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

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Has China lifted 100 million people out of poverty? www.bbc.com

Chinese President Xi Jinping says his country has reached the ambitious goal set when he assumed office in 2012 of lifting 100 million people out of poverty.
But what has China actually achieved?
We've compared the Chinese data with global poverty figures compiled by the World Bank.
China's poverty figures
Poverty is defined by China as anyone in rural areas earning less than about $2.30 a day (adjusted for inflation). It was fixed in 2010 and looks at income but also living conditions, healthcare and education.
Provinces have been racing to reach the goal. Jiangsu, for example, announced in January last year that only 17 of its 80 million residents still lived in poverty.
The national benchmark used by the Chinese government is slightly higher than the $1.90 a day poverty line used by the World Bank to look at poverty globally.
World Bank data
How extreme poverty fell in China. Living on less than $1.90 a day. .
Using these figures gives us a better standard measurement used by the World Bank across all countries.
In 1990 there were more than 750 million people in China living below the international poverty line - about two-thirds of the population.
By 2012, that had fallen to fewer than 90 million, and by 2016 - the most recent year for which World Bank figures are available - it had fallen to 7.2 million people (0.5% of the population).
So clearly, even in 2016 China was well on the way to reaching its target.
This suggests that overall, 745 million fewer people were living in extreme poverty in China than were 30 years ago.
World Bank figures do not take us to the present day, but the trend is certainly in line with the Chinese government's announcement.
Elsewhere in the region, Vietnam has also seen a dramatic fall in extreme poverty rates over a similar period.
Another large country, India, had 22% of its population living below the international poverty line in 2011 (the most recent data available).
Brazil has 4.4% of its people earning less than $1.90 a day.
China's rapid growth
China's rapid reduction in poverty went hand in hand with a long period of sustained economic growth. Much of the focus has been on the poorest rural areas.
How China became the world's 'economic miracle'
The government has relocated millions of people from remote villages into apartment complexes. Sometimes these were built in towns and cities, but sometimes new villages were built near the old ones.
But there has been criticism that people had little choice over whether to move homes, or jobs.
Some also point out that the reason rural poverty was so widespread was because of Communist Party policies in the first place.
"There is no doubt something absolutely extraordinary has happened over the last 40 years," says the Economist's David Rennie.
However, this success in bringing people out of abject poverty is not simply down to the government, he says.
"Chinese people, by working extremely hard, lifted themselves out of poverty - in part because some of the stupidest economic policies ever created, by Chairman Mao, were abandoned in favour of versions of capitalism."
Mao Zedong, who founded the People's Republic of China in 1949, oversaw attempts to industrialise the country's peasant economy in the 1950s. His disastrous Great Leap Forward, which began in 1958, forced farmers into communes, leading to mass starvation in the countryside.
While China has made substantial work of tackling the deepest poverty first, should it be holding itself to a higher standard?
Living on less than $5.50 a day. Number of people in China (millions). .
For example, the World Bank draws a higher poverty line for upper-middle-income countries, which tries to reflect economic conditions. It sets this at $5.50 a day. China is now an upper-middle-income country, says the bank.
About a quarter of China's population is in poverty, according to this metric. For comparison, this is slightly higher than Brazil.
And there is widespread income equality. Last year, Chinese Premier Li Keqiang said China still had 600 million people whose monthly income was barely 1,000 yuan ($154). He said that was not enough to rent a room in a city.
However, by any measure China has made huge strides to lift millions out of the toughest standards of living over the last few decades.
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Covid: How this Indian firm is vaccinating the world www.bbc.com

