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Events

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

NEWS

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China is starting to eat into its emergency reserves of pork www.cnn.com

Hong Kong (CNN Business)China's pork crisis has gotten so bad that some of its cities are starting to tap into their precious strategic reserves of frozen pig meat.

At least four cities or provinces that are home to roughly 130 million people have begun drawing down stocks to flood the market with frozen pork in an attempt to stabilize prices and boost supply. Pork consumption is vital to Chinese culture, and availability is important this weekend when China celebrates its second biggest holiday of the year.
The release of local reserves is the latest example of how China is trying to deal with the crisis — but even that might not be enough to solve the problem, experts say. The world's largest pork market has been ravaged by an outbreak of African swine fever, and it's lost more than 100 million pigs in the last year, either because of disease or because farmers don't want to restock pigs after they die. The decline in pig supply has driven pork prices up nearly 50% in the last year.

On Thursday, the eastern Chinese city of Jinan became the latest local government to announce that it would release some of its frozen pork reserves. The government began freeing up pork to coincide with this weekend's holiday celebrations, according to state media reports. It will release another round of pork later this month ahead of the 70th Anniversary of the People's Republic of China on October 1. In total, Jinan plans to release 1,500 metric tons of pig meat over the next month.
Hainan and Guangdong provinces have already begun releasing batches of reserves, according to local government announcements. The city of Guangzhou, the capital of Guangdong province, has also begun reaching into its supply of emergency pork.
An emergency supply of pig meat
The country's strategic pork reserve was established in the 1970s as a way to deal with emergencies and stabilize prices when necessary. In addition to the meat that is kept in cold storage, the Chinese government also keeps a reserve of live hogs, which it releases to farmers in times of shortages.
China does not publish regular data about the the amount of pork it keeps in reserves. But Chen Wen, an analyst for Wanlian Securities, estimated that the supplies could amount to hundreds of thousands of metric tons.
While local governments have begun using up their supplies, China hasn't touched its central pork reserves in the past several months. That would be a much more significant move, since it would signal a severe, national pork shortage.
But the central government could take such measures this holiday weekend if the demand is there. An official with China's National Development and Reform Commission — the country's top economic planning body — said Wednesday that the government is putting together a plan to release pork at important points over the next few months, including on holidays.
The last time the national government tapped into its central supply of pork was in January, when it released nearly 10,000 metric tons of the meat in time for the Spring Festival, based on public records posted by the Commerce Ministry, which manages the national reserves. That's the most important Chinese holiday on the calendar.
A spokesman for the Commerce Ministry said Thursday that the government will release frozen meat "at the right moment to ensure stable supply" during the holidays.
'Eat less pork'
Tapping into reserves is not the only way China is dealing with the worsening pork crisis.
Officials have also handed out subsidies worth about 3.2 billion yuan ($452 million) to low-income families who may struggle to afford pork at current prices.
Chinese authorities have also asked local governments to free up money that could be used for artificial insemination technology, a way to encourage farmers and producers to breed more hogs. Beijing has also discussed plans to increase subsidies, loan support and insurance coverage for pig producers nationwide.

Some state media outlets are even urging people to cut pork out of their diets. Life Times, which is run by the People's Daily, the ruling Communist Party's official newspaper, called on the public to eat less pork in an article published on its front page Tuesday.
"It's good to eat less pork, because it's very high in fat and cholesterol," the article read. "Eating too much pork makes it easy to gain weight."
Analysts warn, though, that China might not be able to do enough to solve the problem.
"China's pork shortage will worsen in the rest of the year, but the government doesn't have effective methods to fill the gap in the short term," according to Chen, the Wanlian Securities analyst.
She estimated in a recent research note that China will face a pork shortage of around 10.8 million tons this year. Its supply of frozen reserves isn't enough to make up for that, she added.
China also has to contend with outbreaks of swine fever in other countries. On Wednesday, it banned pork imports from the Philippines, which is struggling to contain the disease. China also banned pig imports from Slovakia last month for the same reason.

