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China’s central bank head says economy to expand about 2% this year By Reuters

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© Reuters. Governor of People’s Bank of China (PBOC) Yi Gang attends a news conference on China’s economic development ahead of the 70th anniversary of its founding, in Beijing

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By Leika Kihara

TOKYO (Reuters) – China will see its economy expand by about 2% this year as it has got the coronavirus pandemic under control, central bank governor Yi Gang said on Sunday, signalling confidence about the prospects of a domestic demand-driven recovery.

His remark comes ahead of Monday’s closely watched gross domestic product (GDP) data, which is likely to show the world’s second-largest economy grew 5.2% in July-September from a year earlier.

“I think the accumulative growth for the first three quarters of this year will be positive … For the whole year, we predict China GDP growth of around 2%,” Yi said.

“The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” he said in an online International Banking Seminar of the Group of 30, an independent body of economic and financial leaders from the public and private sectors and academia.

China’s fiscal and monetary policies will focus on helping small and medium-size firms weather the pain from the health crisis, while ensuring that domestic demand plays a bigger role in boosting growth, he added.

Yi said China’s currency rate was appreciating against the U.S. dollar “significantly” in the past three months reflecting interest-rate differentials between the two countries – a development he said should be left to market forces.

“Monetary policy should focus on domestic demand, domestic inflation targeting … and let the market decide the exchange rate,” he said.

China’s economic outlook has turned more optimistic on aggressive government stimulus, with recent data pointing to a steady improvement from the COVID-19 health crisis.

While the central bank stepped up policy support earlier this year after widespread travel restrictions choked economic activity, it has more recently held off on further easing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Economy

China’s NEV sales to account for 50% of all new sales by 2035, industry body says By Reuters

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© Reuters. The Wider Image: Trade tensions with U.S. testing Chinese consumers

SHANGHAI (Reuters) – Sales of new energy vehicles (NEV) will make up 50% of overall new car sales in China, the world’s biggest auto market, by 2035, an industry official said on Tuesday.

The influential industry body, China Society of Automotive Engineers (China-SAE), has members of senior auto executives and academicians and is involved in the setting of the country’s mid- to long-term energy vehicle policies.

NEVs include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles. Industry expects China to sell around 1.1 million NEVs this year.

Li Jun, president of China-SAE, told the association’s annual conference in Shanghai on Tuesday that the association predicts 95% of NEV sales in 2035 will be battery electric vehicles.

Li added hybrid vehicles will make up the rest 50% of all new vehicle sales by 2035.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Yandex to launch food delivery services in Israel

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Russian tech giant Yandex is hiring in Israel ahead of setting up food delivery operations in the country, a source close to the matter has told “Globes.” Yandex first entered Israel two years ago with its taxi hailing app Yango and has since expanded operations to music services competing with Spotify.

Yandex is a tech giant whose search engine is the Russian language equivalent of Google. Headquartered in Moscow, the company is traded on Nasdaq with a market cap of $20 billion.




The company is now looking to carve out a slice of the lucrative Israeli food delivery market, which has grown enormously during the Covid-19 crisis. Yandex will commence operations in the Tel Aviv area first in the coming days.

Yandex operates two services for food deliveries. Yandex.Lavka for deliveries of supermarket orders and Yandex.Eats for deliveries of restaurant orders. Yandex is expected to start with the Yandex.Lavka service rather than Yandex.Eats, where it will face stiff competition from Finnish company Wolt and local rival Ten Bis, which operate restaurant deliveries.

As part of the Yandex.Lavka service in Russia the company also sells its own food products including fresh fruit and vegetables, dairy products and ready-made meals.

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Transport Minister opposes Tel Aviv Metro

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Minister of Transport Miri Regev has told the “Globes” Israel Real Estate Conference” that she is opposed to building the planned Tel Aviv Metro and would prefer to promote infrastructures that would link outlying regions with central Israel.

Regev said, “When I came to the ministry, like most Israelis, I was sure that they were already working on the Metro because people were calling the Tel Aviv light rail the Metro. So let’s put things straight. There is a plan for three Tel Aviv light rail lines, which must provide a solution for the Gush Dan region, and there is a plan for a Metro, which will cost NIS 150 billion for the part which is in the planning stages and has been deposited for objections.”




She continued, “There are the three light rail lines in Gush Dan, which suffers most from traffic congestion, which will cost NIS 60 billion, and there is a plan for bicycle paths to link up Gush Dan, which will cost NIS 600 million. Therefore, if the (Metro) plan will be put up for implementation, I will oppose it, because I think that at the moment we need to connect outlying regions with the center with an additional railway network in parallel to the coastal railway line. That would bring about a dispersal of the population and employment and move employees from the center of the country to the north and south and to Judea and Samaria.”

So at the moment you are against moving forward with the Metro?

“We will deposit the plan. Regarding the time we need to implement it, I’ll consult with the cabinet. It’s not possible to put all the money in the Dan Metropolitan area, we need to link up Israel and if we want to create new jobs in the north and south and provide a solution for the transfer of the IDF to the Negev, we must invest in accessible and available infrastructures. It is clear that at the moment there isn’t money for both.

Instead Regev says that she wants to allocate NIS 100 billion to complete Israel Railways projects including the eastern inland railway line from Rosh Ha’ayin to Lod and extend the railway line northwards from Hadera to Kiryat Shmona and southwards from Dimona to Eilat. 

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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