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October 15, 2019

China’s 2019 growth rate again cut by IMF as US trade war, Brexit leaves world economy in ‘precarious’ position

China’s economic growth rate will remain just inside the government's target range in 2019 despite the International Monetary Fund again downgrading their prediction, while warning the outlook for the world economy “remains precarious.”The Washington-based International Monetary Fund (IMF) predicted in their latest report released on Tuesday that China’s growth will be 6.1 per cent in 2019 and 5.8 per cent in 2020.Beijing has set a target range of between 6 to 6.5 per cent for 2019 with the…
October 15, 2019

China keeps credit tap open to bolster growth despite a spike in pork-driven consumer inflation

China’s central bank maintained its support for businesses and households in September, and is determined to provide more financing help even after consumer inflation hit the limit of the government’s comfort zone due to soaring pork prices.The People’s Bank of China (PBOC) said on Tuesday that banks extended 1.69 trillion yuan (US$240 billion) in September, a rise from 1.21 trillion yuan in August.Aggregate financing, which measures the country’s overall credit to the real economy and includes…
October 15, 2019

China keeps credit tape open to bolster growth despite a spike in pork-driven consumer inflation

China’s central bank maintained its support for businesses and households in September, and is determined to provide more financing help even after consumer inflation hit the limit of the government’s comfort zone due to soaring pork prices.The People’s Bank of China (PBOC) said on Tuesday that banks extended 1.69 trillion yuan (US$240 billion) in September, a rise from 1.21 trillion yuan in August.Aggregate financing, which measures the country’s overall credit to the real economy and includes…
October 15, 2019

Gas demand growth in China slows as economy hits consumption

China’s slowing economy is expected to restrict demand for natural gas this year, despite state plans to shift another 4.93 million households away from coal this winter.State-run Sinopec Gas is predicting natural gas demand to reach 307 billion cubic metres (bcm) this year, an increase of just 10 per cent, compared to 17 per cent in 2018, as consumption rates respond to weakening economic conditions.Any demand increase is expected to boost imports of the fuel to China, which is the world’s…
October 15, 2019

China's economy cause of growing concern in Beijing as US-China trade war takes toll on growth

Chinese premier Li Keqiang has urged local government officials to do everything possible to keep economic growth on track, sending a strong signal that Beijing is increasingly concerned about a deeper-than-expected economic slowdown amid a trade war with the United States.Li told five provincial governors on Monday that local officials must “enhance the sense of urgency and responsibility” to ensure stable economic growth and “must put growth in a more prominent position” on their work agenda,…
October 15, 2019

China’s economy cause of growing concern in Beijing as US-China trade war takes toll on growth

Chinese premier Li Keqiang has urged local government officials to do everything possible to keep economic growth on track, sending a strong signal that Beijing is increasingly concerned about a deeper-than-expected economic slowdown amid a trade war with the United States.Li told five provincial governors on Monday that local officials must “enhance the sense of urgency and responsibility” to ensure stable economic growth and “must put growth in a more prominent position” on their work agenda,…
October 15, 2019

China’s pork crisis sends consumer inflation rising to the brink of Beijing’s limit, highest level for six years

China’s pork crisis sent prices spiralling to their highest reading since November 2013 as consumer inflation reached 3.0 per cent in September, according to official government data released on Tuesday.The world’s most populous nation has been ravaged by an outbreak of African swine fever that added 1.65 percentage points to its consumer inflation last month.The 3.0 per cent mark is the upper limit of Beijing’s target for whole-year consumer price index (CPI), placing more pressure on the…
October 15, 2019

China’s pork crisis sends consumer inflation rising to the brink of Beijing’s limit, highest level in six years

China’s pork crisis sent prices spiralling to their highest reading since November 2013 as consumer inflation reached 3.0 per cent in September, according to official government data released on Tuesday.The world’s most populous nation has been ravaged by an outbreak of African swine fever that added 1.65 percentage points to its consumer inflation last month.The 3.0 per cent mark is the upper limit of Beijing’s target for whole-year consumer price index (CPI), placing more pressure on the…
October 14, 2019

China’s sharp drop in imports led by weaker demand for aircraft, soybeans and smartphone screens

China’s purchases of aircraft, soybeans and LED screens fell sharply in the first nine months of 2019, reflecting disruptions to global supply chains caused by the China-United States trade war and a slowdown in the world’s second biggest economy.Overall Chinese imports dropped 5.0 per cent in the period January to September from a year earlier to US$1.55 trillion, while September imports fell 8.5 per cent alone, according to data released by the General Administration of Customs on Monday. The…
October 14, 2019

Hunter Biden’s China investment firm is small fish in China’s private equity pond

The Chinese private equity firm at the centre of a controversy concerning director and shareholder Hunter Biden is a small entry in China's private equity industry, focused solely on the domestic market after it was blocked from investing abroad by Beijing’s capital account controls, according to corporate filings and government registry information.BHR (Shanghai) Equity Investment Fund Management Company has grabbed global media attention for its links with Hunter Biden, the son of former…
October 14, 2019

