Malaysia’s retail sales growth below expectation in Q2 amid rising prices


Malaysia’s retail industry recorded a weaker-than-expected growth rate of 0.6 percent in retail sales, as compared to the same period in 2023, amid rising prices, according to the Retail Group Malaysia (RGM).

The RGM said in a report on Thursday that this latest quarterly result was below market expectation, as in June, members of the Malaysia Retailers Association (MRA) and the Malaysia Retail Chain Association (MRCA) projected an average growth rate of 1.7 percent for the second quarter of 2024.

According to the RGM, the festive sales were not encouraging and below market expectations.

It also noted that retail prices continued to rise during the second quarter, and Malaysian consumers needed to manage their monthly expenses carefully in order to maintain their lifestyles.

For the first six months of this year, Malaysia’s retail industry grew by 4.6 percent, as compared to the same period in 2023.

The RGM has maintained this year’s retail sales forecast of 3.6 percent, taking into consideration the so
fter retail market during the second quarter and higher estimate for the third quarter.

The retail sector in the country is anticipated to expand by 3.6 percent during the third quarter.

For the last quarter, Malaysia’s retail industry is expected to grow 3.2 percent after a weak performance a year ago.

“The rising cost of living continues to be the biggest challenge of the Malaysian retail industry for the rest of this year,” the RGM said.

The increased service tax rate and floating diesel prices have also affected retail spending on many retail goods and services, it added. Enditem

Source: The Namibia News Agency

Interview: China to further boost high quality development of service trade


China will make further efforts to advance innovation and the high-quality development of the country’s service trade sector, Wang Dongtang, an official with the Ministry of Commerce, has said in an interview with Xinhua.

The 2024 China International Fair for Trade in Services (CIFTIS) opened in Beijing on Thursday. Over the years, China’s trade in services has developed rapidly, with a steadily expanding trade scale, continuously optimizing structure, and continuously enhancing international competitiveness.

“During the past decade, the average annual growth rate of service trade stood at 6.2 percent in U.S. dollar terms, higher than the global average growth rate and the growth rate of China’s trade in goods over the same period,” Wang said.

In 2023, the country’s total import and export volume of services reached a record high of 6.6 trillion yuan (about 927 billion U.S. dollars), the official added.

Meanwhile, knowledge-intensive service trade increased to 41.4 percent of total service trade in 2023.
Exports of knowledge-intensive services accounted for 57.5 percent of the total service exports, an increase of 7.8 percentage points over the previous year. “This indicates that the competitiveness and value of China’s service trade exports are constantly improving,” he said.

From January to July of this year, China’s service trade saw a 14.7 percent year-on-year growth to 4.2 trillion yuan, with both imports and exports registering double-digit growth.

“Currently, global service trade and service industry cooperation are developing in depth, and the process of digital, intelligent and green development is accelerating,” Wang noted. “Service trade has become an important driving force for economic globalization.”

He said China has been actively expanding the imports of high-quality services, while encouraging the expansion of knowledge-intensive service exports and providing new development opportunities for the world with China’s large market.

To boost opening up, China has been actively aligning with i
nternational high-standard economic and trade rules, and promoting the compatibility of rules, regulations, management and standards in the field of service trade over the past few years.

Earlier this year, China rolled out national and pilot free-trade zone versions of negative lists for cross-border trade in services to boost opening up.

“We will continue to make efforts in the policy interpretation and implementation of the negative lists for cross-border service trade, and study and formulate a corresponding management system, so as to promote the orderly opening up of cross-border trade and constantly improve the level of service trade liberalization and facilitation,” the official said.

As for promoting new business models and new patterns in the sector, Wang pledged to follow the trend of digital, intelligent and green development of trade in services, and actively foster new driving forces for the development of trade in services.

Wang also called for establishing and optimizing the service trade
promotion system, and giving full play to the role of major exhibitions such as the CIFTIS.

In terms of international economic and trade cooperation, he said that efforts will be made to further deepen service trade cooperation with countries along the Belt and Road and cultivate more growth points for cooperation.

China will expand multilateral, bilateral and regional cooperation mechanisms for trade in services, and support the construction of international cooperation parks for service trade in areas where conditions permit, said the official. Enditem

Source: The Namibia News Agency

Economic Watch: China services trade fair offers opportunities for global businesses


Eyeing China’s huge market, global companies are attending a major services trade fair in Beijing to explore business opportunities in the world’s second-largest economy.

Over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as 85 countries and international organizations, are represented at the 2024 China International Fair for Trade in Services (CIFTIS). Themed “Global Services, Shared Prosperity,” the five-day event opened in Beijing on Thursday.

Jack Chan, chairman of EY China, said CIFTIS brings together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services, while CIFTIS also helps enterprises build a big circle of friends for win-win cooperation.

