1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Rio CEO: We'll cut iron ore output to boost cash flow www.mining.com

The import price of 62% Fe content ore at the port of Tianjin scaled $80 per dry metric tonne on Monday – the highest since mid-September 2014 according to data supplied by The Steel Index. Year to date the price of the steelmaking raw material is up 87%.
 
A resurgent steel industry in China – responsible for more than three-quarters of the seaborne iron ore trade – has taken much of the credit for the rally from near-decade lows struck in December last year.
 
Rio Tinto, world number two producer, has long maintained that China is on its way to forging a billion tonnes of steel per year by 2030 compared to the current output just north of 800 million tonnes.
 
Reuters reports that at a recent investor conference Rio Tinto Chief Executive Jean Sebastien Jacques "quietly abandoned [Rio's] long held view":
 
Jacques said that uncertainty over the restructuring of China's huge state-owned enterprises (SOEs) made it difficult to predict how things would pan out.
 
"No one can work with only one scenario … we work with multiple scenarios and our central case is not 1 billion tonnes," Jacques told analysts at the briefing in Sydney last week.
 
And Jacques didn't stop there. He went further to say that Rio would consider cutting the amount of iron ore it mines if doing so would boost free cash flow.
 
"If it means reducing volume, we'll do it," he said.
China is on track to import 1 billion tonnes of ore in 2016, an all-time high, not just due to strong demand from the country's blast furnaces, but because hundreds of domestic miners struggling with low grade and high costs have been forced out of the market.
 
After more than halving since 2011 to less than 200m tonnes, Chinese iron ore output on a 62% Fe basis is forecast to fall by a another 12% in 2016 and by a further 20% in 2017 according to Australia's state forecaster.
 
But with iron ore back above $80 a tonne many Chinese iron ore mines may start to re-enter the market just as new exporters like the 55 million tonne per year Roy Hill mine in Australia and Brazil's S11D ramps up to full production.
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OECD predicts growth to continue in China and move higher in the US www.chinadaily.com.cn

China's economy will grow at 6.7 percent this year, but will edge down to 6.4 percent and 6.1 percent in 2017 and 2018 respectively, the Paris-based Organization for Economic Co-operation and Development (OECD) said on Monday in its latest Economic Outlook, which is published twice each year.
 
Its three-year predictions are roughly consistent with the Chinese government's goal of achieving an average annual rate of 6.5 percent during the 2016-20 period to realize its target of doubling the per capita income by 2020 from a 2010 base, although the OECD said China needs to arrest the downward trend in 2019 and 2020 if it is to reach that goal.
 
Leading Chinese policy insiders said the OECD predictions for the three years were reasonable as growth fluctuations were normal and acceptable in the process of restructuring the economy and China "enjoys more advantages than disadvantages" in keeping its annual economic growth rate at 6 to 7 percent in the 2016-20 period, as long as the economies of the United States, Japan and the EU also offer growth momentum.
 
The OECD said the US economy is going to pick up, due to an assumed easing of fiscal policy, with the economy projected to grow by 2.3 percent in 2017 and 3 percent in 2018. The euro area is predicted to grow 1.6 percent in 2017 and 1.7 percent in 2018. Japanese growth is projected at 1 percent in 2017 and 0.8 percent in 2018.
 
The report says that the total growth of the 35 OECD countries is projected to be 2 percent in 2017 and 2.3 percent in 2018. India's growth rates are expected to hover above 7.5 percent over the 2017-18 period, but many emerging market economies will continue to grow at a more sluggish pace.
 
"The global economy has the prospect of modestly higher growth, after five years of disappointingly weak outcomes," OECD Secretary-General Angel Gurria said, while launching the report in Paris. "In light of the current context of low interest rates, policymakers have a unique window of opportunity to make more active use of fiscal levers to boost growth and reduce inequality without compromising debt levels. We urge them to do so."
 
The organization said global growth will grow by 3.3 percent in 2017 and 3.6 percent in 2018.
 
Chi Fulin, president of the China Institute for Reform and Development, said the messages in the OECD report were quite positive and China's continuing economic restructuring would also benefit from the upside projections of the global economy and advanced countries.
 
"There is no problem for China to keep its target of an average rate of 6.5 percent of economic growth during the 2016-2020 period. Plus, China has much untapped potential to maintain a medium and high rate, given such a populous and mature market," said Chi, a leading policy adviser for the government.
 
