City's Economic Recovery Rankings Out!

Recently, city’s economic recovery ranking released. Among the 17 cities with a GDP of more than one trillion yuan, Guangzhou's recovery index is 63.9%, ranked first. However, the recovery index of Beijing, Shanghai and Shenzhen, the three first-tier cities, is all less than 50%, failed to enter the top 10. Qingdao ranked second with 59.1%.

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Draghi stepped in during euro's darkest hour

May 29, 2020

FRANKFURT, Germany — Mario Draghi leaves as head of the European Central Bank credited with having rescued the eurozone from disaster with a well-timed phrase and bold action to back up his words. He expanded the bank's arsenal of crisis-fighting tools with new and unconventional policies, measures that he and others say helped end a financial crisis in 2010-2012 and create millions of jobs in the 19-country monetary union. Yet the closing days of his term have hardly been a victory lap. His departure is accompanied by an unusually public dispute among ECB board members over stimulus policies he pushed...

The Latest: Draghi says his legacy not dented by criticism

May 29, 2020

FRANKFURT, Germany — The Latest on the European Central Bank and Mario Draghi's last new conference as its president (all times local): 2:55 p.m. As he winds up his eight-year term, European Central Bank President Mario Draghi says his legacy isn't dented by the unusual public criticism by some ECB officials of a key part the bank's last stimulus package. Draghi said Thursday that criticism of the decision to purchase bonds with newly printed money was "part and parcel of the ongoing debate." He said "we have discussions, everybody has discussions." Draghi spoke at his last news conference before former...

German industrial production drops again in June

May 29, 2020

BERLIN — German industrial production declined for a second consecutive month in July in the latest sign that Europe's biggest economy is headed for a recession in the current quarter. The Economy Ministry said Friday production was 0.6% lower than the previous month, following a 1.1% drop in June. That followed separate data showing factory orders fell 2.7% in July. Germany's economy contracted 0.1% in the April-June period. It is considered likely to shrink again in the third quarter, placing it in a technical recession, and business confidence recently hit a nearly seven-year low. UniCredit bank economist Andreas Rees argues...

South Korean leader says Japan dishonest over wartime past

May 29, 2020

SEOUL, South Korea — South Korean President Moon Jae-in on Thursday berated Japan for carrying out its plan to downgrade South Korea's trade status and reiterated Seoul's stance that Tokyo was weaponizing trade to retaliate over political rows stemming from the countries' wartime history. Moon said in a Cabinet meeting that Japan is being dishonest by insisting that its trade curbs weren't retaliation over historical issues, including South Korean court rulings that called for Japanese companies to offer reparations to aging South Korean plaintiffs for forced labor during World War II. He said Japan should look "squarely at the past"...

The Latest: Macron regrets Brazil rejection of Amazon aid

May 29, 2020

PARIS — The Latest on French President Emmanuel Macron's speech (all times local): 1:15 p.m. French President Emmanuel Macron is shrugging off Brazil's rejection of international aid to fight Amazon wildfires, saying the money is aimed at nine countries in the region and is a sign of friendship — not "aggressiveness." Macron put the Amazon fires high on the agenda of the Group of Seven summit in France, where world powers pledged this week some $40 million to fight the fires and plant new trees because of the Amazon's importance to the global environment. Brazilian President Jair Bolsonaro accused France...

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