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☆ Analysis: China’s EV market reshaped by a brutal elimination round
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.

Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ China's Xi tells U.S. CEOs that bilateral relations can have a 'brighter future'
▼ + stars: | 2024-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China's President Xi Jinping speaks at an event held by the National Committee on US-China Relations and the US-China Business Council on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023. Carlos Barria | Afp | Getty ImagesBEIJING — Chinese President Xi Jinping told U.S. executives on Wednesday that bilateral relations can improve, and pledged that Beijing would keep working to improve the business environment. In the Chinese side's readout, Xi described China's economy as "sound and sustainable," and pushed back on some forecasts that the country would soon "peak." The National Committee on U.S.-China Relations did not provide a statement. "I commend [Xi's] personal engagement in the U.S.-China relationship, including a meeting like this.

Persons: Xi Jinping, Carlos Barria, Stephen Schwarzman, Cristiano Amon, Evan G, Greenberg, Harvard's John F, Dean Graham Allison, Craig Allen, Xi, Wang Yi, Zheng Shanjie, Commerce Wang Wentao, Rajesh Subramaniam, Chubb Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, Getty, U.S, China -, Blackstone, Qualcomm, Kennedy School of Government, U.S ., China Business, Authorities, National Development, Commerce, FedEx, CNBC, Committee Locations: Asia, San Francisco , California, BEIJING, Beijing, China, United States, U.S

☆ China doubles down on manufacturing, leaving real estate behind
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — China revealed this week it aims to spend more than a billion dollars to bolster manufacturing and domestic tech in a bid to remain globally competitive, while divulging little new support for the struggling real estate market. Industrial support clearly ranked first on Beijing's priority list for the year ahead, according to three major plans released this week as part of China's annual parliamentary meetings. Chinese authorities in 2020 intensified a crackdown on real estate developers' high reliance on debt for growth. Within that second priority, the finance ministry said it would allocate 31.3 billion yuan for improving vocational education. The government work report presented by Premier Li Qiang gave real estate a similar level of prominence.

Persons: Frederic Neumann, Li Qiang Organizations: Seres, China News Service, Getty, Ministry of Finance, HSBC, UBS, National Development, Reform Commission Locations: Chongqing, China, BEIJING, Asia, Beijing, U.S

☆ Analysis-As China's Xi Summons 'New Productive Forces', Old Questions Linger for Economy
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.

Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl

LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.

Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

The capacity payments will be calculated based on fixed costs of 330 yuan ($45.25) per kilowatt per year for coal plants. Analysts said the move was important to ensure the financial viability of seldom-utilised, backup coal power, which is used for demand peaks or when renewable power generation is insufficient. However, observers also cautioned that the policy could risk entrenching inefficient coal power in China's energy system, despite its rapid expansion of renewable power generation capacity. "Capacity-based electricity pricing for coal power will further incentivise state-owned enterprises in China to build new coal power projects in the short term. Capacity payments should be for all power producers, not only for coal power," said Zhang Kai, deputy program director for Greenpeace East Asia in Beijing.

Persons: David Fishman, Xuewan Chen, Group's Fishman, Zhang Kai, Colleen Howe, Andrew Hayley, Edmund Klamann, Muralikumar Anantharaman, Kim Coghill Organizations: National Development, Reform Commission, Reuters, Analysts, Lantau, LSEG, Jinneng Holding, Power Co, Centre for Research, Energy, Clean, Greenpeace East, Thomson Locations: BEIJING, China, Shanghai, Beijing, Shanxi, Jiangxi Ganneng, Hunan, Greenpeace East Asia

☆ China's He Lifeng named to key post in Central Financial Commission
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - A Chinese vice premier, He Lifeng, has been appointed head of the office of the Central Financial Commission (CFC), which is responsible for running day-to-day affairs of a new regulator tasked with overseeing a vast financial sector. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system. The appointments, announced by the central bank's Financial News publication, underscore how the ruling Communist Party has taken direct control of supervising the financial sector. He has also been appointed director of a key ruling Communist Party economic body, the Central Finance and Economic Affairs Commission, replacing Liu He. In 2014, He was named vice chairman of the National Development and Reform Commission, the state planning agency, before taking full control in 2017.

Persons: Lifeng, Florence, Xi Jinping, Liu He, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Edwina Gibbs, Robert Birsel Organizations: REUTERS, Rights, Central Financial Commission, Financial Work, Financial, Communist Party, Central Finance, Economic Affairs Commission, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Quanzhou, Fujian province, Xiamen, Tianjin

Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. He, 68, replaced internationally respected Liu He as one of China's four vice premiers during its annual parliament session in March. The full scope of his portfolio had been largely unclear until Sunday when state media referred to him as the director of a powerful Communist Party economic body. "He Lifeng mainly implements policies from the top leader," said a policy adviser who spoke on condition of anonymity, referring to Xi. "Now under the leadership of the Party ... there will be closer cooperation among the top economic planner, central bank and the finance ministry."

