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News from China
China steel firms report loss in 1st 11 months of 2015
4th January 2016

China's large and medium-sized steel mills suffered losses of 53.1 billion yuan (8.18 billion U.S. dollars) in the first eleven months of 2015, according to China Iron and Steel Association (CISA).

Of the 101 steel mills tracked by the CISA, the total sales revenue stood at 2.66 trillion yuan, down 19.3 percent from the previous year, according to the CISA report cited by the China Securities Journal.
 
Steel prices have fallen from nearly 6,000 yuan per tonne to 1,600 yuan per tonne in the past two years, quite a painful experience for the steel producers, said Zhang Yichen, an analyst with Yongan Futures Research Academy.
 
In the first eleven months of 2015, China's crude steel production dropped 2.2 percent year on year to 738.38 million tonnes, latest data from the National Development and Reform Commission showed.
 
Liu Xinwei, an analyst with sci99.com, forecast the steel market will continue to be weak in 2016 mainly due to the flagging property sector.
 
Source: Xinhua
Hainan to raise duty-free ceiling to boost spending
30th December 2015

Southernmost province Hainan will raise the upper limit of offshore shopping eligible for duty exemption, its party chief said Monday, the latest move to boost spending on the resort island.

Hainan allows non-locals to make duty-free purchases twice a year before taking flights to leave the island, each capped at 8,000 yuan (1,235 U.S. dollars). That amount is expected to double, said Luo Baoming, secretary of the Hainan Provincial Committee of the Communist Party of China.
 
The island province will also promote online duty-free shopping while allowing those who leave the island by train to enjoy duty exemption, Luo said.
 
The State Council, China's cabinet, gave Hainan permission to run a trial duty-free program in April 2011 in an effort to make the island a world-class tourist destination and to lure back luxury shoppers in order to buoy domestic consumption.
Hainan has two duty-free shops, with one in the provincial capital of Haikou and the other, the world's largest such shop, in the resort city of Sanya.
 
Source: Xinhua
China provides over 140 billion yuan to low-income groups
29th December 2015

China has provided more than 140 billion yuan (21.6 billion U.S.dollars) to low-income residents over the past 11 months, according to the Ministry of Civil Affairs (MCA) on Monday.

China has some 66.5 million people, five percent of its total population, receiving subsistence allowances. The cash subsidy standard for each urban resident is 439 yuan per month, and 255 yuan for rural residents, the MCA said.
 
The MCA also announced 45.5 million people with financial difficulties were offered medical services from January to September, with 15.3 billion yuan spent on the scheme.
 
Minister of Civil Affairs Li Liguo said the government will resolutely speed up the poverty relief work. Li also warned China is faced with the large, looming challenge of an aging population and called for a coordinated social assistance mechanism.
 
Source: Xinhua
China builds 3rd largest hydropower station on Yangtze River
25th December 2015

 China on Thursday started construction of its third largest hydropower station on the upper reaches of the Yangtze River.

 
The Wudongde project, located upstream from three other hydropower stations on the Jinsha River, the upper section of the Yangtze, is the world's 7th largest in operation or under construction, said Lu Chun, chairman of the China Three Gorges Corporation.
 
The project has a designed capacity of 10.2 gigawatts and will be able to generate 38.9 billion kwh of electricity per year after its 12 generating units start operation, Lu said.
 
The first unit is expected to start operating in 2020, he said.
 
The project, which was approved by the State Council on Dec. 16, is estimated to cost more than 100 billion yuan (15.4 billion U.S. dollars), Lu said.
 
The project's construction will require more than 16,000 workers in the next few years.
Source: Xinhua

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