Latest news with #SpringFestival
Mint
23-05-2025
- Business
- Mint
Can anything get China's shoppers to spend?
Installing more lifts in multi-storey buildings, extending the hours of children's clinics during flu season, encouraging foreign direct investment in camping. These are some of the ideas sprinkled throughout China's 'special action plan" to boost consumption, which was published on March 16th, a Sunday, thus extending the hours of China's journalists. The plan was hotly anticipated. News of its imminent arrival helped lift China's main stockmarket index by over 2% on March 14th. Officials have long talked about shifting the economy towards consumption and away from investment and exports. Indeed, raising Chinese consumption is something of a white whale for global macroeconomics. But the aim has added urgency now, since other sources of demand are under threat. Investment is still depressed by China's unending property slump: new home starts fell by almost 30% in the first two months of this year, compared with a year earlier. Exports, which propped up growth last year, face steep American tariffs that could soon rise. Economists reckon that total consumption—including state spending on things like running schools and hospitals—will have to contribute over 60% of China's growth this year if the economy is to get close to the official growth target of 5%. Last year it contributed less than 45%. Shoppers have made a mildly encouraging start. Retail sales grew by 4%, before adjusting for inflation, in January and February compared with a year earlier, according to figures released on March 17th. That was far below the pre-pandemic trend, but still an improvement over December (see chart). During the eight-day Spring Festival holiday, 187m people went to the movies. Many were drawn by the animated epic 'Ne Zha 2", about a plucky demon child who defies his unpromising destiny. China's households could do with some of his vim. Their confidence was hit by draconian covid-19 lockdowns and has never recovered. Households still save at a higher rate than pre-pandemic. And more of their saving goes to bank deposits and other financial assets, rather than new homes. The tendency to hoard has led to a bout of secular stagnation, according to Adam Wolfe of Absolute Strategy Research, a consultancy. Consumer prices fell by 0.1% in the first two months of 2025 against a year earlier. Eggs were 1% cheaper. In his annual speech to China's parliament on March 5th, Li Qiang, China's prime minister, listed 'vigorously" boosting consumption as the first of ten priorities. The state has doubled the size of a trade-in scheme that invites households to swap old appliances, cars and gadgets for new ones. It will also increase the subsidy for medical insurance and raise the basic pension collected by rural people and city folk who do not work from a paltry 123 yuan ($17) a month to a merely tight-fisted 143 yuan. All told, Mr Li announced extra fiscal stimulus worth 2% of GDP. Although that is better than nothing, it is not quite as much as had been hoped. The new plan provides no new fiscal numbers. But it does reveal more about the government's thinking. There are at least three ways to boost consumption: increase the money in people's pockets, reduce their tendency to save or redistribute from people most likely to hoard to those most likely to spend. Officials will try all three approaches. The plan calls for increases in minimum wages, which are set locally, and an expansion of workfare programmes. That should both increase household income and skew it towards people who live from pay cheque to pay cheque. The government also says it will increase financial aid to students and 'study" child-care subsidies. Hohhot, the capital of Inner Mongolia, this month announced it would provide handouts of 10,000 yuan a year for second children up to the age of five, and third children up to the age of ten. Other measures could lower households' saving rate. The government will subsidise consumer credit for careful borrowers. And it repeated promises to stabilise markets for housing and stocks. If that makes people feel more secure, they may spend more. Li Chunlin of China's planning agency said it was the first time that stabilising the stockmarket and property market had featured in a government plan to boost consumption. The plan also envisages giving workers more time to spend their money. It calls for companies to 'strictly implement" their policies on paid leave, allowing workers to take the holidays to which they are entitled. The Communist Party committees that operate within most companies will supposedly help police this initiative, ensuring workers take enough rest. The party of the hammer and sickle may be reconciling itself to the hammock and sickie. Then there is a mixture of the vague, the strange and the familiar. The plan talks about the role of artificial intelligence in facilitating consumption, without giving details. If the central government has its way, artists will need only one approval for a national tour rather than many approvals from local governments. Ministers have for years talked about helping rural folk make money from the land they occupy, which is owned communally by their village. The plan expresses the same broad aspiration. It also repeats a call to develop the low-altitude economy of drones, the silver economy for the elderly and the ice-and-snow economy for China's colder regions. All of these proposals previously appeared in a 20-point plan released last year to unlock consumption of services. The new plan extends to 30 points. But without more fiscal resources to back it up, it may be no more successful than its predecessors. The world's second-biggest economy overproduces many things. Consumption plans are no exception. For more expert analysis of the biggest stories in economics, finance and markets, sign up to Money Talks, our weekly subscriber-only newsletter.
