Xinhua world economic summary at 0900 GMT, Sept. 1

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NEW YORK — ICBC New York Branch will continue to support local economic development by providing credit to various public and private entities and stressing the role of social responsibilities, an official from the bank said Monday. ICBC New York Branch provided a commitment of 250 million U.S. dollars to […]

NEW YORK — ICBC New York Branch will continue to support local economic development by providing credit to various public and private entities and stressing the role of social responsibilities, an official from the bank said Monday.

ICBC New York Branch provided a commitment of 250 million U.S. dollars to a two-year unsecured non-revolving credit line to New York’s Metropolitan Transportation Authority in May, said Robert O’Brien, head of public finance at ICBC New York Branch. (US-ICBC-New York)

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SEOUL — South Korea on Tuesday proposed a record-high government budget for 2021 to bolster economic recovery amid uncertainty over the COVID-19 pandemic.

Proposal for the 2021 fiscal budget was set at 555.8 trillion won (469.7 billion U.S. dollars), 8.5 percent higher than this year’s budget, according to the Ministry of Economy and Finance. (S.Korea-Budget)

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BOGOTA — Colombia’s unemployment rate rose to 20.2 percent in July due to the COVID-19 pandemic, the National Administrative Department of Statistics said on Monday.

“In July, the country’s unemployment rate was 20.2 percent, an increase of 9.5 percent compared to the same month last year (10.7 percent),” the agency said. (Colombia-Unemployment-COVID-19)

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JOHANNESBURG — The South African government on Monday launched the Export Barriers Monitoring Mechanism (EBMM) to help remove barriers for enterprises to export to other countries.

“From today, the EBMM is open to any firm that encounters an export barrier of any kind, whether locally or in any foreign market. We strongly encourage you to tell us whenever you encounter a challenge, no matter how big or small,” said Lerato Mataboge, deputy director-general for Export Development, Promotion and Outward Investments at the department. (South Africa-Trade)

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