"The predictions on growth trends of the advanced economies will further help China maintain faster growth."
 
Chi urged the international community to look at China's fluctuations in growth rates with "a rational mindset."
 
"This is because China is now changing its investment- and export-driven model to other growth engines, such as consumption, innovation, green development and upgrading of people's life quality," said Chi. "Therefore, the fluctuations in the next five years are expected and healthy."
 
However, Chi said the fluctuations would be manageable and growth would stay at 6-7 percent. "So, I am very confident that China can deliver its targets during the 2016-20 period, in order to realize the goal of doubling growth of per capita income from 2010 to 2020."
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Mongolia is able to produce 100% of its energy domestically www.mongolia.gogo.mn

Mongolia is able to produce 100% of its energy domestically, if we build the Eg river hydro power plant (EGHHP), said Minister of Energy P.Gankhuu at the regular meeting of the Economic Standing Committee of State Great Khural on Nov 29.
Total annual energy consumption of Mongolia is 6865 million kWh, of which 80 percent is produced domestically while remaining 20 percent of energy is imported from Russia.
An average growth of annual energy consumption is at 5.1 percent. According to the Government policy on energy​, the Government of Mongolia aims to produce 100% of its energy domestically.
The Government decision to build EGHPP, which is to develop the sustainable regime of CES and to reduce energy dependency on imports, was approved in 2013. Through reliable energy of EGHHP, a comfortable living environment for people will established and it is a strategically important project for national independency and security.
The total cost of the project is worth USD 827 million.
EGHHP will be constructed at Khutag Undur soum of Bulgan aimag, which is 450 km away from Ulaanbaatar city. EGHPP is to generate and supply 606 million kWh of electricity annually and estimated to generate capacity of 5.7 billion cubic meters of fresh water pool.
Further, Minister of Energy P.Gankhuu introduced the priority projects to improve the energy of Eastern region and emphasized that the country needs to start the construction of EGHHP immediately.
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John Lewis posts record £200m sales week thanks to Black Friday www.theguardian.com

The growing importance of Black Friday for UK retailers has been underlined by the latest sales figures, with John Lewis reporting its best ever weekly revenues of nearly £200m. The department store group said it achieved sales of £199.8m in the week to last Friday, up 6.5% on the same week last year. It traded well in shops and online, with shops becoming busier at the weekend.
 
UK shoppers spent over £2bn on their Visa cards on Black Friday, 13% more than last year. Half the spending happened online and contactless payments picked up, across all age groups, the card company said.
 
Kevin Jenkins, UK and Ireland managing director at Visa, said: “We continue to see an increase in the shift from cash to cards when people do their Christmas shopping. Consumers are now armed with a variety of new ways to pay, such as wearables and a range of digital wallet options on their mobile devices.”
 
Barclaycard, which processes almost half of all credit and debit card transactions in the UK, said payment transactions were 6% higher than last year’s Black Friday. Total spending amounted to £2.9bn, although this also includes purchases not related to Black Friday.
 
Many UK retailers now discount heavily in the days running up to Black Friday and Cyber Monday, and over the weekend in between, extending the period in which bargain hunters can seek discount offers. Some retailers stretch their sales into a longer period, with Amazon and some supermarkets kicking off Black Friday deals about 10 days before.
 
However, this year did not bring the scenes of mayhem at shops seen in 2014, when police had to intervene in some places. Since the US-inspired shopping bonanza arrived in the UK six years ago, it has increasingly become an online event.
 
“The question is how far it’s pulled sales forward from this week and December,” said Nick Bubb, an independent retail analyst. “It’s a big week, bigger than Christmas. The full story isn’t yet told. That’s going to be the question for all retailers.”
 
Industry figures from consultancy Springboard showed that online purchases rose 6.7% this Black Friday compared with last year, well short of the expected double-digit surge of 25%.
 
Footfall at shops rose unexpectedly, by 2%. However, there was a dip in trips to retail parks and shopping centres between Friday and Sunday, according to Springboard. Pictures of empty Tesco superstores and shopping malls appear to confirm that trend.
 
In the US, Cyber Monday was the country’s biggest ever online shopping day, with $3.39bn spent online this year, up 10.2% on 2015, according to data from Adobe Digital Insights. Cyber Monday narrowly beat Black Friday, with takings of $3.34bn. Televisions saw the biggest discounts, of 20% plus.
 