Business News Wales
22-05-2025
- Entertainment
- Business News Wales
Record Turnout Reported at 2025 Royal Welsh Spring Festival
A record crowd flocked to the Royal Welsh Agricultural Society's Spring Festival at Llanelwedd. The two-day event showcased the very best of rural Wales against the backdrop of perfect spring weather. This year's festival celebrated the RWAS's Welsh heritage while appealing to a diverse audience from all walks of life. 'We couldn't have asked for better conditions,' said John Owen, president of the 2025 feature county, Caernarfon. 'The sunshine brought out record crowds and the atmosphere was wonderfully relaxed and friendly throughout. It's been the perfect start to Caernarfon's year as feature county.' Geraint James, festival director, said: 'We've worked extremely hard to create an inclusive festival that balances agricultural heritage with family entertainment, and this year's attendance figures confirm we're moving in the right direction. 'The refreshed branding and expanded activities have attracted visitors from across Wales and beyond. What's particularly gratifying is seeing people from all backgrounds coming together – from farming families sharing their expertise to first-time visitors discovering rural Welsh culture and traditions. 'This festival truly bridges the gap between rural and urban communities.' RWAS chief executive, Aled Rhys Jones, added: 'This year's Spring Festival has been an outstanding success. The relaxed, family friendly atmosphere that makes this event so special was evident throughout the weekend and we're extremely grateful for all the support we've received from our visitors, exhibitors, sponsors and volunteers. 'Our attention now turns to the Royal Welsh Show and we hope to see everyone back on the showground in July.' Activities included Will's Petting Farm and Emma's Donkeys in the Country Life area, where visitors could meet and interact with the animals. The Panic Family's Circus Big Top gave visitors the chance to try their hand at circus skills. Children received special stamp cards upon arrival and explored the showground collecting stamps from various stands throughout the festival. Those who completed their cards received 'Spring Festival Expert' certificates. Separately, downloadable educational resources, created in partnership with Twinkl, focusing on native and rare breed livestock, provided additional learning opportunities for families. The festival welcomed hundreds of four-legged visitors alongside their owners. The RWAS Ltd Canine Section's Crufts qualifier attracted serious competitors, while the feature county ran a Fun Dog Show. 'As someone who's grown up attending agricultural shows, it's brilliant to see so many dogs and their owners enjoying the festival,' said Rhys Griffith, ambassador for Caernarfon and judge of the heavy horse classes. 'The festival has something for everyone – from impressive heavy horses to family pets competing in fun classes. That inclusive atmosphere is what makes this event so special.' The festival showcased more than 100 cattle, nearly 700 sheep, more than 110 pigs, more than 250 goats and almost 800 horses, ponies and donkeys in competitions. New classes this year included Red Poll and Dexter cattle and Castle Moorit Sheep. The livestock and equine champions were: Supreme beef champion: Glebedale Toblerone, a Beef Shorthorn bull exhibited by Tim Bodily, Monmouth. Reserve: Shelsleys Kwagga exhibited by David Powell, Worcestershire. Dairy youngstock champion: Salfach Thor Caramel, an in-calf Jersey heifer exhibited by Salfach & Nantgaredig Jerseys, Carmarthenshire. Reserve: Nantgaredig Thor Poppy, also from Salfach & Nantgaredig Jerseys. Cattle young handler: Molly Edwards, Carmarthenshire. Cattle breed tradestand Award: Ancient Cattle of Wales. Supreme sheep champion: William Evans, Pembrokeshire with a Kerry Hill. Reserve: D. C. L. & C. J. Williams, Powys with a Hill Radnor. Sheep breed tradestand award: Welsh Mountain Sheep. Goats. Angora champion: Marchgwyn Evan exhibited by Stephen Prentice, Carmarthenshire. Reserve: Chrido Gigi exhibited by Chris Tyler. Fleece champion and reserve: Cwmysewrdy Agoras, Powys. Pygmy champion: Sunnymount Zebedee exhibited by Tim Bee, Monmouth. Reserve: Penrhiw Jazz exhibited by Jill Osborne, Gwent. Dairy goats supreme champion: Chatterbox Texas; reserve: Chatterbox Stargazer, both exhibited by Adrian Bull, Wiltshire. Equine supreme champion: Royal Craftsman exhibited by Jane Brace, Bridgend; reserve: Silverwoods, exhibited by Charlotte Elizabeth Arthur, Swansea. Full Equine and Livestock results can be found on the RWAS website
The Sun
14-05-2025
- Entertainment
- The Sun
CGTN: Peng Liyuan and Brazil's first lady visit NCPA in Beijing, vow to deepen cultural exchange
BEIJING, CHINA - Media OutReach Newswire - 14 May 2025 - The National Centre for the Performing Arts (NCPA) in Beijing on Tuesday welcomed Peng Liyuan, wife of Chinese President Xi Jinping, and Rosangela Lula da Silva, wife of Brazilian President Luiz Inacio Lula da Silva, as CGTN reported. Rosangela is accompanying the Brazilian president on his state visit to China. Peng and Rosangela appreciated the centre's interior architecture and viewed 'Stage of Glory,' an exhibition on the achievements of the NCPA, which has played a major role in China-Brazil and China-Latin America cultural and people-to-people exchanges in recent years. They also learned about the work of the NCPA in promoting international cultural exchange and art popularization. For example, in 2023, the NCPA launched its artists' first South American cultural exchange tour in Brazil and Argentina. In 2024, a special concert was held at the NCPA to celebrate the 50th anniversary of the establishment of diplomatic relations between China and Brazil. Noting that both China and Brazil are major