Global economic and trade trends

1. South Korea applies zero tariff rate quota tariff to 13 imported commodities such as edible oil
2. Vietnam Ho Chi Minh City launched 197 investment projects
3. Eurasian Economic Union decides to carry out transportation infrastructure construction
4. China's national standing committee determines to increase automobile consumption support policy
5. China and Japan hold an exchange meeting on China's economic stabilization policies and measures
6. Economic and trade warning: PVC resin
Import and foreign trade agency
South Korea: zero tariff rate quota tariff is applicable to 13 imported commodities such as edible oil
According to Yonhap, in order to alleviate the contradiction between supply and demand and stabilize domestic prices in South Korea, President Yin Xiyue recently presided over a state conference and decided to apply zero tax rate quota tariffs to 13 imported commodities such as edible oil, flour and pork by the end of the year. At the same time, the policy of reducing the consumption tax on individual cars by 30% will be extended from the end of this month to the end of this year.
(source: Yonhap)
Vietnam: Ho Chi Minh City launched 197 investment projects
According to Vietnam's people's daily, the Ho Chi Minh City People's Committee has approved the list of investment projects in Ho Chi Minh City in 2022 prepared by the planning and investment department, including 197 projects with a total investment of about 943.94 trillion Vietnamese Dong (about US $42.89 billion), including some transportation infrastructure projects, such as highways (national highways), urban elevated roads and urban railways connecting Ho Chi Minh City and neighboring provinces.
(source: Economic and Commercial Department of the Chinese Consulate General in Ho Chi Minh City)
Cambodia: set up provincial and municipal investment committees to examine and approve investment projects below 5million US dollars
Recently, the Cambodian government issued a new policy and decided to establish the capital Phnom Penh and 24 provincial investment committees. According to the "government order" recently issued by Prime Minister Hun Sen, provincial and municipal investment committees have the responsibility and obligation to review and decide on investment projects of private enterprises less than 5million US dollars, including providing approval for registration, incentives, guaranteed acquisition, sale, merger and dispute resolution.
(source: Cambodia China Daily)
Eurasian Economic Union: decided to carry out transportation infrastructure construction
Recently, the government summit of the Eurasian Economic Union was held in Minsk, the capital of Belarus. After the meeting, miyasnikovic, chairman of the Executive Committee of the Eurasian Economic Commission, said that the member states decided to carry out the construction of transport infrastructure, including the construction of Eurasian transport corridors and lines. At the meeting, the participants also discussed such issues as food security, regulating the liquor market, strengthening the internal market of the alliance, tariff adjustment and digitization, and import substitution within the framework of the alliance.
(source: Xinhuanet)
Africa: the sales volume of off grid solar energy products in 2021 is the world leader
According to the report of the Swiss media Africa Financial News Agency, a recent report by the United Nations Environment Programme shows that despite the impact of the epidemic, the sales of off grid solar energy products in Africa will reach 7.4 million units in 2021, becoming the world's largest market. East Africa has the highest sales volume of 4million sets, including 1.7 million sets in Kenya and 439000 sets in Ethiopia. The sales volume in central and southern Africa increased significantly. For example, the sales volume in Zambia increased by 77% year-on-year and that in Rwanda by 30%.
(source: Economic and Commercial Department of the Chinese Embassy in Mali)
The world bank predicts that Indonesia's economic growth will slow down in 2022
According to Indonesia's antala national news agency, the World Bank recently released the latest Indonesian economic forecast for June, which said that under the downward pressure of the global economy, Indonesia's economic growth will slow to 4.6% in 2022 and 4.7% in 2023. The world bank also said that even in the most optimistic situation, the Indonesian economy will grow by 5.1% in 2022 and 5.3% in 2023.
(source: Economic and trade window of the Chinese Consulate General in Medan)
Egypt and Saudi Arabia sign US $7.7 billion investment agreement
Recently, during Saudi Crown Prince Muhammad's visit to Cairo, Egypt and Saudi Arabia signed 14 investment agreements worth US $7.7 billion, involving oil, renewable energy, information technology, e-commerce, pharmaceuticals, infrastructure, network security and other fields. In recent years, Egypt and Saudi Arabia have signed more than 160 bilateral agreements to support the development of bilateral economic and trade relations. In 2021, the bilateral trade volume reached nearly US $14.5 billion, an increase of 87% year-on-year, a record high.
(source: CCTV News)
The national standing committee decided to increase the automobile consumption support policy
Recently, the executive meeting of the State Council confirmed the policy of increasing automobile consumption support to further release the potential of automobile consumption: first, activate the second-hand car market and promote automobile renewal consumption. For small non operating used cars, the restrictions on moving in will be completely lifted from August 1, and the transfer registration will be separately endorsed and issued with temporary number plates from October 1. Second, support the consumption of new energy vehicles. The vehicle purchase tax should be mainly used for highway construction. Considering the current actual research on the extension of the policy of exemption from new energy vehicle purchase tax. Third, improve the parallel import policy and support the construction of parking lots. The national Standing Committee believes that after the implementation of the policy, it is predicted that automobile and related consumption will increase by about 200billion yuan this year.
