Saudi Consumers Guide Covers 1,000 Rights

The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
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Saudi Consumers Guide Covers 1,000 Rights

The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)

The Saudi Consumer Protection Association issued the “Consumer Rights Comprehensive Guide”, which was recently updated to include 13 government agencies, including ministries, committees and institutions.

The guide covers around 1,000 rights to raise awareness among consumers on their rights and duties, in a way that preserves that of all parties.

The Association highlighted the consumer rights that have been approved by regulations through the guide, in recognition of the importance of increasing awareness among consumers of their guaranteed rights.

The Association's Director of Communication and Public Relations, Mohamad al-Ahmari, stated that the guide has collected nearly 1,000 rights.

The interest in developing the guide stemmed from the role of the association in achieving and increasing awareness.

Statistics showed that the Ministry of Commerce and Investment reported over 1.4 million consumer complaints last year, including 266,000 concerning online trading, 190,000 on online payment systems, and 55,000 on guarantees issues.

A member of the Board of Directors of Riyadh Chamber and Chairman of the E-Commerce Committee, Abdullah al-Ajlan, explained that the Ministry is making tremendous efforts in handling consumer reports, specifically with regard to e-commerce.

The ministry established the “Maarouf” platform as a useful service for sellers or buyers, which helps increase business confidence.

Ajlan indicated that users of e-commerce sites must first ensure that the facility is registered with the platform to guarantee their rights in the event of any issues that may arise during the purchase or in the after-sales period.

He stressed that consumers have become aware of their rights and duties and can now deal with such sites hoping to avoid any future problems.

The Saudi Central Bank facilitates online purchases through secured sites and applications and employed developed systems that follow best financial measures according to the security standards, according to Ajlan.

Ajlan also noted that the Chamber handled 266,000 reports during 2020, which confirms the increased confidence of clients and the safety of dealing business in the Kingdom.

In 1985, the United Nations General Assembly approved the eight consumer rights and assigned March 15 of each year as the World Consumers Rights Day.

Basic consumer rights ensure a level of protection for consumers owed by a supplier of goods or services. The eight rights include the right to safety, the right to be informed, the right to choose, the right to be heard, the right to satisfaction of basic needs, the right to redress, the right to consumer education and the right to a healthy environment.



China Launches Late Stimulus Push to Meet 2024 Growth Target

FILE PHOTO: A worker works on a building under construction in Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A worker works on a building under construction in Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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China Launches Late Stimulus Push to Meet 2024 Growth Target

FILE PHOTO: A worker works on a building under construction in Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A worker works on a building under construction in Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target, Reuters reported.
More fiscal measures are expected to be announced before China's week-long holidays starting on Oct. 1, after a meeting of the Communist Party's top leaders showed an increased sense of urgency about mounting economic headwinds.
On the heels of the Politburo huddle, China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus, two sources with knowledge of the matter have told Reuters.
Capital Economics chief Asia Economist Mark Williams estimates the package "would lift annual output by 0.4% relative to what it would otherwise have been."
"It's late in the year, but a new package of this size that was implemented soon should be enough to deliver growth in line with the 'around 5%' target," he said.
Chinese stocks are on track for the best week since 2008 on stimulus expectations.
The world's second-largest economy faces strong deflationary pressures due to a sharp property market downturn and frail consumer confidence, which have exposed its over-reliance on exports in an increasingly tense global trade environment.
A wide range of economic data in recent months has missed forecasts, raising concerns among economists that the growth target was at risk and that a longer-term structural slowdown could be in play.
On Friday, data showed industrial profits swinging back to a sharp contraction in August.
"We believe the persistent growth weakness has hit policymakers' pain threshold," Goldman Sachs analysts said in a note.
As flagged on Tuesday by Governor Pan Gongsheng, the People's Bank of China on Friday trimmed the amount of cash that banks must hold as reserves, known as the reserve requirement ratio (RRR), by 50 basis points, the second such reduction this year.
The move is expected to release 1 trillion yuan ($142.5 billion) in liquidity into the banking system and was accompanied by a cut in the benchmark interest rate on seven-day reverse repurchase agreements by 20 bps to 1.50%. The cuts take effect on Friday and Pan, in rare forward-looking remarks, left the door open to another RRR reduction later this year.

Given weak credit demand from households and businesses, investors are more focused on the fiscal measures that are widely expected to be announced in coming days.
Reuters reported on Thursday that 1 trillion yuan due to be raised via special bonds will be used to increase subsidies for a consumer goods replacement program and for the upgrade of large-scale business equipment.
They will also be used to provide a monthly allowance of about 800 yuan, or $114, per child to all households with two or more children, excluding the first child.
China aims to raise another 1 trillion yuan via a separate special sovereign debt issuance to help local governments tackle their debt problems.
Bloomberg News reported on Thursday that China is also considering the injection up to 1 trillion yuan of capital into its biggest state banks.
Most of China's fiscal stimulus still goes into investment, but returns are dwindling and the spending has saddled local governments with $13 trillion in debt.
The looming fiscal measures would mark a slight shift towards stimulating consumption, a direction Beijing has said for more than a decade that it wants to take but has made little progress on.
China's household spending is less than 40% of annual economic output, some 20 percentage points below the global average. Investment, by comparison, is 20 points above but has been fueling much more debt than growth.
The politburo also pledged to stabilize the troubled real estate market, saying the government should expand a white list of housing projects that can receive further financing and revitalize idle land.
The September meeting is not usually a forum for discussing the economy, which suggests growing anxiety among officials.
"The 'shock and awe' strategy could be meant to jumpstart the markets and boost confidence," Nomura analysts said in a note.
"But eventually it is still necessary for Beijing to introduce well thought policies to address many of the deep-rooted problems, particularly regarding how to stabilize the property sector."