As pharmaceutical giants ramp-up production in the race to vaccinate the world, one firm has shot into the lead.
The Serum Institute of India (SII) isn't a household name, but it's the world's largest vaccine maker.
The firm churns out 1.5 billion doses every year from the company's vast manufacturing plant in Pune, Western India.
It is currently making Covid vaccines under license for pharmaceutical firms such as AstraZeneca.
"We took a huge calculated risk", by betting on several vaccines in 2020 before regulators had even approved of them, SII's chief executive Adar Poonawalla told the BBC.
"It wasn't a blind risk, because we knew the Oxford scientists from our earlier collaboration with the malaria vaccine."
SII is privately owned, which enabled fast decision-making between Mr Poonawalla and his scientists.
But funding proved a challenge. The firm invested around $260m (£186.7m) and raised the rest from philanthropists, such as Bill Gates, and advances from other countries.
SII managed to secure $800m by May 2020 to make multiple Covid vaccines.
Stashing away doses
How did SII actually scale up production? In April 2020, Mr Poonawalla calculated what they would need, from vials and filters.
"I got 600 million doses worth of glass vials ahead of time and locked it in my warehouse by September," he explained.
"The most important part that enabled us to have so many doses - 70-80 million in January - was because I started manufacturing at risk in August."
"I wish other companies also had taken that risk, because the world would have had many more doses."
Mr Poonawalla criticised the patchwork of global regulatory systems and lack of harmonisation for production delays.
He said the major regulators, including the UK's Medicines and Healthcare products Regulatory Agency (MHRA), the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA), could have united and agreed a quality standard.
He also criticised national governments, claiming that regulators in the countries that are making the vaccines, from India to Europe, could have united to agree a standard international benchmark.
Vaccines being produced at the Serum Institute of India
image captionSII managed to secure $800m by May 2020 to make multiple Covid vaccines
"Why can't we still harmonise it and save all this time, especially even for the new vaccines. I'd hate to have to go through all this again."
New variants
Mr Poonawalla played down concerns about new variants: "Anyone who has taken that [Oxford AstraZeneca] vaccine so far hasn't had to go to hospital or go on a ventilator and had their life at risk.
"They've also passed that disease on to others. So yes, it's not an ideal situation, but it has protected your life."
In India, SII is also involved the world's largest inoculation programme, to vaccinate 300 million by August. But, according to Bloomberg, only 56% of people eligible to get a shot have actually stepped forward.
"A lot of vaccine hesitancy traditionally has come about when either celebrities or non-experts have said vaccines are not safe," said Mr Poonawalla.
"I always just request celebrities and others who have this tremendous power on the social networks, to just be a bit responsible and read up on the facts before they say anything."
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Cuba and Mongolia to strengthen bilateral relations www.cubanews.acn.cu

HAVANA, Cuba, Feb 26 (ACN) Oyun-Erdene Luvsannamsrai, new PM of Mongolia, held today an exchange with Raul Delgado, Cuban ambassador to that Asian nation, where they discussed the main aspects of diplomatic relations between the two governments.
In a cordial atmosphere, the Cuban representative transmitted to the Mongolian prime minister the congratulatory message of his Cuban counterpart, Manuel Marrero Cruz, and the wishes of success in his management at the head of the Ulaanbaatar executive, the Cubaminrex website published.
Delgado reviewed the current social and political situation in Cuba, as well as the pandemic situation in the Caribbean country, and pointed out the commitment of the Cuban authorities to produce 100 million doses of national vaccines before the end of 2021, to immunize the entire population and supply them to other countries in need.
During the meeting they also discussed ways to expand cooperation in trade, economy, foreign relations, law, health, food, agriculture, education, medicine, biotechnology and tourism.
The Mongolian Prime Minister, in office since January 27, expressed his satisfaction with the development of relations and cooperation, asked to convey his greetings to the Cuban authorities, and noted the importance of high-level visits for collaborative ties.
Referring to the past year, the Mongolian leader recalled the activities to commemorate the 60th anniversary of the establishment of diplomatic relations between the two countries, which strengthened the brotherhood and exchange ties.
Cuba and Mongolia established diplomatic ties on December 7, 1960, based on respect, international support and friendship.
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China’s economy could double in size by 2035, eclipsing US along the way – Bank of America www.rt.com

In terms of post-Covid recovery, China is one of the fastest growing economies in the world and has a good chance to double its GDP by 2035, according to Helen Qiao, head of Asia economics at Bank of America Global Research.
She told CNBC that some reform measures would help China get there. The doubling of China’s GDP would require an average annual growth of 4.7 percent for the next 15 years. “We think China would be able to achieve it,” Qiao said.
The economist predicted that, in addition to doubling its gross domestic product, the Asian nation will surpass the United States as the world’s largest economy in around 2027 to 2028.
The Chinese economy expanded by 2.3 percent last year, official data showed. The International Monetary Fund (IMF) has said China will grow 8.1 percent this year. Meanwhile, the United States contracted by 3.5 percent in 2020, according to the latest government estimates. The IMF expects the US economy to grow by 5.1 percent this year.
In a report published earlier this month, Qiao addressed the common concerns – such as aging population, high debt-to-GDP ratio, and the country’s investment-led growth model – that could prevent China from reaching its 2035 economic goals. Those concerns will slow, but not derail, China’s overall growth trajectory, Qiao said.
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Mongolia's COVID-19 infections top 2,900 www.xinhuanet.com

