cities across China.  


  • Two-thirds of European businesses operating in China saw their revenues grow 24 percent in 2021, with 79 percent of them reported growing profits compared with the previous year, according to the European Business in China Confidence Survey 2022 released by the European Union Chamber of Commerce in China on Monday.  


Switching gears to the financial sector


  • In a recent circular, the People's Bank of China improved policies for cross-border renminbi business in e-commerce and other new models of foreign trade. Effective July 21, the new policies will provide better financial services for trade companies, guide the healthy development of new trade models, and help stabilize the economy, according to the central bank.  


  • The total cash supply transferred from between June 1 to 15 in Shanghai by the central bank’s local headquarters reached nearly four times that of the same period in 2021, media reported Monday. The PBOC required branches in Shanghai to effectively improve the service quality and efficiency for cash withdraw to meet the public demand. 


Wrapping up with a quick look at the stock market


  • Chinese stocks closed down on Tuesday despite China’s yuan rose against the dollar helped by signs of economic recovery. By the close, the benchmark Shanghai Composite edged down 0.26 percent and the Shenzhen Component was down 0.51 percent. Hong Kong’s Hang Seng index edged up 0.42 percent and the TECH index was down 0.09 percent.  

    周二A股小幅下跌。截至今日收盘,沪指跌0.26%;深成跌0.51%;创业指跌0.63%。沪深两市成交额达10801亿元,为连续第8个交易日破万亿。自动化设备、互联网保险、元宇宙板块涨幅居前,教育、小金属、转基因板块跌幅居前。 港股恒生指数收涨0.42%,恒生科技指数收跌0.09%。

Biz Word of the Day


  • Bilateral trade is the exchange of goods between two nations promoting trade and investment. The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment.


Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin

Sound Editor:  XIE Kaishan

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜






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