Customs statistics show that a total of 2,853 inbound and outbound China-Europe freight trains passed through the ports of Erenhot and Manzhouli in 2018, up 34.2 percent.

The number of standard containers carried on the trains reached 193,000, up 29.1 percent, with products worth a total of 11.51 billion U.S. dollars, up 28.8 percent.

The figure is up almost 20 percent from the previous year, Nadmid Bayartsaikhan told local media.

The growth was attributed to the implementation of the three-year Extended Funding Facility of the International Monetary Fund (IMF) in Mongolia and higher commodity prices in international markets, Bayartsaikhan said.

The IMF program was approved in 2017, aiming to stabilize the economy and establish the basis for a more sustainable and inclusive growth.

Mongolia's foreign currency reserves have more than doubled since the start of the program, according to the Bank of Mongolia.

"But our country's gross external debts stands at 27.9 billion dollars, which indicates that the country is still under heavy external debt risks. So, we need to focus more on consistently increasing foreign currency reserves," Bayartsaikhan said, noting that the appropriate level of foreign exchange reserves is a guarantee of any country's financial independence.

The December Lottery was a livestream broadcast on Education TV.

Adopted by parliament in July 2015, the law on the VAT incentive came into effect from 2016. According to this law, consumers started to take back money which is equivalent to 2% on products they purchased. In addition, consumers became able to be involved in lottery with the amount paid on bills.

The concept of a treasury fund is relatively common in miningdependent countries as a part of mining revenue is saved for sustainable development and is drawn for other key sectors. This also helps overcome difficulties, such as commodity busts or economic downturns, more easily.

“Although Mongolia’s GDP grew from MNT 2.2 trillion in 1990 to MNT 27.9 trillion in 2018, the country still lacks a reliable fund. The treasury was actively discussed since 2010; however, the financing to the fund was drastically cut due to election cycles, commodity price drops, budget deficits and governance,” explained Mr. Sumiyabazar.

Mongolia currently has two funds that replace a treasury fund. These are the Fiscal Stability Fund and Future Heritage Fund. The Government has ratified the necessary bills for these funds to sustainably accumulate a fraction of non-renewable minerals revenue; however, the actual operations are similar to that of a risk-fund than a treasury.

As stated on the 2019 budget, a total of MNT 1 trillion will be allocated to the Future Heritage Fund and half of this amount will be expended to settle previous debts. Mr. Sumiyabazar remarked, “Treasury fund is not a savings policy. Other countries invest a diverse number of sectors via their treasury funds. It is time we talk about this.”

But the bill remains frozen on the Parliament’s order list since last year. According to Odbayar Odonchimeg, Deputy Director for Business Strategy at the Erdenes Mongol LLC, the approval of the bill will increase the overall revenue of minerals sector, optimize investments, and improve the profitability of state-owned enterprises. “Treasury fund is also a big step forward for the capital market. We have high domestic demand of specialized investors for the instrument,” noted MIBG LLC.

Since the first case of the viral disease in pigs was recorded earlier this month, some 1,500 pigs have been slaughtered, Mongolia's General Agency for Specialized Investigation said in a statement.

As of Monday, there have been case reports in the capital Ulan Bator and more provinces recently. The provinces now include Khuvsgul, Bulgan, Orkhon, Selenge and Darkhan-Uul in the north, Dundgovi in the south and Tuv in central Mongolia, it said.

The agency said its officials have carried out inspection tours in the affected areas and seized infected pork from markets and restaurants.

Transport of all pigs and related products out of and into the listed places has been banned, and the country has suspended the import of pork products from the countries affected by the African swine plague, it said.

African swine fever is a highly contagious, lethal disease believed to infect swine only. No humans nor other species have thus far been found infected.

During the event, the Chinese Embassy in Mongolia and the Union of Chinese Immigrants in Mongolia gave flour, rice, fruits, sunflower oil, blankets and other necessities worth 20 million Mongolian tughriks (about 7,547 U.S. dollars) to 50 Chinese immigrants in the country.

Chinese Ambassador to Mongolia Xing Haiming noted that as 2019 marks the 70th anniversary of the establishment of China-Mongolia diplomatic ties, the two sides will organize many activities this year to strengthen bilateral ties and cooperation and deepen the friendship between the two peoples.

"There are many Chinese immigrants living and working in Mongolia. We will support you all the way," Xing said, wishing immigrants good health and happiness in the upcoming year of the Pig.

Chinese New Year, also known as the Spring Festival, is the most important holiday in China, which comes on Feb. 5 this year.

In thin holiday trade in the US, copper for delivery in March slumped 1.6% compared to Friday's close to $2.7655 per pound ($5,897 a tonne) on the Comex market in New York wiping out the metal's gains for the year.

Data released on Monday showed Chinese economic growth slowing to 6.4% during the fourth quarter, the lowest in almost a decade and the third quarter in a row of slowing growth. For 2018 as a whole the country's GDP expanded by 6.6%, which was the lowest rate since 1990.

In a note released on Monday, economists from CIBC said while it is not expecting a recession in 2019, it expects "increasing trade barriers and tariffs to slow down global growth over the next 18 months, delaying our previously forecast 2020 recovery to 2021.”

The Canadian bank's analysts adjusted their copper price forecast for 2019 to $2.75 per pound, down 10.6% from the previous prediction. For 2020 the bank expects copper to average $2.85, down more than 12%:

“We acknowledge that a stronger-than-expected fiscal and monetary policy response from China, and/or supply disruptions (i.e., Chuquicamata in copper, Chinese smelting constraints in zinc), may support higher price estimates.

“However, a demand slowdown is likely to trump higher sustainable prices.”

China consumes nearly half the world's copper and the metal is considered a good barometer of economic conditions given its widespread use in power grids, communication networks, manufacturing and construction.

At the start of 2019, copper fell to a near two-year low of $2.54 a pound. Copper is technically in a bear market with the price plunging more than 20% since peaking in June 2018 over fears of the impact of the trade dispute between China and the US.

The meeting was co-chaired by D.Davaasuren, State Secretary of the Ministry of Foreign Affairs of Mongolia, and Marcelino Medina, first Vice Minister of Foreign Affairs of Cuba.

Mr. Davaasuren held a meeting with Mr. Fernando Bermudez, first Deputy Minister of Science, Technology and Environment and discussed about launching cooperation between scientific, technological and research institutes. Furthermore, they signed a Memorandum of Understanding between the Ministry of Environment and Tourism of Mongolia and the Ministry of Science, Technology and Environment of the Republic of Cuba for cooperation in conservation.

Moreover, the State Secretary got familiarized with activities of the Diplomatic Academy and the Center for Genetic Engineering and Biotechnology which is leading in the world with its production of pharmaceuticals and vaccines and exchanged views on bilateral cooperation.

The Cuban side proposed to cooperate with Mongolia in health and biotechnological sectors, especially in the fields of treatment of diabetes, prevention of heart attack, elimination of hepatitis B and Delta viruses and the supply of vaccines against bovine foot-and-mouth disease and parasites.