Autor: venred

HONG KONG, Jan. 26, 2021 /PRNewswire/ — At a pivotal point in China-US relations, in the midst of COVID-19, and days following the inauguration of President Joe Biden, the United States and China are facing profound changes in their relationship and must work to bring stability back to the world community of which these nations are two of its most important members, agreed panelists in a session today during the «US-China Relations: The Way Forward» forum hosted by the China-U.S. Exchange Foundation (CUSEF) and the China Center for International Economic Exchanges (CCIEE).

Over 40 past and current major stakeholders and influencers in the China-U.S. relationship including, former Prime Minister of Japan Yasuo Fukuda, CCIEE Chairman and former PRC Vice Premier Zeng Peiyan, former Prime Minister of Italy and former President of the European Commission Romano Prodi, former U.S. Secretary of Commerce Carlos Gutierrez, CPPCC Vice Chairman Tung Chee-hwa, current government officials, senior business leaders and renowned scholars from the United States, China, and other Asia Pacific countries came together virtually in an effort to address the current challenges facing bilateral relations. The discussion focused on how China and the U.S. should move forward in light of the incoming U.S. administration and use the opportunity to identify areas of cooperation between the two countries to tackle global challenges including climate change, the environment, food security, cyber security and COVID-19.

In an opening greeting to the forum, Carrie Lam, Chief Executive of Hong Kong Special Administrative Region, stressed that, «with the incoming 46th President of the U.S. we hope that bilateral relations between the world’s two leading economies will start to improve, providing the impetus of global recovery.» Ms. Lam added that both President Xi Jinping and President Joe Biden echoed their commitment to international cooperation on important issues going forward, specifically in global efforts to eradicate the pandemic. 

Adding to the optimism and hope for progress in both trade and policy negotiations between the U.S. and China, CCIEE Chairman Zeng Peiyan said that in order to seek win-win cooperation, China and the U.S. must first rebuild mutual trust by restarting and improving multi-level engagement mechanisms and ultimately, using that dialogue as the fundamental conduit to address issues and challenges in order to play a leading role in managing relations. He also stressed that the two countries must «reshape and restart economic and trade relations, which have always been the ballast and stabilizer of the overall relationship.»

In addition to this, global governance will be essential during an era of heightened risk. Speakers stressed their optimism of a new American president, but also spoke candidly of the challenges that will remain on both sides due to the innate political frames of both countries. «I don’t think there will be a major change between China and U.S. relations despite the new administration. However, there will be more dialogue,» said Romano Prodi, former Prime Minister of Italy and former President of the European Commission. «The tensions within the U.S. and competition with China are prevalent amongst both the Republicans and Democrats. Thus, there will be a necessity for deeper dialogue and exchange of views.»

Former Prime Minister of Japan Yasuo Fukuda stressed that less division and instability is something all nations are seeking given the risks and problems that need to be resolved immediately, which cannot be solved without the United States and its global leadership, especially in international trade and finance. However, he notes that «the U.S. must first contain the biggest issue – COVID-19, before it can help the rest of the world.»

Emphasizing the detrimental effects of a complete China-U.S. decoupling, former U.S. Secretary of Commerce Carlos Gutierrez firmly believes that this bilateral relationship should not be one based solely on transactions, but rather one that encourages a more strategic partnership, which increases areas of collaboration while eradicating areas of friction. «When you call someone an enemy, they become your enemy. We [U.S.] are not an enemy of China, and I don’t think China is an enemy of us. Words matter.» Former U.S. Trade Representative Carla Hills echoed this same sentiment by predicting that there will be significant changes in how the U.S. handles its international relationships. In her eyes, «the tone in which we deal with all international governments, including China, will be more diplomatic.»

In the closing remarks of today’s session, Tung Chee-hwa, the founder and Chairman of CUSEF, referenced both President Xi Jinping and President Biden in sharing their mutual goals to address global challenges including fighting climate change and COVID-19. He underscored that the world needs assurance that all nations will abide by the same rules-based system and that China will work to protect the rules-based system and maintain global harmony. Addressing areas of cooperation, Mr. Tung explained, «President Biden has said that his four priorities are the pandemic, the economy, climate change, and racial injustice. There is no question that the two countries can work together in at least the first three priorities.» In his opinion, «It is time to turn the page of the negatives of the past few years and start to work with one another again.»

The second day of the forum will host panels on the future of trade and the economy in connection to US-China relations. Keynote speakers will include: Michael Spence, Nobel Laureate in Economics and Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University; Zhang Xiaoqiang, Executive Vice Chairman and Chief Executive Officer at CCIEE; Stephen Roach, Senior Fellow at the Jackson Institute of Global Affairs and  Senior Lecturer at Yale; Bi Jingquan, Executive Vice Chairman of CCIEE and Vice Chairman of the Committee on Economic Affairs or the 13^th CPPCC National Committee; plus a host of well-known panel speakers from both the U.S. and China. The third day will cover technology and global challenges, and people-to-people exchange, with keynote speakers including Steven Chu, Nobel Laureate in Physics and Former U.S. Secretary of Energy; Xie Zhenhua, Special Adviser on Climate Change Affairs of the Ministry of Ecology and Environment of China; Stephen Orlins, President of the NCUSCR; and Wang Chao, President of the Chinese People’s Institute of Foreign Affairs; also followed by panels of other distinguished speakers.