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International forum on Mongolia-China cashmere industry organized www.montsame.mn

Ulanqab /MONTSAME/. In the scope of the third Mongolia-China Expo held in Ulanqab of Inner Mongolia, China, a forum on the development of the cashmere industry was held to discuss policies and mutually beneficial partnership in the Mongolia and China’s cashmere fields.

Mongolia supplies around 40 percent of the world raw cashmere demand and it is deemed that the domestic production of final cashmere products for exports would increase the economic values by five times and the export revenue alone to reach USD 1.7 billion. Also, the proposed duty-free treatment by the USA to Mongolia cashmere products and 25 percent duty of China on knitted products are viewed as great opportunities to encourage exports.

President of the Mongolian National Chamber of Commerce and Industry (MNCCI) O.Amartuvshin said during the forum “In spite of the Mongolia’s abundant production of raw cashmere, the manufacturing capacity in the country is very low. The MNCCI in cooperation with private sector is formulating a strategy to raise the production of final cashmere products as it will help in the growth of the value added products and creating numerous job places in different stages of the cashmere production”. He also noted that promotion of non-mining exports is one of the main tasks of the MNCCI, for which attracting investment is an essential. “In this regard, cooperating with out southern neighbor China, another major supplier of raw cashmere with a great potential for technology and human resources, and building joint factory with them with the help of the government support will help Mongolia to export its cashmere to the world markets”.

The cashmere forum in China served as an important platform for Mongolia and China, which provide 90 percent of the global cashmere together, to talk about each of the cashmere markets and competitions with markets of other countries, define the adequate policy and raise capital. In 2018, the Government of Mongolia launched a cashmere product to expand cashmere production, increase economic profits and create jobs in the cashmere industry and thanks to the program, more than 2300 jobs were added.

On the sidelines of the forum, “Soft gold” cashmere fashion show was organized displaying cashmere collections by designers from Mongolia, China, Russia, Japan, South Korea and Italy. From Mongolia, fashion designer of the Evseg LLC S.Alimaa presented her cashmere collection.

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Beijing, Moscow, Russia, Mull Over Arctic Gas Pipeline Across Mongolia To China www.silkroadbriefing.com

China and Russia are discussing the possibility of putting into place a gas pipeline from Russia’s Yamal LNG plant in the Arctic, transiting Russia to Irkutsk and heading south through Mongolia en route to China. Additional supply lines are needed to feed China’s need for energy. China’s market is the worlds fastest growing, with Russian supplies to China expected to become as high as one trillion cubic metres by 2050.

China is about to receive its first Russia LNG via the “Power of Siberia“ pipeline on December 1st. That transports gas from Yakutia to the Russian Far East Province of Primorsky Krie at Blagoveshchensk and then heads south into Northern China as well as Japan.

The order to examine the Mongolia route came from direct discussions between Russian President Vladimir Putin and the Gazprom CEO Alexei Miller, where Putin is said to have stated:
“I would like to refer to the issue that we have repeatedly discussed with you and with Chinese partners, I mean the possibility of using the resources of the Irkutsk and Krasnoyarsk regions. Also, have a look at the reserves in Yamal for supplies to China via the western route through Mongolia. That is a challenging route, though the preliminary consideration of the issue has shown that it is quite realistic, and Chinese partners also tend to agree.”

Such pipelines are hi-tech. They need to be able to withstand temperatures as low as -62 °C (-79.6 °F). Nanocomposite coatings are used to increase the lifetime of the pipelines, which must also be able to withstand earthquakes by incorporating materials that will deform under seismic activity. Internal coatings ensure energy efficiency by reducing the friction of the pipeline’s inner surfaces. The Mongolia pipeline can be expected to run alongside the Trans-Mongolia railway, which enters Mongolia from Irkutsk and heads across the country, exiting at the Chinese border city of Erlian. Russia agreed last week to upgrade this route.