John Lewis said customers used their mobile phones to shop between midnight and 9am on Black Friday, but switched to shopping on their desktop computers once they arrived at work. At the busiest time on Friday morning, five orders were made every second on the John Lewis website.
 
As elsewhere, electrical items were the biggest draw at John Lewis, with sales up 11% year on year. Bestsellers included Sonos Play:1 wireless speakers and GHD hair straighteners, Samsung TVs and KitchenAid appliances.
 
Fashion sales were 4.6% higher. Sales were particularly strong in beauty, womenswear, menswear and sports. Ted Baker and Michael Kors accessories were popular, along with Barbour clothing and Calvin Klein pyjamas and lingerie. But the home department offered fewer deals on branded items and sales edged up just 0.9%.
 
The group’s Waitrose supermarket business made sales of £136.6m last week, up 1.3%. Beer, wine and spirits were the biggest sellers, with sales up 4.5% as people stocked up for the festive season. Turkey orders were almost a third higher than last year as Thanksgiving becomes more popular in the UK, and Waitrose also sold a third more pumpkin pie pastry cases.
 
At Argos, popular products included iPads, PS4, Xbox, Dyson vacuum cleaners and Beats headphones. Football clubs including Premier League champions Leicester City embraced Black Friday, with many offering 20% off kit and other merchandise in their shops and online.
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Oil prices drop ahead of Opec meeting www.bbc.com

The price of benchmark crude oil has fallen almost 4% as traders question whether Opec can agree on a deal to limit production.
In September the oil exporting cartel members voted for the first production cut in eight years.
Details of the agreement are due to be finalised at a formal Opec meeting in Vienna on Wednesday.
But key Opec members appear to disagree over the plan and some analysts believe the meeting may not produce a deal.
Indonesian Energy Minister Ignasius Jonan said he was not sure Opec would manage to forge an agreement: "I don't know. Let's see. The feeling today is mixed."
Brent crude oil was down $1.76 per barrel at $46.48, and US crude was down $1.80 at $45.28.
Analysts at Barclays said: "Volatility is set to be high in the oil market in the days ahead."
Blocked
In-depth negotiations will be needed on Wednesday to cement a deal, Goldman Sachs analysts said.
"The latest headlines suggest that while there is a broad agreement on the rationale for a cut, political considerations and country level quota negotiations are so far preventing a deal from being reached," Goldman Sachs said.
In September Opec pledged to limit production by about 700,000 barrels a day, although Iran was being allowed to increase production.
Disagreements between Iran and its regional rival, Saudi Arabia, had blocked earlier attempts to reach a deal.
Many of Opec's smaller members wanted limits after oil prices fell from $110 a barrel over the past two years after oversupply and slowing demand.
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Boeing becomes latest casualty of EU-US trade spat www.rt.com

The World Trade Organization (WTO) has ruled special tax exemption granted for the production of Boeing’s newest long-haul jetliner contravenes international trade rules.
 
The tax exemption was the central part of a case the EU filed with the trade organization against the US in December 2014.
 
Under the ruling the US should withdraw the subsidy within 90 days, it can also appeal.
 
The tax cut was provided by the state of Washington in 2013 to ensure the wings for Boeing's 777X widebody plane were made only there. The plane can seat more than 400 passengers and is an updated model of the 777. It is due to enter service at the end of the decade.
 
The WTO said giving Boeing the special and very low business and occupation (B&O) tax rate was unlawful because it required the company to use local rather than imported materials which distort trade.
 
"The Panel has found that the European Union has demonstrated that the B&O aerospace tax rate for the manufacturing or sale of commercial airplanes under the 777X program... is a subsidy contingent upon the use of domestic over imported goods [and is] prohibited," said the WTO in its ruling.
 
“We expect the US to respect the rules, uphold fair competition, and withdraw these subsidies without any delay,” said EU Trade Commissioner Cecilia Malmstrom as cited by the Wall Street Journal.
 
The EU suggested Boeing had received $8.7 billion in subsidies. Boeing denied the accusations, saying they totaled just $50 million.
 
In September, the WTO determined the EU had failed to properly remove subsidies granted to Airbus. Next year the trade body is expected to pass a similar judgment on the US.
 