Persons: Lifeng, Florence, Xi Jinping's, Liu, Xi, Liu He, Li Keqiang, Peng Liyuan, Kevin Yao, Laurie Chen, Joe Cash, Ellen Zhang, Marius Zaharia Organizations: REUTERS, Rights, Communist Party, Central Financial Commission, Harvard, Investors, State Council, Party, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, China's, Washington, Europe, Quanzhou, Fujian, Xiamen, Tianjin, Lincoln

☆ Belt and Road Forum: Beijing to host global gathering as Xi Jinping lays out China's vision
▼ + stars: | 2023-10-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Russia’s Vladimir Putin, whose on-going assault on Ukraine is another major point of global instability and division, is expected to attend. The last time he was in Beijing was for the Winter Olympics opening ceremony in early 2022. Winning backing for China’s global leadership from a broad swath of developing and emerging economies is key to Xi’s strategy to push back against perceived international threats, analysts say. Overseas development finance from China’s two major development banks has also decreased significantly since a peak in 2016, the report’s data show. Ten years on, Chinese decision makers are becoming “more selective and more calculating” about the benefits of their financing, she said.

Persons: Xi Jinping, laud China’s, –, weren’t, Russia’s Vladimir Putin, ”, Craig Singleton, “, Kenya . Han Xu, Li Mingjiang, ” Jonathan Fulton, Luiz Inacio Lula da Silva, Cyril Ramaphosa, Narendra Modi, Sergei Lavrov, Alet Pretorius, ” It’s, Liang, Yun Sun Organizations: CNN, Global, Initiative, Foundation for Defense, Democracies, Getty, Communist Party, Hamas, Singapore’s Nanyang Technological University, Officials, Atlantic Council, Indian, Russia's, Boston University Global Development, Center, World Bank, Overseas, China’s National, Reform, China Program, Stimson Locations: China, Beijing, United States, Israel, Gaza, Ukraine, Ukraine’s, Washington, Kenya ., Xinhua, Russia, Moscow, China’s, Abu Dhabi, Fulton, Johannesburg, New Delhi, saddling

☆ Xi's economic policies are leaving many China watchers perplexed and confused
▼ + stars: | 2023-09-20 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +8 min

Why is a nation with ambitions to become the dominant economic power in the world doing so many things to blunt that potential? Xi vs. the CCPMost, though not all, China watchers point to Xi himself as the instigator of those recent changes. "China's private sector, previously the growth engine of the Chinese economy, is paying the consequences," he told CNBC. In addition, he said "in recent months, China's National Development and Reform Commission has set up a bureau especially for private sector development." They cite external factors for weakness in the Chinese economy, including U.S. tariffs, trade restrictions, sanctions, and the sluggish post-pandemic global economy.

Persons: Xi Jinping, Lintao Zhang, Orville Schell, Schell, Jinping, Yasheng Huang, Xi, Ryan Hass, Kevin Rudd, Rudd, Anne Stevenson, Yang, Stevenson, Jack Ma, Mikhail Gorbachev, Liu Pengu, Yang Fan, Zhang Xinyu, Liza Tobin, Eric Schmidt Organizations: Political, CPC Central Committee, of People, Getty, Center, U.S, China Relations, The Asia Society, CNBC, Chinese Communist Party, Communist, MIT Sloan School, CCP, China Center, Brookings, Foreign Policy, Oxford University, J Capital Research, Communist Party, Party, U.S ., Soviet Union, National, Reform, Marxist Locations: Beijing, China, New York, U.S, Australia, United States, U.S . Congress, USSR, Soviet Union

☆ China to formulate 'special' measures to widen Taiwan's access to Fujian
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

A Chinese warship fires during a military drill off the Chinese coast near Fuzhou, Fujian Province, across from the Taiwan-controlled Matsu Islands, China, April 11, 2023. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Sept 14 (Reuters) - China will take a number of "special" policy measures to improve access for Taiwanese enterprises to Fujian province across the Taiwan Strait, the Chinese state planner said on Thursday, under a long-term cross-strait integrated development plan. The steps are part of a plan announced by China on Tuesday to turn coastal Fujian province into a zone for integrated development with Taiwan, which China claims as part of its territory. He added that Beijing also supports new energy cooperation between Taiwan, which it regards as a Chinese province, and Ningde, a Fujian city north of Xiamen. Strait Innovation Internet Co (300300.SZ) and Zhongfu Straits Pingtan Development Co (000592.SZ), both based in Pingtan, rose 8% and 5%, respectively.