The cost is likely to run into several billion dollars, and will also be a boost to Mongolia as the country will receive transit fees in addition to providing maintenance and support services. Should it go ahead, completion would be in the region of about five years as pipelines already exist between Yamal and Irkutsk.

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Amount of outstanding loans to entities decreases by MNT23 billion www.montsame.mn

Ulaanbaatar/MONTSAME/. The money supply (broad money or M2) reached MNT 20.5 trillion at the end of August 2019, showing an increase of MNT 185.8 billion (0.9%) from the previous month and by MNT 3.0 trillion (17.4%) from the same period of previous year.

At the end of August 2019, the national currency in circulation reached MNT 925.7 billion, showing a decrease of MNT 9.3 billion (1.0%) from the previous month and by MNT 1.8 billion (0.2%) from the same period of previous year.

At the end of August 2019, the amount of outstanding loan to entities, enterprises and citizens amounted MNT 18.3 trillion, showing a decrease by MNT 23.0 billion (0.1%) from the previous month, while it shows an increase of MNT 2.3 trillion (14.5%) from the same period of previous year.

At the end of August 2019, the principals in arrears amounted MNT 982.4 billion, showing an increase by MNT 103.8 billion (11.8%) from the previous month, while it shows a decrease by MNT 36.1 billion (3.5%) from the same period of previous year. The principals in arrears makes up to 5.4% of total loans, showing an increase of 0.6 points from the previous month, while it shows a decrease of 1.0 points from the same period of previous year.

At the end of July, the outstanding loans to individual in arrears amounted MNT 12.1 trillion, decreased by MNT 8.0 billion (0.1%) from the previous month, but increased by MNT 1.8 trillion (17.7%) from the same period of previous year. From the total loans to individuals 37.2 percent was mortgage loans, 27.4 percent was salary loans, 13.1 percent was small and medium enterprises loans, 10.1 percent was consumer loans, 6.7 percent was pensions and 5.5 percent was other loans.

At the end of August 2019, the non-performing loans in banking system amounted MNT 1.9 trillion, decreased by MNT 19.8 billion (1.0%) from the previous month, but increased by MNT 545.6 billion (39.9%) from the same period of previous year. The non-performing loans in the banking system makes up to 10.5% of total loans, showing an increase of 1.9 points from the same period of previous year.

Source: National Statistics Office of Mongolia

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Tax revenue reaches MNT6.2 trillion as of first eight months of 2019 www.montsame.mn

Ulaanbaatar/MONTSAME/. In the first 8 months of 2019, total equilibrated revenue and grants of the General government budget amounted to MNT 6.9 trillion and total expenditure and net lending amounted to MNT 6.3 trillion, resulting a surplus of MNT 549.7 billion in the equilibrated balance.

In August 2019, equilibrated revenue and grants of the General government budget reached MNT 841.2 billion, decreased by MNT 293.4 billion or 25.9% from the previous month whereas, total expenditure and net lending reached MNT 826.8 billion, increased by MNT 35.3 billion or 4.5% from the previous month.

In the first 8 months of 2019, tax revenue reached MNT 6.2 trillion, increased by MNT 1104.8 billion or 21.5% compared with the same period of previous year. This growth was mainly affected by increases of MNT 362.9 billion or 28.1% in income tax, MNT 267.1 billion or 26.9% in social security revenue, MNT174.9 billion or 13.0% in value added taxes, MNT 116.4 billion or 24.1% in other tax, MNT 89.3 billion or 18.0% in excise taxes and MNT 80.7 billion or 18.7% in revenue from foreign activities.

General Government budget revenue was comprised of 81.3% of tax revenue, 8.2% of non-tax revenue, 10.0% of the future heritage fund and 0.5% of the stabilization fund.

In the first 8 months of 2019, total expenditure and net lending of the General government budget increased by MNT 920.3 billion or 17.0% compared with the same period of previous year. This increase was mainly due to MNT 532.1 billion or 11.7% increase in current expenditure and MNT 460.4 billion or 69.1% increase in capital expenditure.