China’s high-quality opening up of the services sector provides broader market space and development opportunities for global services trade companies, Chan said.

Jacky Zou, chairman-elect of KPMG China, has a similar viewpoint, saying
that Chinese modernization provides new opportunities for global development.

China’s door is opening wider, and KPMG hopes to take advantage of the services trade fair and its own professional services and international networks to better help foreign companies expand in the Chinese market, and to assist Chinese enterprises in going global, Zou said.

China’s trade in services has seen steady growth over the past few years, becoming a major growth engine for its foreign trade. The country’s imports and exports of services grew 14.7 percent year on year to 4.2 trillion yuan (about 590 billion U.S. dollars) in the January-July period of 2024, official data showed.

China, which has a very large domestic market, is expanding its imports of quality services, thereby providing the world with new development opportunities, while also encouraging exports of knowledge-intensive services to offer the world the fruits of its high-quality development, said Wang Dongtang, an official with the Ministry of Commerce.

Glo
bal food giant Nestle is attending the fair for a second time, and has brought more than 10 types of products in three categories — namely coffee, drinking water and baby nutrition.

“As a world renowned food and beverage company with a history of 158 years, Nestle always has confidence in the Chinese market,” said David Zhang, CEO of Nestle Zone Greater China.

Nestle hopes to use this services trade fair to further strengthen cooperation and exchanges to better meet the demands of Chinese consumers and clients, by providing them with more innovative products and services, Zhang added.

German medical technology company Siemens Healthineers is a newcomer to the event, and has brought several of the world’s leading medical products to the trade fair.

The trade fair is an important global platform for exchanges of medical innovations and technologies, providing vast opportunities to explore partnerships, said Lena Wang, vice president of Siemens Healthineers China.

Medtronic, one of the largest medical devi
ce companies in the world, is also a first-time attendee. It has brought over 60 products and solutions to the trade fair.

National-level exhibitions like CIFTIS and the China International Import Expo offer multinationals valuable opportunities for exchanges and cooperation, said Alex Gu, president of Medtronic Greater China.

Given China’s massive population, unmet medical needs and the Chinese government’s emphasis on people’s health, the Chinese market has great potential, Gu noted.

Medtronic has always been optimistic about the Chinese market and hopes to further strengthen its local value chain layout in the future, thereby providing better medical services to Chinese doctors and patients, Gu added. Enditem

Source: The Namibia News Agency

1st LD Writethru: Typhoon Yagi leaves 226 dead, 104 missing in Vietnam


Typhoon Yagi and the consequent landslides and floods have left 226 dead and 104 missing in Vietnam as of Thursday afternoon, the Ministry of Agriculture and Rural Development announced.

The hardest-hit province of Lao Cai reported 98 deaths including 47 people in a flash flood in Nu village. Eighty-one others remain missing in the province.

Fatalities also came from Cao Bang province (43), Yen Bai (42) and Quang Ninh (15), among others.

Flood water on the Red River in capital Hanoi has slowly decreased below alert level 2 and above alert level 1 out of 3 since Thursday afternoon, according to the National Center for Hydro-Meteorological Forecasting.

Landslide warnings remain in northern localities, said the center.

Search and rescue efforts are ongoing across the region to overcome the typhoon’s aftermath and soon stabilize local livelihoods, local media reported.

International relief made by partner countries and organizations is being delivered to Vietnam for people affected by the flash floods and
landslides following Typhoon Yagi, Vietnam News reported. Enditem

Source: The Namibia News Agency

Guest Opinion: Africa finds steadfast friend in China


Some international development partners talk about Africa as if it were a problem to be fixed. So they write prescriptions — “change this and that and you will be better.”

But Africa is not a problem.

Africa is a promise. To deliver on this promise, Africans must act together. A deep appreciation of this is what makes China’s Africa policy fundamentally different from that of many others.

It started early.

In the 1960s, shortly after leading their nations to independence, the great African statesmen Julius Nyerere and Kenneth Kaunda saw an urgent need to connect their countries with a railway. But funding was hard to come by. Western donors said no on the grounds that the proposal was neither economically nor politically attractive. But Mao Zedong, the Chinese leader, was resolute, and said: “You have difficulties. We do too. But our difficulties are different. China will help you build it, and if need be, we will put our own railway projects on hold.”

China extended zero-interest, zero-condition loans
, took out huge sums from its limited foreign exchange reserve to buy the best machines from the West, and sent Chinese engineers to the wilderness in Africa and unreservedly shared technical know-how.

It was one of the earliest endeavors to connect and unite Africans to encourage development. Africans call it the “Freedom Railway,” an indication of how much hope was attached to it.