cultural countries, Peng said that people-to-people and cultural exchange between the two sides has been active in recent years, and that mutual understanding and friendship between the peoples of the two countries have deepened. In recent years, China and Brazil have collaborated on a range of cultural exchange initiatives, including the China-Latin America Cultural Festival and film programs among BRICS nations. Brazilian cultural icons, such as adorable capybaras, bossa nova music, samba dance and capoeira, have gained widespread popularity in China. Meanwhile, traditional Chinese celebrations like the Spring Festival and cultural treasures such as traditional Chinese medicine are becoming increasingly familiar and appreciated in Brazil. In 2022, the City of Rio de Janeiro designated September 28 – widely recognized as Confucius' birthday – as Mandarin Day, reflecting the deepening cultural ties between China and Brazil. Additionally, in the state of Rio de Janeiro, the Spring Festival, or Chinese New Year, has been officially recognized as a public holiday. Bilateral cultural and people-to-people exchanges between China and Brazil were further strengthened in 2024 as the two countries celebrated the 50th anniversary of diplomatic relations. Marking the occasion, they signed an agreement to issue 10-year multiple-entry visas for their citizens in January, facilitating business, tourism and family visits, and boosting economic and commercial ties. In April, Air China also resumed its Beijing-Madrid-Sao Paulo route, enhancing connectivity between the two nations. A total of 76,000 Chinese tourists visited Brazil in 2024, an increase of 79 percent compared to 2023, according to Embratur, also known as the Brazilian Tourist Board. Next year, the China-Brazil Year of Culture will be held to enhance bilateral cooperation in fields such as culture, education, tourism and media and to facilitate personnel exchanges between the two countries. Looking ahead, Peng expressed the hope that both sides will maintain this good momentum and bring the two peoples closer. Appreciating Peng's arrangements, Rosangela spoke highly of China's development and splendid culture. She also expressed her willingness to actively promote people-to-people and cultural exchanges between the two countries, and to continue contributing to the deepening of friendship between Brazil and China.
Arabian Post
14-05-2025
- Entertainment
- Arabian Post
CGTN: Peng Liyuan and Brazil's first lady visit NCPA in Beijing, vow to deepen cultural exchange
Rosangela is accompanying the Brazilian president on his state visit to China. Peng and Rosangela appreciated the centre's interior architecture and viewed 'Stage of Glory,' an exhibition on the achievements of the NCPA, which has played a major role in China-Brazil and China-Latin America cultural and people-to-people exchanges in recent years. They also learned about the work of the NCPA in promoting international cultural exchange and art popularization. For example, in 2023, the NCPA launched its artists' first South American cultural exchange tour in Brazil and Argentina. In 2024, a special concert was held at the NCPA to celebrate the 50th anniversary of the establishment of diplomatic relations between China and Brazil. Noting that both China and Brazil are major cultural countries, Peng said that people-to-people and cultural exchange between the two sides has been active in recent years, and that mutual understanding and friendship between the peoples of the two countries have deepened. In recent years, China and Brazil have collaborated on a range of cultural exchange initiatives, including the China-Latin America Cultural Festival and film programs among BRICS nations. Brazilian cultural icons, such as adorable capybaras, bossa nova music, samba dance and capoeira, have gained widespread popularity in China. Meanwhile, traditional Chinese celebrations like the Spring Festival and cultural treasures such as traditional Chinese medicine are becoming increasingly familiar and appreciated in Brazil. See also Cyberport Hosts "AI x Cybersecurity Forum" In 2022, the City of Rio de Janeiro designated September 28 – widely recognized as Confucius' birthday – as Mandarin Day, reflecting the deepening cultural ties between China and Brazil. Additionally, in the state of Rio de Janeiro, the Spring Festival, or Chinese New Year, has been officially recognized as a public holiday. Bilateral cultural and people-to-people exchanges between China and Brazil were further strengthened in 2024 as the two countries celebrated the 50th anniversary of diplomatic relations. Marking the occasion, they signed an agreement to issue 10-year multiple-entry visas for their citizens in January, facilitating business, tourism and family visits, and boosting economic and commercial ties. In April, Air China also resumed its Beijing-Madrid-Sao Paulo route, enhancing connectivity between the two nations. A total of 76,000 Chinese tourists visited Brazil in 2024, an increase of 79 percent compared to 2023, according to Embratur, also known as the Brazilian Tourist Board. Next year, the China-Brazil Year of Culture will be held to enhance bilateral cooperation in fields such as culture, education, tourism and media and to facilitate personnel exchanges between the two countries. Looking ahead, Peng expressed the hope that both sides will maintain this good momentum and bring the two peoples closer. Appreciating Peng's arrangements, Rosangela spoke highly of China's development and splendid culture. She also expressed her willingness to actively promote people-to-people and cultural exchanges between the two countries, and to continue contributing to the deepening of friendship between Brazil and China. Hashtag: #CGTN The issuer is solely responsible for the content of this announcement.