The transatlantic trade spat between Boeing and its European rival Airbus dates back more than a decade with the sides accusing each other of receiving billions of dollars in illegal government aid.
 
Their previous disagreement was settled in 1992. However, the US walked away from that deal in 2004, claiming Airbus had an unfair advantage.
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Mongolia and Russia to collaborate on protection of snow leopards and bighorns www.montsame.mn

Ulaanbaatar /MONTSAME/ The sixth meeting of the Mongolia-Russia joint committee on Cooperation in Environmental Protection took place in Moscow on November 24 and 25.
 
The Mongolian part was led by the state secretary of the Ministry of Environment and Tourism, Ts.Tsengel, Ambassador of Mongolia to the Russian Federation B.Delgermaa and the Russian part ny Deputy Director of Russian Federal Service for Supervision of Natural Resource Usage Amirkhan M.Amirkhanov.
 
The sides discussed about conservation and protection of migratory species inhabiting the transboundary areas, cooperation in forestry and development of specially protected areas system, as well as implementation of projects reflected in the Programme on Establishing Economic Corridor between Mongolia, Russia and China, and arranged to take certain measures.
 
The results of researches on the environmental impacts on Baikal lake ecosystem of certain hydropower plant projects, planned to be implemented in Mongolia, were presented. After this, the sides agreed to sum up positions and researches of scholars from both countries while emphasizing an importance of imformation sharing.
 
The commission underlined achievements reached in implementation of the Agreement on Prevention from Forest Fires between the Government of Mongolia and the Government of the Russian Federation, and concerted on the necessity to focus on allowing smooth crossing the state borders for emergency workers, fighting the crossborder forest fires. The sides agreed on renewing the 1995 Cooperation agreement on Forestry.
 
Also, the commission resolved to sign an Intergovernmental agreement on establishing a specially protected crossborder areas of Khuvsgul-Tunkhen and Siilkhem, and to organize a workshop meeting of researchers and specialists on monitoring and control of the transboundary migratory animals, in specific, wild mountain sheep (argali) and snow leopards.
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OECD calls for better using expansionary fiscal initiatives to escape low-growth gap www.xinhuanet.com.cn

PARIS, Nov. 28 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) called for Monday better using expansionary fiscal initiatives and maintaining trade openness to push the global economy out of today's low-growth trap.
 
"In light of the current context of low interest rates, policymakers have a unique window of opportunity to make more active use of fiscal levers to boost growth and reduce inequality without compromising debt levels," Secretary-General of OECD Angel Gurria said Monday, while launching the latest version of report named "Global Economic Outlook", adding that "we urge them to do so."
 
The OECD said in the report that the ongoing or projected shift in the fiscal stance in a number of major economies including the United States, accounts for much of the modest increase in global growth to 3.3 percent in 2017 and 3.6 percent in 2018.
 
But "this is not a blank cheque for governments," Gurria said, noting that "the OECD is calling for fiscal policy to be used more wisely, with spending targeted at areas that boost growth, like high-quality infrastructure investment, innovation, education and skills, which also make growth more inclusive."
 
In the report, the OECD also identified a number of financial risks where exchange rate and capital flow volatility coupled with pricing distortions are exposing the vulnerability of corporate balance sheets, particularly in emerging markets, and challenging bank profitability and the long-term stability of pension schemes in advanced economies.
 
The international organization also said that an increase in protectionism could risk impairing already weak growth in global trade.
 
It called in the report on governments to avoid protectionist policies and encourages them instead to implement structural policy packages that create more job opportunities, increase business dynamism and promote successful reallocation, ensuring that the gains from trade are better shared by all.
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Trump faces dilemma as U.S. oil reels from record biofuels targets www.reuters.com

The Obama administration signed its final plan for renewable fuel use in the United States last week, leaving an oil industry reeling from the most aggressive biofuel targets yet as President-elect Donald Trump takes over.
 
The Renewable Fuel Standard (RFS) program, signed into law by President George W. Bush, is one of the country's most controversial energy policies. It requires energy firms to blend ethanol and biodiesel into gasoline and diesel.
 
The policy was designed to cut greenhouse gas emissions, reduce U.S. reliance on oil imports and boost rural economies that provide the crops for biofuels.
 