As Africa continued to build synergy, China actively aligned its policy toward the same goal. In 2002, African nations’ aspirations for brotherhood and solidarity gave birth to the African Union. Two years earlier, China had launched the Forum for China-Africa Cooperation (FOCAC), the world’s first format to bring African countries under one roof to map out development strategies and cooperation plans.

Under this framework, the Chinese zoomed in on connecting Africa. The roads they built in Africa, a staggering 100,000 km, are more than twice that of Earth’s waistline. The railways, over 10,000 km in combined length, can take o
ne from Ras ben Sakka in Tunisia, Africa’s most northerly point, to its southernmost Cape Agulhas in South Africa.

Besides asphalt and tracks, the Chinese have worked hard to nurture local industries. For a long time, African countries have been kept at the lower end of the value chain. Their economic structures are highly similar. Seeing the untapped manufacturing potential, China set out to build factories and industrial parks. “Industrial capacity cooperation” is a dominant topic in Chinese engagement with Africa. As China-Africa partnerships mushroom in this sector, African countries are now selling glass fibers to their neighbors and buying TV sets made in the region.

On a deeper level, China constantly encourages the strengthening of an African awareness. Ask any Chinese leader how Africa may apply China’s approach, and the answer invariably is: Think in terms of your own reality.

A few days ago, African leaders gathered with their Chinese friends for the fourth Forum on FOCAC summit. There, China’s
approach of promoting African synergy to unlock its potential is again on full display.

According to Chinese President Xi Jinping’s newly proposed “ten partnership actions,” China will implement another 30 infrastructure connectivity projects in Africa, foster industry cooperation growth clusters, develop a China-Africa network featuring land-sea links and coordinated development, assist the development of the African Continental Free Trade Area, and provide more support in logistics and finance for the benefit of “trans-regional development in Africa.”

Once these plans are actualized, as the Chinese always do with meticulous follow-up actions and progress checks, Africa is sure to be more interconnected and integrated. Hence, the new-found meaning of the FOCAC acronym — Friendship, Opportunity, Cooperation, Action, and Community.

Strength comes from unity, not alienation. This is an underlying belief that informs China’s diplomacy around the world. In China-U.S. relations, you see China push for mutual r
espect, peaceful coexistence and win-win cooperation. Globally, China’s central message has been: Humanity is one community with a shared future.

Africa is on an irreversible course toward modernization. To empower this process, partners who see potential, not problems in it would go a long way.

Editor’s note: Yi Xin is a Beijing-based observer of international affairs.

The views expressed in this article are those of the author and do not necessarily reflect those of Xinhua News Agency.

Source: The Namibia News Agency

1st LD Writethru: Premier says China to expand trade, cooperation with UAE


Chinese Premier Li Qiang said here on Thursday that China is willing to further expand the scale of bilateral trade with the United Arab Emirates (UAE), explore cooperation in new energy, electric vehicles, high-end manufacturing, biomedicine, digital economy and other fields, jointly make a forward-looking layout of emerging industries and future industries, and cultivate more new economic growth points.

Li made the remarks when meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Li conveyed Chinese President Xi Jinping’s cordial greetings to Mohamed and said that in recent years, China and the UAE have firmly supported each other politically, and their practical cooperation is at the forefront of China’s cooperation with Middle East countries.

Noting that the talks between the two heads of state in May have charted a strategic plan for deepening bilateral relations, Li said China is willing to work with the UAE to implement the important consensus reached by the two heads of state and push fo
r continuous progress in bilateral relations and cooperation to reap more tangible results.

Li said that China is willing to work with the UAE to enhance communication and give full play to the mechanism of the high-level committee on China-UAE investment and cooperation. He also called on the UAE side to continue to provide a favorable business environment for Chinese companies to invest in the country.

China is ready to continue working with the UAE and other Gulf Cooperation Council (GCC) states to promote the early completion of negotiations on the China-GCC free trade agreement, said the premier.

Mohamed asked Premier Li to convey his sincere greetings to President Xi, saying that this year marks the 40th anniversary of bilateral diplomatic relations, and the all-round friendly relations between the two countries have reached an unprecedented level and become a model for state-to-state relations.

He also expressed his sincere appreciation to President Xi for attaching great importance to the UAE-Chin
a relationship and providing strategic guidance for promoting bilateral ties.

The UAE firmly abides by the one-China principle and is willing to be a reliable cooperative partner of China and a strategic partner in high-quality Belt and Road cooperation, said Mohamed.

He said the UAE looks forward to closer exchanges at all levels with China, giving full play to the mechanism of the high-level committee on China-UAE investment and cooperation, deepening practical cooperation in economy, trade, investment, energy, health, education, and other fields, and continuously enriching the comprehensive strategic partnership between the two countries.

The UAE stands ready to strengthen communication and cooperation with China in international and multilateral affairs, and promote world peace, stability and development, he said. Enditem

Source: The Namibia News Agency