Going, going, still no takers? China’s small, indebted local banks fail to attract buyers at auction, even at half price

To see how little investors love China’s small banks, look no further than the nation’s largest online auction site.On Alibaba Group Holding’s Taobao platform, a Chinese court tried to auction off 1.5 million shares of a rural bank in the eastern Zhejiang province for a starting price of 1.15 million yuan (US$161,000) – about half their appraised value. After three failed attempts over two months, the latest relisting drew only about a thousand views. And not a single bid.That’s not an isolated…
October 14, 2019

Going, going, still no takers?China’s small, indebted local banks fail to attract buyers at auction, even at half price

To see how little investors love China’s small banks, look no further than the nation’s largest online auction site.On Alibaba Group Holding’s Taobao platform, a Chinese court tried to auction off 1.5 million shares of a rural bank in the eastern Zhejiang province for a starting price of 1.15 million yuan (US$161,000) – about half their appraised value. After three failed attempts over two months, the latest relisting drew only about a thousand views. And not a single bid.That’s not an isolated…
October 14, 2019

China’s export growth in biggest drop since February, as US trade war continues to hammer economy

China’s exports fell for the second month in a row in September, as the trade war with the United States continued to hit the world’s second-largest economy.Shipments fell by 3.2 per cent during the month compared to a year earlier, after dropping 1.0 per cent in August in dollar terms. This was worse than the 2.8 per cent decline expected by analysts in a Bloomberg poll. It was also the biggest fall in exports since February, when they fell 20.7 per cent.In addition, imports during the month…
October 14, 2019

China’s exports suffer biggest drop since February, as US trade war continues to hammer economy

China’s exports fell for the second month in a row in September, as the trade war with the United States continued to hit the world’s second-largest economy.Shipments fell by 3.2 per cent during the month compared to a year earlier, after dropping 1.0 per cent in August in dollar terms. This was worse than the 2.8 per cent decline expected by analysts in a Bloomberg poll. It was also the biggest fall in exports since February, when they fell 20.7 per cent.In addition, imports during the month…
October 13, 2019

Macau submits proposal for ‘offshore yuan Nasdaq’ to Chinese government

A proposal to set up an offshore yuan-denominated Nasdaq in Macau has been submitted to China for consideration, according to a senior official from neighbouring Guangdong province.He Xiaojun, director of Guangdong’s Local Financial Supervision and Administration Bureau, said he hoped China’s central government might give its blessing to the plan by mid-December, which marks the 20th anniversary of the city’s return to Chinese administration, the Sina Finance news portal reported on Sunday…
October 13, 2019

Plans for ‘offshore renminbi Nasdaq’ in Macau submitted to Beijing

A proposal to set up an offshore yuan-denominated “Nasdaq” in Macau has been submitted to Beijing for consideration, according to a senior official from neighbouring Guangdong province.He Xiaojun, director of Guangdong’s Local Financial Supervision and Administration Bureau, said he hoped China’s central government might give its blessing to the plan by mid-December, which marks the 20th anniversary of the city’s return to Chinese administration, the Sina Finance news portal reported on Sunday…
October 12, 2019

When extra days wouldn’t spur Chinese consumers to spend, retailers open late into the night to loosen purse strings

It’s Saturday evening. Nayuki, a teahouse-cum-bar on Dongfang Road in Shanghai’s Pudong district, is buzzing with activity. Dozens of young patrons have paid between 100 yuan (US$14) and 200 yuan each to watch Kamu, a rising stand-up comedian and the winner of the latest season of Rock & Roast, an online show that has clocked 2.33 billion views.Since Nayuki introduced stand-up comics in September business has been booming.The bar’s manager, who identified himself as Rex, said as the theme was a…
October 11, 2019

China must boost research and education to ‘break US-imposed technology containment’, academic warns

China must pay greater attention to basic research and education to “break the US-imposed technology containment” that has become part of the ongoing tensions between Beijing and Washington and engulfed technology companies including Huawei and ZTE, according an outspoken Chinese economist.Xiang Songzuo, an outspoken economist at the Renmin University of China, is part of what has become a nationwide debate that has led to many to call for a thorough overhaul of how China supports and conducts…
October 11, 2019

China to scrap foreign ownership limits in securities, futures and fund management firms next year in apparent trade-war concession

China’s securities watchdog officially has unveiled the time frame for abolishing foreign ownership restrictions on futures, securities and fund management companies, the latest sign that Beijing is accelerating efforts to open up its finance sector amid its gruelling trade war with the US.The China Securities Regulatory Commission (CSRC) said on Friday that limits on foreign investors in mainland-based futures firms would be scrapped on January 1 next year.Limits on mutual fund companies will…
October 11, 2019

China to give local governments bigger share of tax revenues to continue crucial infrastructure investments

China will distribute what could amount to trillions of yuan of national tax revenue to struggling provincial and municipal governments to finance infrastructure investment programmes in a bid to support the slowing economy.China’s State Council said this week that it would make permanent a provision that gives local governments 50 per cent of the country’s value-added tax (VAT) revenue, while also gradually handing over additional revenue from sales taxes. While the cabinet did not elaborate,…