Shenzhen Cross-Border E-Commerce Industrial Upgrading Brings Opportunities
In Shenzhen, China’s tech hub, the “cross-border e-commerce capital”, merchants believe in the principle of efficiency first. “Shenzhen Speed” became famous and helped people in the e-commerce industry get rich. Today, cross-border trade is shifting from barbaric growth to high-quality development. To speed up this trend of development, long-term commitment and patience is required.
Just a few years ago, people were still wondering whether there was room for profit in building up cross-border e-commerce businesses. Today, more people are planning to make more money through cross-border online sales. In 2022, Shenzhen cross-border e-commerce import and export volume exceeded 190 billion yuan, a year-on-year increase of more than 2.4 times. Shenzhen is therefore known as the “Cross-border E-commerce Capital”. Many people who switched to cross-border e-commerce this year told Caijing that this industry is one of the few that is still growing.
Central Bank Reforms to Improve Its Ability to Serve the Real Economy
On October 12, the People’s Bank of China’s reform plan was made public. This round of institutional reform focuses on formulating implementation plans to define the bank’s duties, institutions, and personnel. According to the plan, the administrative establishment of 30 staff members and 6 department-level leaders will be cut.
The so-called “three determinations” refer to the determination of duties, institutions, and personnel. In terms of staff, the central bank will reduce its administrative staff by 30 and six department-level leadership positions accordingly. After the adjustment, the central bank will have 20 internal agencies, with an administrative staff of 714 and 87 department-level leadership positions. It is worth noting that in addition to the previously announced adjustments to responsibilities, this “three determinations” plan also disclosed some adjustments to the central bank’s internal system. After this reform, the central bank will focus more on monetary policy and macro-prudential management. In the future, the institution’s responsibilities as a central bank will become more prominent.
Nobel in Medicine Goes to Covid Vaccine Pioneers
Katalin Karikó and Drew Weissman were awarded the Nobel Prize in Physiology or Medicine “for their discoveries concerning nucleoside base modifications that enabled the development of effective mRNA vaccines against COVID-19.” According to the press release of The Nobel Assembly, “Through their groundbreaking findings, which have fundamentally changed our understanding of how mRNA interacts with our immune system, the laureates contributed to the unprecedented rate of vaccine development during one of the greatest threats to human health in modern times.”
When Karikó and Weissman published their results in a 2005 paper their theory received little attention. However, hey spent decades collaborating to figure out how to get this technology to work and how to get a vaccine to function well. Their contribution to the world is huge and far reaching.
China’s Economic Recovery Regains Momentum in Third Quarter, Beating Expectations
Entering August, China’s catering, travel, hotel and other service industries have all rebounded significantly. This reflects the gradual recovery of people’s demand and willingness for spending. According to economists, the local consumption boom is consistent with the overall economic recovery since September.
The fourth quarter has entered a critical period for sprinting towards the full-year economic target. Regarding the next economic trend, the vast majority of experts interviewed said that there is no pressure to achieve the full-year growth target. It is expected that before the end of the year, the central government will successively launch support policies focusing on key emerging industries such as the digital economy. New economic momentum will gradually strengthen the growth. It is worth noting that the market is currently looking forward to in-depth reforms more than short-term stimulus policies.