Feb. 28 (Xinhua) -- Mongolia reported 41 new COVID-19 cases in the past 24 hours, bringing the nationwide tally to 2,907, the country's National Center for Communicable Diseases (NCCD) said Sunday.
Among the new cases, 40 were locally transmitted, and the remaining one was a Mongolian citizen who returned home from Russia via Altanbulag border point, the NCCD said.
Over 77 percent of all the patients in the country have recovered from the disease, it added.
The disease has claimed six lives in Mongolia since it confirmed its first case in March last year.
The Asian country launched a COVID-19 vaccination campaign across the country early this week, with the aim of vaccinating at least 60 percent of its 3.3 million population.
A total of 7,460 frontline workers have been vaccinated against the virus so far, according to the country's health ministry.
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Opening of international flight in route Ulaanbaatar-Prague-Ulaanbaatar discussed www.montsame.mn

Ulaanbaatar /MONSAME/ On February 25, Prime Minister L.Oyun-Erdene received Ambassador Extraordinary and Plenipotentiary of the Czech Republic to Mongolia Jiri Brodsky.
The PM said, “I am delighted with current level of bilateral traditional friendly ties and cooperation. We attach great importance to expanding the cooperation especially in economic area. It is worth to mention that Czechoslovakia has made big contributions in our country’s development not only until 1990s but also the country has been rendering development aid to Mongolia and implementing social and economic projects and programs since 1990.”
Then the PM asked the Ambassador to support on the establishment of Intergovernmental Agreement on Social Protection as well as Agreement on International Auto Transport Relations.
For his part, Ambassador Jiri Brodsky congratulated PM L.Oyun-Erdene on his appointment and handed over congratulatory letter from the Czech Premier.
The Ambassador informed that the Czech Government has re-imposed a state of emergency to tackle the COVID-19 outbreak in the country. Moreover, the Czech intends to donate hospital equipment to Mongolia within the frame of COVAX program. The Ambassador also expressed his satisfaction with successful organization of virtual meeting between Mongolia-Czech Parliamentary Group last week.
The sides also conferred to carry on the project on relocating Przewalski’s horse, open international flight in route Ulaanbaatar-Prague and actively cooperate further in making investment in energy sector.
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Mongolia ‘looks to open borders to tourists by May’ www.news.mn

Mongolian Prime Minister L.Oyun-Erdene is reported to be considering plans to open the country’s borders to vaccinated foreign tourists by May. PM L.Oyun-Erdene has held a meeting with representatives from the country’s tourism and hotels sector. He noted that Mongolia could generate revenue of USD 450 million from receiving three million tourists a year by 2029.
D.Gantumur, President of Mongolian Tourism Association said that the country of three million has the capacity of receiving 7.5 million tourists a year. He asked the PM to open Mongolia’s borders to tourists from 1 May. According to him, Mongolia can still receive 400 thousand tourists the summer by opening its borders in May.
S.Munkhbat of the Mongolian Hotel Association explained that the number of hotels actively decreased to 430 in 2020 after 30 hotels closed and the number of employees in the sector was cut by 46 percent. Simultaneously, the number of visitors to hotels sharply decreased by 95 percent; only a few hotels were allowed to work as quarantine centres through the pandemic. Most hotels have been closed since January, 2020. The sector has received a body blow, from which it must urgently recover; hotels pay a whopping MNT 600 billion of taxes a year!
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Johnson & Johnson Covid vaccine: FDA approves single-shot jab www.bbc.com

