Day: December 25, 2022

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CGTN: Annual Central Economic Work Conference guides economy through difficult times

BEIJING, Dec. 24, 2022 /PRNewswire/ — Battered by domestic challenges and disruptive external headwinds, the Chinese economy has coped with a tough 2022 with a GDP growth rate of three percent in the first three quarters.

The annual Central Economic Work Conference was held in Beijing from December 15 to 16 as Chinese leaders decided on the priorities for the economic work in 2023.

Delivering an important speech at the conference, Chinese President Xi Jinping reviewed the country’s economic work in 2022, analyzed the current economic situation and arranged next year’s economic work.

Currently, the foundation of economic recovery is not yet stabilized, and China is still facing three-fold pressure on contracting demand, supply shocks and weak expectations, the meeting pointed out in a statement.

“However, we should see that our economy has strong resilience, great potential and robust vitality,” the meeting noted, calling for firm confidence in economic work and vowing major efforts to ensure high-quality, reasonable growth.

Ensuring stability a priority

The meeting demanded making economic stability a top priority and pursuing steady progress while ensuring economic stability for the next year.

For an economy of China’s size, it is vital to maintain a stable economic performance. Efforts will be made to stabilize growth, employment and prices so that major economic indicators will stay within an appropriate range, the meeting stressed.

The meeting also noted better coordinating epidemic prevention and control with economic and social development, urging efforts to optimize epidemic response based on time and situation, and focus on the elderly and those with underlying diseases.

Mentioning the country has rolled out a policy mix to sustain economic growth earlier this year, Zhang Junwei, a research fellow of the Development Research Center of the State Council, believes the country will devote greater efforts to stabilizing growth, employment and prices.

The meeting further highlighted the determination of the Chinese leaders to regard the issue of restoring economic aggregates balance as the primary task of the current economic operation.

Domestic demand expansion

The country will focus on boosting domestic demand next year by prioritizing the recovery and expansion of consumption, increasing urban and rural personal income through multiple channels and encouraging more private capital to participate in the construction of key national projects, said the meeting.

The potential of the domestic market will also be fully tapped so that domestic demand can play a stronger role in driving economic growth, the meeting said, vowing support for organic demand and upgrading needs on housing as well as support for the private sector and digital economy platforms.

China has released a guideline on expanding domestic demand and fostering a sound domestic demand system to promote its long-term development.

Efforts will be made to facilitate consumption on all fronts and accelerate the upgrading of consumption quality, optimize the investment structure and expand the scope of investment, while promoting the coordinated development of urban and rural areas to release the potential of domestic demand, according to the guideline.

According to the National Bureau of Statistics (NBS), China’s November retail sales sank by 5.9 percent year on year, showing a decline trend in domestic demand.

Cai Tongjuan, a researcher at Chongyang Institute for Financial Studies under Renmin University of China stressed that the construction of a resilient domestic market is very critical. “Without demand, the domestic market is the water without a source.”

In terms of increasing personal income, Cai stressed it is important to avoid talking about consumption in isolation from income. She added residents’ income has declined with their consumption demand in a short after three years of fighting the epidemic, and only by effectively raising residents’ disposable income can consumption be effectively promoted.

High-quality development

The two-day tone-setting conference also emphasized on pursing high-quality development.

Apart from better coordinating epidemic prevention and control with economic and social development, the meeting said stronger coordination should also be achieved. This should happen between qualitative and quantitative growth, between supply-side structural reform and domestic demand expansion, and between economic policies and other policies, the meeting said.

To foster a new development paradigm, the endogenous dynamics and reliability of domestic circulation should be strengthened, while the quality of international circulation should be elevated.

The meeting also stressed the need to handle current work well and at the same time take future development into consideration.

The key to measuring economic development is whether economic growth can bring more absolute and higher quality development, Chen Wenling, chief economist of the China Center for International Economic Exchanges, pointed out.

Wang Jun, director of the China Chief Economists Forum, said the deployment of the Central Economic Work Conference continues to put “quality” in front of “quantity,” which means grasping the quality of the economy is the main direction of the future.

Link:https://news.cgtn.com/news/2022-12-16/China-holds-key-economic-meeting-to-plan-for-2023-1fOwyYJjt5u/index.html

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Economist: Budget approval delays impact Sudan’s fragile economy

Economist Mohamed El Nayir criticised the delay in the 2023 budget approval, pointing to its negative effects on the economy, which already constitutes a heavy burden on the Sudanese. He laments that it is the first time in the history of Sudan that a delay in the national budget approval has occurred.

In an interview with Radio Dabanga, Nayir says he called on the government to commit to approving the budget at the specified time, and pointed to ambiguity in its provisions as well.

The economist said challenges are facing the budget in the absence of support of the international community in terms of loans and grants. Therefore the state should search new additional resources that do not affect the life of the people.

Stagnation and low purchasing power in the markets

Merchants in Khartoum complain of stagnation and decline in sales by at least 30 per cent.

In a poll conducted by Radio Dabanga in Khartoum?/Trader Majdi Gamareldin (told Radio Dabanga from Khartoum) that the stability of the Dollar rate is not improving the market, noting that the recession continues. His colleague Mohamed Youssef complained that goods are available and prices are low, while there are no buyers in all the markets.