Persons: Thomas Peter, Liang, Ryan Woo, Ethan Wang, Jason Xue, Jacqueline Wong Organizations: REUTERS, Rights, National Development, Reform Commission, Innovation Internet, Pingtan Development, Thomson Locations: Fuzhou, Fujian Province, Taiwan, Matsu Islands, China, Rights BEIJING, Fujian, Taiwan Strait, Xiamen, Kinmen, Beijing, Pingtan, China's, Zhongfu

☆ China to Formulate 'Special' Measures to Widen Taiwan's Access to Fujian
▼ + stars: | 2023-09-13 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) -China will take a number of "special" policy measures to improve access for Taiwanese enterprises to Fujian province across the Taiwan Strait, the Chinese state planner said on Thursday, under a long-term cross-strait integrated development plan. The steps are part of a plan announced by China on Tuesday to turn coastal Fujian province into a zone for integrated development with Taiwan, which China claims as part of its territory. He added that Beijing also supports new energy cooperation between Taiwan, which it regards as a Chinese province, and Ningde, a Fujian city north of Xiamen. Opening up of an experimental development zone in Pingtan, China's closest point to the main Taiwan island across the strait, will be expedited, Cong added. Strait Innovation Internet Co and Zhongfu Straits Pingtan Development Co, both based in Pingtan, rose 8% and 5%, respectively.

Persons: Liang, Ryan Woo, Ethan Wang, Jason Xue, Jacqueline Wong Organizations: National Development, Reform Commission, Innovation, Pingtan Locations: BEIJING, China, Fujian, Taiwan Strait, Xiamen, Taiwan, Kinmen, Beijing, Pingtan, China's, Zhongfu

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

☆ Chinese property stocks surge after central bank vows more support for private businesses
▼ + stars: | 2023-08-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Other attendees included diary giant Yili Group, aluminum products manufacturer China Hongqiao Group and electrical components manufacturer Chint Group . At the symposium, PBOC governor Pan Gongsheng said the central bank will promote the expansion of private business bond financing support instruments, and strengthen the financial market to support their development. This is the latest move by the central government to boost market confidence and vow support for private businesses and the real estate sector amid signs of slowing growth. watch nowAt the Politburo meeting on July 24, the top leadership promised to "adjust and optimize policies" to boost the beleaguered property sector, as well as introduce measures to promote private investment. Separately, China's state planner, the National Development and Reform Commission, also released a 17-point statement, and pledged to encourage more private capital into the construction of major national projects.

Persons: Qilai Shen, Pan Gongsheng Organizations: Bloomberg, Getty, China Hongqiao Group, Chint, National Development, Reform Commission, Communist Party Locations: Beijing, China

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. Investors in China's stock markets, however, were clearly underwhelmed, as Hong Kong's Hang Seng Index (.HSI) dropped roughly 2% over the week, while the mainland's benchmark CSI 300 index (.CSI) eked out a 0.7% gain. But investors are becoming frustrated by the time the NDRC is taking to flesh out stimulus policies, or order measures like a cut in stamp duty - that could help China's ailing property sector, and please investors in stocks and bonds. Even in a best-case scenario, growth over the second half of this year looks set to be modest." Reporting by Joe Cash and Albee Zhang in Beijing; Editing by Himani Sarkar & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, HSI, flexibly, Zou Lan, Xu Tianchen, Joe Cash, Albee Zhang, Himani Sarkar, Simon Cameron, Moore Organizations: People's Bank of China, REUTERS, National Development, Reform Commission, Communist Party's, UBS, Council, Economist Intelligence Unit, Weibo, Capital Economics, Thomson Locations: Beijing, China, BEIJING

☆ China's energy security push drives up fossil fuel approvals - research
▼ + stars: | 2023-08-03 | by ( David Stanway | ) www.reuters.com time to read: +4 min

"China's government has put energy security and energy transition at odds with one another," said Greenpeace's Gao Yuhe, who led the research published on Thursday. "Beijing has clearly stated that coal power will still grow at a 'reasonable pace' into 2030," she said. China's National Energy Administration (NEA) did not immediately reply to a fax sent requesting a comment on the coal plants and their power generation policies. The increase in China's coal usage reflects a worldwide pattern. The International Energy Agency said last week that global coal consumption reached a record 8.3 billion tons in 2022, with strong growth in Asia offsetting declines elsewhere.