Associated Press
14-05-2025
- Entertainment
- Associated Press
CGTN: Peng Liyuan and Brazil's first lady visit NCPA in Beijing, vow to deepen cultural exchange
BEIJING, CHINA - Media OutReach Newswire - 14 May 2025 - The National Centre for the Performing Arts (NCPA) in Beijing on Tuesday welcomed Peng Liyuan, wife of Chinese President Xi Jinping, and Rosangela Lula da Silva, wife of Brazilian President Luiz Inacio Lula da Silva, as CGTN reported. CGTN photo Rosangela is accompanying the Brazilian president on his state visit to China. Peng and Rosangela appreciated the centre's interior architecture and viewed 'Stage of Glory,' an exhibition on the achievements of the NCPA, which has played a major role in China-Brazil and China-Latin America cultural and people-to-people exchanges in recent years. They also learned about the work of the NCPA in promoting international cultural exchange and art popularization. For example, in 2023, the NCPA launched its artists' first South American cultural exchange tour in Brazil and Argentina. In 2024, a special concert was held at the NCPA to celebrate the 50th anniversary of the establishment of diplomatic relations between China and Brazil. Noting that both China and Brazil are major cultural countries, Peng said that people-to-people and cultural exchange between the two sides has been active in recent years, and that mutual understanding and friendship between the peoples of the two countries have deepened. In recent years, China and Brazil have collaborated on a range of cultural exchange initiatives, including the China-Latin America Cultural Festival and film programs among BRICS nations. Brazilian cultural icons, such as adorable capybaras, bossa nova music, samba dance and capoeira, have gained widespread popularity in China. Meanwhile, traditional Chinese celebrations like the Spring Festival and cultural treasures such as traditional Chinese medicine are becoming increasingly familiar and appreciated in Brazil. In 2022, the City of Rio de Janeiro designated September 28 – widely recognized as Confucius' birthday – as Mandarin Day, reflecting the deepening cultural ties between China and Brazil. Additionally, in the state of Rio de Janeiro, the Spring Festival, or Chinese New Year, has been officially recognized as a public holiday. Bilateral cultural and people-to-people exchanges between China and Brazil were further strengthened in 2024 as the two countries celebrated the 50th anniversary of diplomatic relations. Marking the occasion, they signed an agreement to issue 10-year multiple-entry visas for their citizens in January, facilitating business, tourism and family visits, and boosting economic and commercial ties. In April, Air China also resumed its Beijing-Madrid-Sao Paulo route, enhancing connectivity between the two nations. A total of 76,000 Chinese tourists visited Brazil in 2024, an increase of 79 percent compared to 2023, according to Embratur, also known as the Brazilian Tourist Board. Next year, the China-Brazil Year of Culture will be held to enhance bilateral cooperation in fields such as culture, education, tourism and media and to facilitate personnel exchanges between the two countries. Looking ahead, Peng expressed the hope that both sides will maintain this good momentum and bring the two peoples closer. Appreciating Peng's arrangements, Rosangela spoke highly of China's development and splendid culture. She also expressed her willingness to actively promote people-to-people and cultural exchanges between the two countries, and to continue contributing to the deepening of friendship between Brazil and China. Hashtag: #CGTN The issuer is solely responsible for the content of this announcement.