US regulators have formally approved the single-shot Johnson & Johnson coronavirus vaccine, the third jab to be authorised in the country.
The vaccine is set to be a cost-effective alternative to the Pfizer and Moderna vaccines, and can be stored in a refrigerator instead of a freezer.
Trials found it prevented serious illness but was 66% effective overall when moderate cases were included.
The vaccine is made by the Belgian firm Janssen.
The company has agreed to provide the US with 100 million doses by the end of June. The first doses could be available to the US public as early as next week.
The UK, EU and Canada have also ordered doses, and 500 million doses have also been ordered through the Covax scheme to supply poorer nations.
President Joe Biden hailed it as "exciting news for all Americans, and an encouraging development", but warned that the "fight is far from over".
"Though we celebrate today's news, I urge all Americans - keep washing your hands, stay socially distanced, and keep wearing masks," he said in a statement.
"As I have said many times, things are still likely to get worse again as new variants spread, and the current improvement could reverse."
The authorisation by the US Food and Drug Administration (FDA) came after an external committee of experts unanimously backed the vaccine on Friday.
Results from trials conducted in the US, South Africa and Brazil showed it was more than 85% effective at preventing serious illness, and 66% effective overall when moderate cases were included.
Notably, there were no deaths among participants who had received the vaccine and no hospital admissions after 28 days post-vaccine.
Overall protection was lower in South Africa and Brazil, where virus variants have become dominant, but defence against severe or critical illness was "similarly high".
South Africa began administering the unapproved Johnson & Johnson jab to healthcare workers as part of a study earlier this month. It came after early trials suggested the Oxford-AstraZeneca vaccine offered "minimal protection" against mild disease from the variant dominant in large parts of the country.
So far the only other country to approve the vaccine for emergency use is Bahrain, which gave it the green light on Thursday.
Because the vaccine will require fewer doses than its two-shot Pfizer and Moderna counterparts, it will also require fewer vaccine appointments and medical staff.
Who else has ordered the Johnson & Johnson jab?
UK - 30 million doses
EU - 200 million doses
Canada - 38 million doses
Covax nations - 500 million doses
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Chinese FM says China-Mongolia relationship enters into fast-track www.xinhuanet.com

Relations between China and Mongolia have entered into fast-track in recent years with fruitful results gained through practical cooperation, Chinese State Councilor and Foreign Minister Wang Yi said Wednesday.
Wang made the remarks in a telephone conversation with the newly-appointed Mongolian Foreign Minister Batmunkh Battsetseg.
China attaches great importance to the friendly neighborship with Mongolia, and always puts this relation at a specially significant place in China's neighborhood diplomacy, he noted.
This year is historically meaningful for both China and Mongolia as people of each country will respectively greet the 100th anniversary of the Communist Party of China and Mongolian People's Party, Wang said.
Both sides should jointly implement the important consensus reached by the leaders of both countries, promoting greater development of the China-Mongolia comprehensive strategic partnership and bringing about more benefits to both peoples, he added.
In the face of the unexpected COVID-19 pandemic, governments and peoples of China and Mongolia have shared the weal and woe, and reached out to each other with assistance and support, lifting the bilateral ties to a new level, Wang said.
Noting that the touching story of Mongolia donating 30,000 sheep to China is widely known in both countries and the vaccines sent by China has arrived recently in Mongolia, Wang said he expects the two sides can further strengthen anti-pandemic cooperation until the pandemic is completely defeated.
Economic and trade cooperation is an important support for China-Mongolia relations, Wang said, adding that the two sides need to speed up the synergy between China's Belt and Road Initiative (BRI) and the Development Road Initiative of Mongolia, expand the areas and upgrade the level of cooperation so as to compensate for the losses caused by the pandemic as soon as possible.
For her part, Battsetseg thanked China for its selfless help to her country in fighting the pandemic, saying that the two countries have maintained the development momentum of bilateral ties and continuously strengthened practical cooperation amid the pandemic, setting a good example of how countries support each other in response to adversities.
The new Mongolian administration attaches great importance to developing the comprehensive strategic partnership with China, hoping to enhance political mutual trust, deepen BRI cooperation and push for sustained rapid development of their bilateral ties, she said. Enditem
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19 killed in Mongolia house fires so far this year www.xinhuanet.com

Feb. 25 (Xinhua) -- Nineteen people have been killed in home fires in Mongolia since the beginning of the year, local media reported Thursday, citing a government agency
Eight of those killed in the fires were children, said Bor Dulamsuren, public relations officer at the National Emergency Management Agency.
Leaving children at home unattended, negligence and electrical short-circuits were the main causes of the fires, Dulamsuren said, urging citizens to prevent possible fires in their own homes. Enditem
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