Note to Editors:

About the China – United States Exchange Foundation 
The China-United States Exchange Foundation (CUSEF)  is an independent, non-profit and non-governmental foundation committed to the belief that a positive and peaceful relationship between the strongest developed nation and the most populous, fast-developing nation is essential for global wellbeing. Founded in Hong Kong in 2008 and privately funded, CUSEF builds platforms to encourage constructive dialogue and diverse exchanges between the people of the U.S. and China. For more information please visit https://www.cusef.org.hk/.

About the China Center for International Economic Exchanges
Founded on March 20th, 2009, China Center for International Economic Exchanges (CCIEE), is a social organization and a new type of think tank, registered with and approved by the relevant authorities of the Chinese government. Guided by the philosophy of «Originality, Objectivity, Rationality and Compatibility», CCIEE aims to serve national development, improve people’s welfare and promote exchanges and cooperation by conducting research on strategic and economic issues both at home and abroad, developing international exchanges and cooperation and providing consulting services and intellectual support to the government and business in decision making. For more information, visit www.cciee.org.cn.

Media contact:
CUSEF
contactus@cusef.org.hk 

 

 

 

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SOURCE China-United States Exchange Foundation

NEW YORK, Jan. 26, 2021 /PRNewswire/ — S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for November 2020 show that home prices continue to increase across the U.S. More than 27 years of history are available for these data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.

Please note that transaction records for September 2020 for Wayne County, MI are now available. Due to delays at the local recording office caused by the COVID-19 lockdown, S&P Dow Jones Indices and CoreLogic were previously unable to generate a valid September 2020 update of the Detroit S&P CoreLogic Case-Shiller indices.

However, there are not a sufficient number of records for October 2020 and November 2020 for Detroit. Since Wayne is the most populous county in the Detroit metro area, S&P Dow Jones Indices and CoreLogic are unable to generate a valid Detroit index value for the months of October and November. When the sale transactions data fully resume and sufficient data are collected, the Detroit index values for the month(s) with missing updates will be calculated.

YEAR-OVER-YEAR 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 9.5% annual gain in November, up from 8.4% in the previous month. The 10-City Composite annual increase came in at 8.8%, up from 7.6% in the previous month. The 20-City Composite posted a 9.1% year-over-year gain, up from 8.0% in the previous month.

Phoenix, Seattle and San Diego continued to report the highest year-over-year gains among the 19 cities (excluding Detroit) in November. Phoenix led the way with a 13.8% year-over-year price increase, followed by Seattle with a 12.7% increase and San Diego with a 12.3% increase. All 19 cities reported higher price increases in the year ending November 2020 versus the year ending October 2020. 

MONTH-OVER-MONTH

The U.S. National Index posted a 1.1% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 1.2% and 1.1% respectively, before seasonal adjustment in November. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.4%, while the 10-City and 20-City Composites both posted increases of 1.4%. In November, all 19 cities (excluding Detroit) reported increases before and after seasonal adjustment.

NALYSIS

«The trend of accelerating home prices that began in June 2020 has now reached its sixth month with November’s emphatic report,» says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. «The National Composite Index gained 9.5% relative to its level a year ago, accelerating from October’s 8.4% increase. The 10- and 20-City Composites (up 8.8% and 9.1%, respectively) also rose more rapidly in November than they had done in October. The housing market’s strength was once again broadly-based: all 19 cities for which we have November data rose, and all 19 gained more in the 12 months ended in November than they had gained in the 12 months ended in October.

«As COVID-related restrictions began to grip the economy last spring, their effect on housing prices was unclear. Price growth decelerated in May and June before beginning a steady climb upward.  November’s report continues that acceleration in a particularly impressive manner. The National Composite last matched this month’s 9.5% growth rate in February 2014, more than six and a half years ago. From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, November’s 9.5% year-over-year change ranks near the top decile of all monthly reports.

«Recent data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may represent a true secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway. Future data will be required to address that question.

«Phoenix’s 13.8% increase led all cities for the 18^th consecutive month. Seattle (+12.7%) and San Diego (+12.3%) took the silver and bronze medals once again. Prices were strongest in the West (+10.1%) and Southwest (+9.7%) regions, with the historically lagging Northeast (+9.3%) also turning in an impressive month.»

SUPPORTING DATA 

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

Table 2 below summarizes the results for November 2020. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500^® and the Dow Jones Industrial Average^®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/.

FOR MORE INFORMATION:

April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com

Raymond McConville
Communications Manager
New York, USA
(+1) 212 438 1678
raymond.mcconville@spglobal.com

S&P Dow Jones Indices’ interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.

The S&P CoreLogic Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between S&P Dow Jones Indices and CoreLogic, Inc.

The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller Indices, CoreLogic also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through CoreLogic.

Case-Shiller^® and CoreLogic^® are trademarks of CoreLogic Case-Shiller, LLC or its affiliates or subsidiaries («CoreLogic») and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by CoreLogic or its predecessors in interest are sponsored, sold, or promoted by CoreLogic, and neither CoreLogic nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.

 

View original content:http://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-shows-annual-home-price-gains-climbed-to-9-5-in-november-301215333.html

SOURCE S&P Dow Jones Indices