General government budget expenditure and net lending was comprised of 80.1% of current expenditure, 17.8% of capital expenditure and 2.1% of net lending.

Source: National Statistics Office of Mongolia

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Decreases showed in extraction of molybdenum concentrate and gold www.montsame.mn

Ulaanbaatar/MONTSAME/. In the first 8 months of 2019, the gross industrial output reached MNT 11.4 trillion, showing an increase of MNT 1.5 trillion (15.5%) from the same period of previous year. This increase was mainly due to an increase of mining and quarrying gross output by MNT 1.2 trillion (17.2%), of which mining of coal increased by MNT 1.2 trillion (49.2%) and mining of metal ores increased by MNT 60.0 billion (1.5%).

In August 2019, the gross industrial output reached MNT 1.6 trillion and increased by MNT 135.5 billion (9.3%) compared to the previous month.

In August 2019, the seasonally adjusted industrial production index was 176.2 (2010=100), increased by 11.5% from the same period of previous year, whereas, it is decreased by 1.6% from the end of previous year and by 0.5% from the previous month.

In the first 8 months of 2019, in mining sector, extraction of zinc concentrate, crude oil, copper concentrate, fluorspar, gravel, coal and iron ore are increased by 0.4-36.0% compared to the same period of previous year, which in manufacturing sector, production of wooden products, horse meat, vacuum windows and doors, cashmere products, buuz and dumpling, wooden window and door are increased by 2.2% to 2.7 times more.

On the other hand, in mining sector, extraction of molybdenum concentrate and gold are decreased by 4.7-20.5%. In manufacturing sector, productions of beer, sausage products, alcoholic beverage, copper cathode, combed cashmere, and fodder are decreased by 2.7-35.6% compared to the same period of previous year.

In the first 8 months of 2019, the sales of industrial production reached MNT 13.5 trillion, increased by MNT 2.0 trillion (17.7%) from the same period of previous year. From the total sales of industrial production, MNT 9.5 trillion (70.4%) were export.


Source: National Statistics Office of Mongolia

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Exports of mineral products, textiles and precious metals make up 95.7 percent of total export www.montsame.mn

Ulaanbaatar/MONTSAME/. In the first 8 months of 2019, Mongolia traded with 143 countries from all over the world and total trade turnover reached USD 9.5 billion, of which USD 5.4 billion were exports and USD 4.1 billion were imports. In August 2019, exports and imports reached to USD 815.6 million and USD 584.0 million, respectively. Compared to the previous month, exports increased by USD 183.1 million and imports decreased by USD 29.4 million.

In the same period of 2019, total foreign trade turnover increased by USD 1.0 (11.9%) billion, of which exports increased by USD 715.8 million (15.3%) and imports increased by USD 289.2 million (7.6%) compared to the same period of previous year.

In the first 8 months of 2019, foreign trade surplus reached USD 1.3 billion, which increased by USD 426.6 million from USD 869.2 million in the same period of 2018. In August 2019, foreign trade surplus reached to USD 231.6 million. Compared to the previous month, foreign trade surplus increased by USD 212.5 million. The 715.8 million increase in exports from the same period of previous year was due to the increases of USD 294.8 million in bituminous coal and USD 199.8 million in gold, unwrought or in semi-manufactured forms exports.

The USD 289.2 million increase in imports from the same period of previous year was mainly due to USD 57.2 million increase in mineral products imports, especially, USD 99.0 million increase in diesel imports and USD 176.0 million increase in transport vehicles and its spare parts.

Exports of mineral products, textiles and textile articles, natural or cultured stones, precious metals jewelry make up to 95.7 percent of total export. On the other hand, 68.6 percent of imports are mineral products, machinery, equipment, electric appliances, transport vehicle and its spare parts and food products.