(source: China first finance and Economics)
China and Japan hold an exchange meeting on China's economic stabilization policies and measures
Recently, the Asia Department of the Ministry of Commerce, the Japanese Embassy in China and the China Japan Chamber of Commerce jointly held a video exchange meeting on China's economic stabilization policies and measures. Representatives from relevant departments and bureaus of the Ministry of Commerce, the Ministry of finance, the Ministry of industry and information technology and the Ministry of transport respectively introduced the implementation of the "package of policies and measures for stabilizing the economy" recently issued by the State Council, listened to the introduction of Japanese funded enterprises' resumption of work and production, and responded to Japan's concerns. Representatives of the Japanese Embassy in China, the China Japan Chamber of Commerce and more than 120 Japanese funded enterprises in China attended the meeting.
(source: Asia Department of the Ministry of Commerce)
The 22nd China International Investment and Trade Fair will be held in Xiamen in September
The 22nd China International Investment and Trade Fair will be held in Xiamen, China from September 8 to 11 this year. With the theme of "bringing in" and "going out", and the main features of "highlighting the national and international nature, investment negotiation and investment policy publicity, highlighting the coordinated development of national and regional economies, and highlighting economic and trade exchanges with Taiwan", CIFIT is the only international investment promotion activity in China aimed at promoting two-way investment. It is also the world's largest investment exhibition certified by the International Exhibition Industry Association (UFI). For specific information, please refer to the official website of CIFIT: www.chinafair org. cn。
(source: Ministry of Commerce)
Beijing has issued 17 measures to support the development of high-tech enterprises
A few days ago, the general office of the Beijing municipal government officially issued the measures on implementing the "three major projects" to further support and serve the development of high-tech enterprises. It is proposed to create a full life cycle service system and boost the development of high-tech enterprises by implementing the "three major projects", supporting the agglomeration of innovative elements to enterprises, and improving the working mechanism.
(source: People's daily)
PVC resin: Pakistan starts the first anti-dumping sunset review investigation
Recently, the Tariff Commission of Pakistan announced that it would launch the first sunset anti-dumping review investigation on suspension grade PVC resins originating from or imported from Chinese Mainland, Taiwan, China, South Korea and Thailand upon the application submitted by Engro polymer and chemicals limited, a Pakistani PVC resin manufacturer, on April 22, 2022. This case involves products under Pakistan tax No. 3904.1090, and the investigation period is from January 1, 2019 to December 31, 2021.
(source: China trade remedy information network)
Mongolia: investment project of beef and mutton processing company
The company was established in 2018 and holds the license for meat production and sales in Zamyn uud free economic zone, the largest land port between Mongolia and China. The company is looking for investment partners in meat processing.
(source: Trade and investment network)
Henan International: the profit from the highway project is affirmed by the government of Liberia
According to the New Dawn newspaper and the analyst newspaper of Liberia, recently, the Minister of public works of Liberia, Collins, made an unannounced visit to the construction of Bangga salaye highway project, and expressed his appreciation to the project contractor Henan International Group (Chico) and its engineering construction level. The project has a total length of 81 km, and 32 km has been completed. It is one of the main road construction projects supervised by the current Liberian government.
(source: Economic and Commercial Department of the Chinese Embassy in Liberia)
Chinese Embassy and consulate in Brazil optimize visa policy for China
From now on, the Chinese Embassy and consulate in Brazil will make adjustments to the acceptance scope and application process of foreigners' visas to China. The scope of acceptance includes foreigners who are engaged in diplomatic, official and crew activities and can issue courtesy visas according to regulations, those who come to China to resume work and production and their foreign family members, those who come to China for humanitarian reasons, applicants who apply for R-shaped talent visas and their accompanying spouses and minor children, etc. Visa application shall be handled according to the division of the consular area. The applicant can log in to the "China visa online filling form" website for confirmation, send the application materials in the form of photos / pictures to the embassy mailbox for preliminary review, and mail the passport and application materials to the embassy for processing after passing the preliminary review.
(source: "Chinese Embassy in Brazil" wechat official account)
2022 China (Fuzhou) smart city and social public safety products Expo
Time: September 23-25
Venue: Fuzhou Strait International Convention and Exhibition Center
Content: smart security, smart city, police equipment, emergency rescue, intelligent transportation, etc
Official website: www.fjafz com
Exhibitor contact: 4008-110-220
2022 (22nd) Shanghai international ophthalmology and optometry technology and Equipment Exhibition
Time: September 23-25
Location: Shanghai International Procurement Exhibition Center
Contents: ophthalmic microscope, surgical instruments and equipment, ophthalmic laser scanning inspection system, ophthalmology and optometry diagnosis and treatment equipment, etc
Official website: www.cooc org. cn
Exhibitor contact: 021-52665938