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News from China
State economic planner releases new measures to boost consumption
29th January 2019

 The National Development and Reform Commission, China's state economic planner, issued a flurry of measures aimed at boosting domestic consumption and ensuring stable economic growth, according to an official statement today.

The action plan, the latest move following the central economic working conference which vows to keep the economy stable and push for high quality economic growth, covers six areas with 24 items across sectors ranging from automotive to home appliances.
It will stick to supply-side structural reform as a major task, riding on the consumption upgrade trend, and would also accelerate business upgrading to create new market demand with high quality supply.
"The general consumption upgrade trend is still robust, despite slight turbulence, while innovative supply still falls short and consumer sentiment is slightly dampened due to a rising debt ratio and stock market fluctuation in the past year," Inspector Liu Yunan at the comprehensive department of the NDRC told a press briefing on Tuesday morning.
"Automobile consumption plays a significant role in the consumer market, and the renovation of urban households to fit more elderly people is also a priority," he added.
The action plan was released in collaboration with 10 government agencies including the Ministry of Industry and Information Technology, Ministry of Commerce, Ministry of Finance, and the Ministry of Civil Affairs.
It eyes the loosening of restrictions on the second-hand auto market, and will also provide subsidies to boost rural sales of certain types of vehicles and purchases of new energy vehicles.
It is also drawing up specific measures regarding the offering of appropriate subsidies on the purchase of small trucks and passenger cars in rural areas, without giving details or the timetable.
Source: Shanghai Daily, January 29, 2019
China's industrial profits up 10.3% in 2018
28th January 2019

 Profits of China's major industrial firms maintained steady growth last year, the National Bureau of Statistics said Monday.

Combined profits at industrial firms with the annual revenue of more than 20 million yuan (about US$2.96 million) each reached 6.63514 trillion yuan last year, up 10.3 percent year on year.
The 2018 profit growth is lower than the 21-percent expansion for 2017, but still remained on a steady growth track, according to NBS statistician He Ping.
Profits fell 1.9 percent year on year last December, down further from a drop of 1.8 percent in November.
State-owned players saw profits up 12.6 percent year on year in 2018, compared with 45.1-percent growth in 2017, while private firms' profit growth accelerated from 11.7 percent in 2017 to 11.9 percent last year.
Profits in 32 of the 41 sectors surveyed rose compared with a year earlier.
The mining sector's profits expanded 40.1 percent year on year, with the petroleum and natural gas mining subsector posting a robust growth of 440 percent.
The manufacturing sector's earnings grew 8.7 percent year on year.
Among the nine sectors with shrinking profits, non-ferrous metals smelting and rolling decreased 9 percent in profits, while automobile manufacturing fell by 4.7 percent year on year. 
Source: Shanghai Daily, January 28, 2019
China to become world's largest retail market in 2019: report
25th January 2019

 China may overtake the United States as the world's biggest retail market this year, according to a report published Wednesday by research firm eMarketer.

The report predicted that China's total retail sales will grow 7.5 percent to reach US$5.636 trillion in 2019, while that of the United States will grow 3.3 percent to 5.529 trillion.
The sale boom, according to the report, is a result of China's rising incomes and thriving E-commerce.
"In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class," said Monica Peart, senior forecasting director at eMarketer. "The result has been marked rise in purchasing power and average spending per person."
E-commerce is a major driver of China's retail economy, accounting for almost one fifth of the country's total retail sales in 2018, according to the National Bureau of Statistics.
On China's annual shopping holiday, Singles Day, E-commerce giant Alibaba scooped over 10 billion yuan (US$1.47 billion) in just two minutes. Its 24-hour sales amounted to a record of 31.46 billion dollars, exceeding that of Cyber Monday and Black Friday combined.
By the end of this year, China will have 55.8 percent of all online retail sales globally, with that figure expected to exceed 63 percent by 2022, according to the report. It also predicted that the U.S. share of the global E-commerce market is expected to drop to 15 percent by 2022.
Source: Shanghai Daily, January 25, 2019
French president calls for cooperation with China on multilateralism
24th January 2019

 French President Emmanuel Macron said on Wednesday that France is willing to strengthen communication and coordination with China in international affairs and to work together to safeguard multilateralism.

Macron made the remarks in talks with Chinese State Councilor and Foreign Minister Wang Yi at the Elysee Palace.
Macron asked Wang to convey his sincere greetings to Chinese President Xi Jinping.
France attaches great importance to France-China relations, and hopes to seize the opportunity of the 55th anniversary of the establishment of bilateral diplomatic relations to promote high-level exchanges between the two sides, deepen mutual cooperation in such areas as economy, trade, investment, nuclear energy as well as aerospace, and strengthen cultural, educational and youth exchanges, said Macron.
Chinese companies are welcomed in France, he added.
Wang conveyed Xi's cordial greetings to Macron.
Wang said ever since Macron's visit to China more than a year ago, consensuses reached between the two heads of state have been steadily implemented and cooperation in various fields has yielded positive results, demonstrating the highness of the comprehensive strategic partnership between China and France as well as the great potential of bilateral cooperation.
In 2019, China and France will celebrate the 55th anniversary of the establishment of diplomatic relations between the two countries, said Wang, adding that China is willing to strengthen high-level exchanges between the two sides, and deepen cooperation in areas of nuclear energy and innovation, as well as within the framework of the Belt and Road Initiative.
China is also ready to strengthen communication and cooperation with France on multilateral issues such as climate change, and to safeguard the current international system that has the United Nations at its core, so as to enrich the China-France comprehensive strategic partnership, said Wang.
China's door will open wider, Wang stressed, adding that China is willing to provide a sound investment environment for all foreign companies including those from France.
Wang arrived in Paris on Wednesday to hold the 18th consultation of the coordinators for the China-France Strategic Dialogue with the French president's diplomatic advisor Philippe Etienne.
Source: Shanghai Daily, January 24, 2019

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