China Economy Biz Industry Trade 010421 -Abbizi Daily Trade News

Economy

Hurun Research Institute: released the “2021 Hurun Wealth Freedom Threshold”. China’s entry-level wealth freedom threshold is 19 million yuan in first-tier cities, 12 million yuan in second-tier cities, and 6 million yuan in third-tier cities. The threshold for intermediate wealth freedom is 65 million yuan in first-tier cities, 41 million yuan in second-tier cities, and 15 million yuan in third-tier cities. The threshold for high-level wealth freedom is 190 million yuan in first-tier cities, 120 million yuan in second-tier cities, and 69 million yuan in third-tier cities. The threshold of international wealth freedom is 350 million yuan, which is equivalent to 50 million U.S. dollars.

SAFE: From January to February, China’s international trade in goods and services income and expenditure accounted for 3241.9 billion yuan, expenditures 2682.5 billion yuan, and a surplus of 559.4 billion yuan. Among them, the surplus in trade in goods was 647.7 billion yuan; the deficit in trade in services was 88.3 billion yuan.
Bangladesh: Alleviate the problem of cargo detention in Chittagong Port. In order to alleviate the problem of cargo detention at the Chittagong Port in Bangladesh, Chittagong Customs has planned to use 10 days to destroy the rotten and expired cargo in the 298 containers backlogged in the port from 2009 to 2020 from March 29.
Bicycle sales in Brazil increased by 50% year-on-year. In Sao Paulo, Brazil’s largest city, the increase in bicycle sales was 16 percentage points higher than the national average, reaching 66%.
China has granted zero tariffs to Benin for 97% of the tax items, which will be implemented from May 1, 2021, involving a total of 8,281 tax items.
Saudi ports are exempt from storage fees for 60 days. On the 30th, the Saudi Port Administration announced an initiative to support international shipping companies stranded in the southern Suez Canal along the Red Sea so that these ships can be transferred to the Islamic Port of Jeddah and land their containers in the port. Increase the period of exemption of storage fees for transshipment containers from 3 to 30 days to 60 days.

China Automobile Association: In January-February, due to chip shortages, domestic vehicle manufacturers reduced production by 5%-8%.

Xiaomi invested 10 billion U.S. dollars to enter the automotive field.
Japan: It may take 3 to 4 months for Renesas Electronics to fully recover its shipments (Renesas in Japan is Toyota’s largest chip supplier. The company’s fire before it stopped production)
Thor Group and Focus Technology launched a new cross-border business platform. Recently, Singapore’s consumer entertainment platform Thor Group and Focus Technology will jointly launch a cross-border e-commerce platform, and plan to focus on the European market. The focus of cooperation between the two parties will shift from providing services for enterprises to directly providing services for consumers.
eBay includes Russia in the “Global Shipping Plan”
The COVID-19 vaccine manufacturer BioNTech announced its 2020 financial report and announced its results. The total revenue of the new crown vaccine in 2020 will be 270.5 million euros.

Biden will announce a $3 trillion infrastructure plan. The total amount of this infrastructure plan is expected to be at least US$3 trillion, of which US$1 trillion will be used for infrastructure projects such as roads, bridges, railways and charging stations. Currently, the federal government spends approximately US$100 billion on infrastructure each year.
Russia and Saudi Arabia support OPEC+ production reduction measures. Russia said it will support the Organization of Petroleum Exporting Countries and other oil-producing countries (OPEC+) to maintain production roughly unchanged in May, and it will seek a small increase in production to meet increased seasonal demand. Saudi Arabia is also prepared to support the extension of OPEC+’s production reduction measures to May and June, and is preparing to expand its own voluntary production reduction measures to boost oil prices.