Trader Bahaaeldin Mohamed Ali attributed the current stability of market prices of most commodities and the Sudanese Pound to stagnation, pointing to the severe weakness of purchasing power of the people. “The income of most people is much too low to buy anything other than food which has become ridiculously expensive,” he said. “And the food prices are still increasing, as there is no market mechanism controlling the prices. So food traders are withholding grains and beans from the market, until the prices have risen.”

Economic analyst Kamal Karrar said that the stability of the dollar price does not mean an improvement in the economic situation. In an interview with Radio Dabanga, he said that commodity prices are on the rise, stressing the escalation of inflation rates.

According to reliable reports.

He attributed the stability of the dollar exchange rate to the great recession in the economy and the halt in trade and export.

He warned of a significant decline in growth, with a serous scarcity of essential commodities, especially medicines, “which indicates the dire deterioration in the economic situation”.

Economist Kamal Karrar questioned the reports of the Central Bureau for Statistics regarding the decrease in inflation in November to 88.83 per cent.

“Contrary to what the Central Bureau for Statistics reported, the prices of consumer goods and various services are still rising,” Karrar told Radio Dabanga. “Any Sudanese can tell you that.”

“Semi-independent reports on the inflation in Sudan this year until now say that the price increases exceed 1,000 per cent,” he said.

“It is likely that the purpose of these reports is to deliver a message to the Sudanese and foreign public opinion, showing that the economic policy based on the specifications of the International Monetary Fund and the World Bank has positive results, as evidenced by the drop in inflation.”

Source: Radio Dabanga

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At least seven die in ongoing attacks on South Darfur villages

At least seven people were killed in a series of attacks on villages east of Nyala, capital of South Darfur, on Wednesday and Friday. Sources told Radio Dabanga on Friday that at least six villagers were injured, in addition to a policeman and a paramilitary of the Rapid Support Forces.

The attack on Wednesday in which three people were killed, was followed by a large-scale attack on Friday morning, during which four more people died.

A large number of houses burned to the ground in five villages on Friday, including Amouri, Um Tereina and Jemeiza, in violent attacks by armed herders.

The sources said that government forces withdrew from the area due to the large number of heavily armed attackers riding in four-wheel drive vehicles.

Almost all villagers in the area fled their homes.

Activists staged a protest in Nyala on Friday, denouncing the lack of security in Beleil locality, blaming the government for that.

Darfur Bar Association condemns the events

The Darfur Bar Association (DBA) condemned the killing and wounding of citizens and the burning of a number of villages in Beleil locality in South Darfur.

In a statement on Friday, the DBA expressed its serious concerns about the attacks launched by gunmen on a number of villages belonging to the Moreer Administrative Unit in Beleil locality, east of Nyala since Wednesday.

The violence was triggered by the theft of sheep earlier this week. Relatives of the sheep owner formed a search posse, and traced the thieves. This led to a firefight in which one of the thieves was killed.

In response, armed herders riding on motorcycles, tuk-tuks and in four wheel drive vehicles launched an attack on nine villages: Amouri, Tagali, Um Tereina, Humeida, Fasha, Erikong, Hajir Simbo, Sa’engo, and Jemeiza.

The Darfur lawyers noted that no clear information was available on the number of dead and wounded, due to the closure of the roads leading to the area of Moreer.

The lawyers hold the South Darfur state government as well as the federal authorities in Khartoum responsible for the proliferation of weapons and the absence of law in the region, and demand disarmament.

Source: Radio Dabanga

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Thousands of homes destroyed by Port Sudan floods

Voluntary organisations in Port Sudan recorded the collapse of 1,471 homes as a result of the torrential rains that swept the city on Tuesday. About 27,000 families have been affected. Journalist and nafeer* (community support) activist Azza Era, reported the collapse of 497 houses in the southern part of the city, 574 houses in the east, and 400 in the central section of Port Sudan.

She added that the numbers do not include the areas that are still flooded.

Journalist Mortada Karrar told Radio Dabanga that the DAL Group, the largest private company in the country, and the Port Sudan Youth Initiative provided initial assistance to the affected.

He warned of potential environmental disasters due to the accumulation of rainwater and its leakage into underground wells, noting that most of the neighbourhoods of the large harbour city depend on drinking water from these wells.

The number of victims of the floods that swept Port Sudan in Red Sea state on Tuesday rose to at least two deaths and significant property losses, in addition to serious damage to roads and bridges.

Journalist Mortada Karrar told Radio Dabanga that the operations to count the losses are still ongoing.

He said that the collapse of the main ring road caused a traffic jam inside the city, as the authorities instructed lorries and bus drivers to use the internal roads until temporary repairs are made to the collapsed road.

Schools are to reopen again on Monday.

Torrential rains that swept Port Sudan on Tuesday, caused the death of a child and led to great damage to homes and the death of livestock.

The authorities announced the suspension of studies in all schools in Port Sudan on Wednesday and Thursday.

Activist Naseeba El Meleik told Radio Dabanga that the entire city witnessed extremely heavy rainfall on Tuesday for six continuous hours.

A child was electrocuted in the city centre when electricity cables were cut, she said. People tried to save the child while he was exposed to electric current, to no avail.

Large floods washed away a number of roads in the city, in addition to a number of livestock pens, which led to the death of large numbers of animals.

There are no statistics on losses from the official authorities so far.

*Setting up a nafeer initiative is deeply rooted in Sudanese culture. In case of a natural or man-made disaster, members of the community spontaneously form aid groups to help out the victims, encouraging each other and sharing meals in between.

Source: Radio Dabanga