China Media Group picks top 10 int'l business news items of 2024

China Media Group (CMG) has recently announced its picks for the top 10 international business news stories for 2024, covering a wide range of topics.

CMG's top 10 international business news items of the year are as follows:

1. Chinese President Xi Jinping attends the 19th G20 summit in Rio de Janeiro, Brazil, from Nov 18 to 19.

During the summit, President Xi outlined eight key actions for driving global development, expressing China's support for the G20's efforts to foster practical cooperation for the benefit of the Global South.

2. The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) convenes in Beijing from Sept 4 to 6.

While addressing the opening ceremony of the high-profile event, President Xi unveiled 10 partnership actions for modernization to deepen China-Africa cooperation in the next three years, pledging to back the continent with the unilateral opening of the nation's market and creation of at least 1 million jobs.

3. The 16th BRICS Summit opens in the Russian city of Kazan from Oct 22 to 24, marking the first summit after the group's historic expansion.

During the summit, President Xi announced eight pragmatic measures to advance high-quality BRICS cooperation and underscored the group's role as a primary channel for strengthening Global South solidarity and as a leading force for global governance reform.

BRICS, a group of leading emerging economies, represents nearly half of the world's population, accounts for over 30 percent of global GDP, and contributes more than 50 percent of global economic growth.

4. Flagship projects under the Belt and Road Initiative enhance global connectivity.

During his visit to Peru from Nov 13 to 17, President Xi, together with his Peruvian counterpart Dina Boluarte, inaugurated the Chancay Port, which will reduce the one-way shipping time between China and Peru to 23 days, cut logistics costs by over 20 percent and directly create more than 8,000 jobs for Peru every year.

Meanwhile, an intergovernmental agreement on the China-Kyrgyzstan-Uzbekistan railway project was signed in Beijing in June this year, paving the way for its construction.

The project is expected to provide significant momentum for the economic and social development of the three countries, as well as for Central Asia and beyond.

5. The U.S. Federal Reserve cuts interest rates three times this year, leading to significant fluctuations in global currencies.

Since Sept 18, the Fed has initiated a monetary easing cycle, with the most recent rate cut on Dec 18. As a result, the U.S. dollar has remained strong, while major currencies worldwide have depreciated sharply, with the Japanese yen falling to its lowest level against the dollar in 38 years.

6. Central banks worldwide increase gold holdings to hedge against market risks amid global uncertainties.

Many central banks are ramping up their gold reserves, while global investors are showing strong demand for gold products, driving international gold prices to record highs.

7. OpenAI, the U.S.-based company behind the AI-powered language model ChatGPT, launches Sora -- a text-to-video model -- earlier this year.

This AI model allows users to generate photorealistic videos from written prompts, marking a significant advancement in global AI capabilities, while also presenting new challenges for international AI governance.

8. Geopolitical tensions escalate this year, further deepening economic fractures worldwide.

The Russia-Ukraine conflict, which began in February 2022, continues unabated. The Gaza conflict has led to thousands of deaths and displaced millions, nearly the entire population of the Palestinian enclave. In Syria, the situation took a dramatic turn earlier this month when rebel forces captured the capital, Damascus, forcing former President Bashar al-Assad to flee to Russia.

These events have had a profound and far-reaching impact on the global economy.

9. The escalating effects of climate change lead to an increase in extreme weather events, causing significant loss of life and property damage.

The EU's Copernicus Climate Change Service (C3S) reported in early November that 2024 is on course to become the hottest year on record, with global temperatures projected to be 1.5 degrees Celsius above pre-industrial levels for the first time.

10. The U.S. Treasury Department announces in late November the country's national debt has reached 36 trillion U.S. dollars, setting a new record.

This milestone comes just over three months after the debt surpassed the 35-trillion-U.S.-dollar mark in late July, highlighting the rapid pace of borrowing and government spending.

Although the U.S. has avoided a government shutdown, the substantial debt issue remains a persistent challenge for the incoming Trump administration and beyond.

China Media Group picks top 10 int'l business news items of 2024

Governments at all levels across China are promoting consumer goods trade-ins and industrial equipment upgrade with preferential policies and subsidies, bringing about significant growth in home appliance sales and equipment production. So far this year, the trade-in policies have brought a total sale of one trillion yuan (about 137 billion U.S. dollars) nationwide, and boosted production of trade-in-related goods like new energy vehicles (NEVs) and home-use freezers.

In Shanghai, in addition to the eight categories of nationwide subsidized products, like refrigerators, television sets, and computers, the local government introduced extra subsidies for additional home appliances, as well as interior materials, furniture, elderly-friendly products, and more to meet local needs.

According to statistics, Shanghai's trade-ins of home appliances have exceeded 6.4 million times, boosting trade of the eight categories by 30 to 40 percent compared to last year's statistics, and the total sales of home appliances on all platforms exceeded 10 billion yuan (about 1.37 billion U.S. dollars).

In central China's Hubei Province, the local government is providing subsidies unlimited times for passenger vehicles trade-ins, expanding subsidized kitchen and bathroom appliances, and involving interior goods and materials to the list, benefiting consumers in over 4.5 million transactions and bringing a total sale of 50 billion yuan (about 6.8 billion U.S. dollars).

In the first three quarters, industrial equipment upgrade policies have stimulated investments in equipment and tools, featuring a 16.4 percent year-on-year increase, with food manufacturing, agricultural products processing, and metal smelting equipment production increasing by 38.1 percent, 34.6 percent, and 13.2 percent, respectively.

In addition to consumer goods, governments at all levels have been actively offering allowances and providing guidance for companies to upgrade appliances and technologies to facilitate domestic consumption "We have applied for nearly 50 million yuan (about 6.8 million U.S. dollars) funding for equipment upgrades. With active advertising and mobilization, we encouraged local advantageous companies in machinery and medicine and health to apply, and provide guidance for them on company digitalization and technology upgrade," said Yu Biao, deputy director of the Development and Reform Bureau of Xinchang County in Shaoxing City of east China's Zhejiang Province.

Companies are also benefiting from the policy, and many are pursuing expansion with government allowances.

"We have benefited from the 'one-time pre-tax deduction policy for equipment and tools under 5 million yuan (about 680,000 U.S. dollars)' and reinvested additional funds for the Phase II expansion. As a result, the annual processing capacity has increased from 80,000 tonnes to 130,000 tonnes," said Tang Kaibo, general manager of Liaoning Lvyuan Renewable Energy Development Co., Ltd.

Local governments promote trade-ins, equipment upgrade with policies, subsidies