(Bloomberg) — China will continue to open up to the global economy even as it focuses on more high-quality growth and fostering domestic demand, the nation’s top economic planner said.
Plans for a dual-circulation economy requiring more domestic production and consumption doesn’t mean the country wants to scale back from globalization, Zhao Chenxin, deputy director of the National Development and Reform Commission, said at a press conference Monday. The briefing was part of events related to the Communist Party’s congress taking place this week.
“Some countries are trying to decouple supply chains and build small yards with high walls,” Zhao said. “We believe openness and cooperation will remain the historic trend.”
Zhao said the view that China is seeking to become a self-sufficient economy is a misunderstanding of the country’s strategy. No country can develop with its doors closed, he added. China is already deeply interdependent with many other countries, and domestic and external demand are mutually dependent, he said.
China will publish its 2022 list of industries where foreign investment is encouraged, and will provide better incentives to attract the spending, Zhao said. He avoided answering a question about whether Covid quarantines for incoming visitors are curbing such investments.
“We welcome companies to come to China to share the fruit of China’s development,” he said.
On the economy’s outlook, Zhao said there was a significant rebound in the third quarter, with major indicators improving. Inflation is mild and the employment situation is stable, he said.
Official data scheduled for release on Tuesday will likely show gross domestic product grew 3.3% in the third quarter from a year earlier, recovering from near stagnant growth in the previous three months when Shanghai was in lockdown.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
