China's President Xi Jinping applauds during a celebration meeting marking the 40th anniversary of China's "reform and opening up" policy. AFP
China's President Xi Jinping applauds during a celebration meeting marking the 40th anniversary of China's "reform and opening up" policy. AFP

China signals to strengthen economy with measures including tax cuts in 2019



China's top policymakers signalled more support for the economy next year with tax cuts and other policy measures as a bruising battle on debt and a trade war with the US have weighed on growth.

The meeting headed by President Xi Jinping yesterday also pledged further opening of the economy, better protection of intellectual property rights and to push forward trade negotiations with Washington.

The outcome of the annual Central Economic Work Conference, during which leaders review past policy and plan for the upcoming year, was published by the state news agency Xinhua.

Economic data has shown China's economy slowing this autumn, with Chinese consumer spending growing at its slowest pace in 15 years during November and factories easing up on production.

Mr Xi and US President Donald Trump agreed to a 90-day tariff truce this month, as the two sides try to find a more permanent solution to the trade dispute.

Trade frictions with the US have been "handled steadily", the statement said.

"We must implement the consensus reached in Argentina between the Chinese and US heads of state and push forward economic and trade negotiations," the readout said.

Comprehensive opening up is listed as one of the seven major tasks for next year - but critics say Beijing has long promised much while delivering little.

Beijing will work to relax market access, protect the legitimate rights and interests of foreign businessmen in China, especially IP rights, and allow them to operate independently in more areas, Xinhua said.

China's top officials hammer out their broad plans for the next 12 months during the three-day closed-door meeting.

China would "continue to implement a proactive fiscal policy and a prudent monetary policy," the statement said.

The meeting pushed for more fiscal measures and "a larger tax cut". Beijing has already put in place one round of tax cuts for the middle and lower class this year.

Still the trade row with the US has sapped market confidence, dragging down Chinese equities and the yuan.

Policymakers said they would increase the scale of local government bond issuance and solve financing problems for small and medium enterprises.

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The world's number two economy expanded at its slowest pace for nine years in July-September and analysts expect full year growth to slow further next year.

The meeting said China would "keep the economy running in a reasonable range," next year.

China's leaders are battling to stabilise the economy, transforming it from one fuelled by exports and state investment to one that relies on domestic consumption.

Leaders will work to "enhance spending power, let the people eat with ease, dress satisfactorily, and use things comfortably," Xinhua said.

Policymakers indicated they would continue to push deleveraging and handle local government debt risks.

"We must do a good job in preventing and resolving major risks," the statement said.

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

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Manny Pacquiao
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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

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Profile Periscope Media

Founder: Smeetha Ghosh, one co-founder (anonymous)

Launch year: 2020

Employees: four – plans to add another 10 by July 2021

Financing stage: $250,000 bootstrap funding, approaching VC firms this year

Investors: Co-founders

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  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
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  5. Full hormone production regained within 4-6 months
Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

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