Interpreting Beijing’s 2020 Central Economic Work Conference offers hints of the path ahead.
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December 23, 2020
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China’s annual Central Economic Work Conference (CEWC), where the economic priorities and policy frameworks for the coming year are laid out, concluded on December 18. The CEWC is widely acknowledged as the country’s highest-level meeting on the domestic economy and its financial and banking sectors. It is essential to digest the statement released by the party to examine the achievements made so far and to predict the country’s economic trajectory in 2021, particularly given that 2020 was an unprecedentedly tumultuous year.
This year’s CEWC set the theme and proposed eight tasks for 2021. This article concentrates on three core points.
Posted : 2020-12-22 15:40
Updated : 2020-12-22 17:12
US-China trade frictions and lingering Covid-19 fallout put sentiment in check in an otherwise bullish quarter for global stock market. South China Morning Post
By Iris Ouyang
Hong Kong stocks fell by the most in two weeks as frictions between the US and China escalated with more Chinese companies put on a trade blacklist and the coronavirus pandemic worsened in Europe.
The Hang Seng Index slipped 0.7 per cent to 26,306.68, trimming the advance this quarter to 12.1 per cent. Benchmarks in the UK fell by more than 1 per cent while stocks in Europe retreated by 2 per cent in early trading and futures on US equities signalled losses in cash markets.
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On December 18, the Holding Foreign Companies Accountable Act was signed into law. The HFCAA, co-sponsored by Senators John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, amends SOX to prohibit trading on U.S. exchanges of public reporting companies audited by registered public accounting firms that the PCAOB has been unable to inspect for three sequential years. The HFCAA also requires substantial action by the SEC to implement it. As I noted in my previous post about the bill (see this PubCo post), it was unclear how the bill would affect or interact with the proposal on this same topic that the SEC staff have been working on, which had been expected this month (see this PubCo post and this PubCo post). Now, SEC Chair Jay Clayton has issued a statement clarifying the situation.
Tue, 22 December 2020 | Written By: Alec Malloy
Alec Malloy is a content writer with over 7 years’ experience spanning a range of commercial sectors.
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