Source: National Statistics Office of Mongolia

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Tsairt Mineral: Exports declined as zinc price drops www.zgm.mn

Tsairt Mineral LLC has reported that the exports have declined in the third quarter due to a decrease in zinc price. The company exported 62,000 tons of zinc concentrate in the first eight months of this year, which is 10 percent higher than the previous year.

However, exports were higher in the first half of 2019, but supply dropped 14-15 percent only in August from a year earlier. Zinc price is expected to increase in September and October, according to the Director-General of Tsairt Mineral LLC.

Tsairt Mineral LLC supplies about 75 percent of Mongolian zinc exports and Chinese invested Xin Xin LLC accounts for the remaining 25 percent. Experts believe that zinc extraction in China has increased, as reserves in the London Metal Exchange (LME) grew. However, the prices are expected to decline, according to the analysts of Deutsche Bank and Morgan Stanley. The reserves in LME dropped to the lowest level since April, with zinc price recovering and reaching the highest level in one month. The price of zinc per ton stands at USD 2,357.

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Mongolia to join Inter-American Convention on Serving Criminal Sentences Abroad www.montsame.mn

Ulaanbaatar /MONTSAME/ At its regular meeting dated on September 11, the Cabinet supported draft law on ratifying Inter-American Convention on Serving Criminal Sentences Abroad and resolved to submit it to the Parliament.

Joining the Inter-American Convention on Serving Criminal Sentences Abroad, conditions will be created to build relations reflected in the convention with 21 countries such as the United States, Canada, Brazil and Mexico, which are member and non-member states of the Organization of American States. The convention is consisted of 19 articles and It reflects main issues such as procedure for transfer, refusal of transfer request, rights of the sentenced person who is transferred and manner of serving sentence, review of sentence and effects in the receiving state.

Mongolia has established bilateral agreement on the Transfer of Sentenced Persons with 11 countries and joined Berlin and COE Conventions on Transfer of Sentenced Persons respectively. In frames of the Conventions, some Mongolian citizens who are serving sentence abroad have been transferred to their home country and transfer operation of one citizen each from Russia and Japan is running underway now.

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Mattia Romani: Mongolia’s been excellent partner for EBRD www.zgm.mn

The Official Gazette sat down with Mr. Mattia Romani, Managing Director of Economy, Policy, and Governance at the European Bank for Reconstruction and Development (EBRD). He talked about EBRD’s projects in Mongolia and possibilities to change the policy in a particular sector.

-The European Bank for Reconstruction and Development is one of the major investors of Mongolia. What further projects EBRD is planning to implement in the country?

-I am happy to say that we have projects across all sectors in Mongolia. We started working with SME’s but now expanded to infrastructure, especially renewable energy sector. And of course, we invest quite a lot in financial institutions as well. Across the board, we have now quite a balanced project activities in the country.

-Could you mention a few successful projects in specific?

-I would like to focus on something that we have done now in Mongolia for a while, which is not strictly focused on only investments. We invested over EUR 1.6 billion in the economy of Mongolia. What we also do a lot is to combine our investments with policy engagement, so that we can cooperate with a number of sectors, government agencies, and institutions. It’s interesting that we can reach a client and make a real difference with that client. For example, Gobi JSC, one of our clients who are demonstrating other investors to invest in the cashmere sector. What we are doing now with policy engagements is important. If we take the learnings from the projects, we talk to the government about changing regulations and laws, so that the changes and experience of that project can become law across the sector. In other words, the impact of our projects is really systemic.

-EBRD has been a long term partner of Mongolia since its transition to democracy. Is Mongolia a good partner, including both the SME’s and the government?

-Well, Mongolia has been an excellent partner for EBRD. There are three reasons to assume so. Firstly, SME’s have the growth aspiration. There are companies that want to grow and improve their standards. Secondly, Mongolia has the freedom of democracy, where people can say what they want freely. And the third reason is that state entities always try to solve the problems and cooperate with us, even though there are some obvious difficulties.

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