It has pitted two of Trump's support bases against each other: Big Oil and Big Corn. The farming sector has lobbied hard for the maximum biofuel volumes laid out in the law to be blended into gasoline motor fuels, while the oil industry argues that the program creates additional costs.
 
Balancing oil and farm interests is likely to prove a challenge for Trump, who has promised to curtail regulations on the oil industry but is already being reminded by biofuels advocates of the importance of the program to the American Midwest, where he received strong support from voters on Nov. 8.
 
Oil groups are renewing their calls to change or repeal the program following Wednesday's announcement, when the Environmental Protection Agency (EPA) set record mandates for renewable fuels - for the first time hitting levels targeted by Congress nearly a decade ago..
 
The EPA plan is "completely detached from market realities and confirms once again that Congress must take immediate action to remedy this broken program," said Chet Thompson, President of the American Fuel and Petrochemical Manufacturers, in a statement.
 
It is unclear what Trump's plans for the program will be and his transition team did not respond to Reuters' requests for comment.
 
Both camps are expecting an administration receptive to their demands, though both have expressed concern and uncertainty over Trump's plans for the program, according to experts, industry and political sources.
 
The installation of climate change skeptic Myron Ebell as head of the transition at the EPA bolstered oil industry confidence Trump will swing their way. In September, Trump appeared to briefly echo the views of his supporter, billionaire Carl Icahn, who expressed concern about the program.
 
Icahn, who owns a stake in an oil refiner, renewed those criticisms last week, saying the ethanol credit market generated by the program is susceptible to manipulation and harming independent refiners.
 
PRO-ETHANOL CAMPAIGNING
 
The president-elect campaigned on a pro-ethanol platform when he visited America's farm states and biofuels advocates expect he will keep the RFS strong, maintaining annual targets at the minimum set forth by Congress.
 
"Mr. Trump will not turn his back on the American heartland, we believe in him," said Annette Sweeney, a former state representative from Iowa who was a member of the Trump's agricultural advisory committee during his candidacy.
 
"To a certain extent, we are on higher ground. You always want to be on higher ground," said Bob Dinneen, head of the Renewable Fuels Association, referring to the increase.
 
"We’ll be able to demonstrate the marketplace can absorb 15 billion gallons of ethanol. We can put this all behind us. As we look to 2018... there's no reason to go back," he said.
 
The renewables industries have already started to emphasize their place among American-made fuels, something experts expect will appeal to Trump.
 
"There are a lot of good things to be said about second-generation fuels, even from the new administration’s perspective," said Harvard University professor and former Obama administration advisor James Stock.
 
"All the new administration needs to do is embrace the original ... vision of the RFS," he said.
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Baidu maps out global expansion www.chinadaily.com.cn

Baidu Map, a desktop and mobile map service provided by China's online search giant Baidu Inc, is set to become a world mapping service provider covering more than 150 countries and regions.
 
On Wednesday, the company will launch its map services for more countries and regions. The new map services will cover countries in Asia, Europe, Africa, North America, South America and Oceania, and provide services for 99 percent of the world population.
 
"This signals that we will finally transform from a Chinese map provider to a world map provider and become the Chinese brand that provides global services for mobile travel applications," said Li Dongmin, general manager of Baidu Map.
 
Currently, Baidu Map claims that it accounts for about 70 percent of domestic market share, with more than 300 million active monthly users and about 100 million car owners using its mapping service, according to the company.
 
At the beginning of the year, Baidu Map initiated its internationalization strategies and has been expanding rapidly globally.
 
On Monday, Baidu Map started strategic cooperation with the tourist administrations of four northern European countries－Denmark, Finland, Norway and Sweden. The two sides will exchange data, share resources, and jointly develop more events to improve the traveling experiences of Chinese visitors.
 
"The cooperation signals a further step forward in the localization of Baidu Map in the course of its internationalization, following our cooperation with the tourist administrations of South Korea and Thailand," Li said.
 
In the first half of 2016, Chinese people made 59.03 million trips abroad, up 4.3 percent year-on-year, according to the China National Tourism Administration.
 
Baidu Map said it has covered 25 percent of Chinese outbound tourists, and, by 2020, it aims that overseas users will account for half of its total users.
 
"We will strengthen in-depth cooperation with overseas governments and leading enterprises and choose some key countries to provide mapping services in local languages and increase our local impact," Li said.
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