Persons: David Gray, Gao Yuhe, Xi Jinping, Gao, Jorrit Gosens, David Stanway, Christian Schmollinger Organizations: Mongolia Autonomous, REUTERS, Companies Greenpeace, Greenpeace, National Energy Administration, International Energy Agency, National Development, Reform Commission, European, Global Energy Monitor, Australian National University, NEA, Thomson Locations: Baotou, China's, Mongolia, Mongolia Autonomous Region, SINGAPORE, China, Beijing, Asia, European Union

☆ China turns to rural tourism and smart appliances to boost consumption
▼ + stars: | 2023-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

On Monday, the central government announced 20 measures to support tourism, as well as spur consumption of electric cars and so-called smart appliances. The support measures announced included an entire section on spurring rural consumption. Specifics included subsidizing trade-ins for purchase of smart household appliances, improving delivery services and promoting rural tourism. Median disposable income for rural households rose by 6.1% in the first half of the year from a year ago, official data showed. But at 8,920 yuan ($1,245) in disposable income, rural households only had about 40% of what urban households had to spend.

Persons: Yang Bo, Xu Hongcai, Li Chunlin, Li, Nomura, Xu, Wang Jun Organizations: China News Service, Getty, China Association of Policy, National Development, Reform Commission, CNBC, Boston Consulting Group, U.S . Authorities, Huatai Asset Management Locations: Nanjing, China, BEIJING, Beijing, Hong Kong

☆ China's State Council issues measures to expand consumption
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 31 (Reuters) - China's State Council on Monday issued measures to restore and expand consumption in the automobile, real estate and services sector, aiming to give full play to the "fundamental role" of consumption in economic development. In an interview with state broadcaster CCTV published on Monday, unnamed officials from the National Development and Reform Commission said it will take the summer, Mid-Autumn and National Day holidays as an opportunity to expand holiday consumption. Last week, policymakers at a Politburo meeting pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand, signalling more stimulus steps. The world's second-largest economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad. Reporting by Liangping Gao and Ryan Woo; Editing by Jacqueline Wong and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Liangping Gao, Ryan Woo, Jacqueline Wong Organizations: State, National Development, Reform Commission, Thomson Locations: BEIJING

☆ China Is Trying to Make Its Gloomy Consumers Spend More
▼ + stars: | 2023-07-31 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Those were a few of a long list of measures detailed on Monday by the Chinese government in an effort to stimulate consumer spending. Li Chunlin, vice chairman of the National Development and Reform Commission, acknowledged at a news conference that consumers are wary. “Some consumers lack confidence and have many concerns,” he said. Real estate prices have tumbled, leaving many Chinese feeling poorer and less willing to spend. Youth unemployment reached 21.3 percent in June, leaving them and their nervous parents more cautious about spending.

Persons: Li Chunlin, ” Organizations: National Development, Reform Locations: Beijing, Real

☆ China PMI: factory sector contracts for fourth straight month, raising urgency for more stimulus
▼ + stars: | 2023-07-31 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China is preparing to announce new stimulus for its stumbling economy after the vast factory sector contracted for a fourth straight month, and a gauge of activity in its services sector slipped to a seven month low. The official manufacturing Purchasing Managers’ Index (PMI), which measures activity level in the manufacturing sector, came in at 49.3 in July, according to data released by the National Bureau of Statistics on Monday. That result was slightly up compared with 49 in June but the index has nonetheless contracted each month since April. The official non-manufacturing PMI, which looks at activities in the services and construction industries, fell to 51.5 from 53.2 in June. “China’s official PMI data provides little encouragement that the economy is turning the corner,” said Robert Carnell, regional head of research for Asia-Pacific at ING Group.

Persons: Stringer, “, ”, Robert Carnell, Xi Jinping, Carnell Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Getty, ING Group, National Development, Reform Commission, Ministry of Industry, Information Technology, State, Information, Ministry of Commerce, Capital Economics Locations: Hong Kong, China, Beijing, Hangzhou, China's, Zhejiang, AFP, Asia, Pacific

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

☆ China's state planner unveils steps to spur private investment
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 24 (Reuters) - China's state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects. In the guidelines released last week, China said it will create a "traffic light" system to make clear the areas in which private investors are able to invest. "Significance of improving private investment should be fully recognised" and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a "reasonable level," the statement said. Private fixed-asset investment shrank by 0.2% in the first six months from a year earlier, in contrast to an 8.1% rise in investment by state entities, official data showed last week, highlighting weak private sector confidence. A special fund from central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said.

Persons: NDRC, Ellen Zhang, Bernard Orr, Kim Coghill Organizations: Communist Party, National Development, Reform Commission, Thomson Locations: BEIJING, China

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

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