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News from China
CICC raises China growth forecast to 7% for 2018
9th January 2018

 A leading Chinese investment firm raised its forecast for China's economic growth in 2018, citing stronger external demand and strength in consumption and manufacturing investment.

The China International Capital Corp (CICC) raised its forecast for China's 2018 real GDP growth to 7 percent year on year, up from a previous estimate of 6.9 percent, according to a report from the company.
An expected tax cut in the United States will boost external demand for China, contributing to faster export growth, according to Liang Hong, chief economist with the CICC.
Stronger-than-expected external demand growth in 2018 will add to the inflationary pressure, and the consumer price index is predicted to rise 2.6 percent year on year in 2018, up from 2.5 percent in the previous estimate, according to the report.
The investment firm is also optimistic about China's domestic demand, citing growth potential in consumption and investment.
"Consumption growth will likely pick up on the back of rising disposable income growth, especially that of lower-income households that have higher consumption propensity," Liang said.
Meanwhile, manufacturing investment growth is expected to accelerate, driven by a notable rebound of corporate investment returns, Liang said.
The firm also expected acceleration in property investment growth and resilience in actual infrastructure investment activity this year.
For 2019, the CICC expected the real GDP growth to remain robust at 6.9 percent.
With higher expectations for growth and inflation, the CICC forecast that China's central bank will raise the benchmark deposit and lending rate by 25 basis points this year.
China's GDP expanded 6.9 percent year on year in the first three quarters, above the government's yearly target of 6.5 percent. The official GDP number for the whole year of 2017 is scheduled to be released next week.
Source: Shanghai Daily, January 9, 2018
Beijing's e-commerce transactions to surpass 2.5 trillion yuan in 2018
7th January 2018

Beijing Municipal Commission of Commerce has said that e-commerce transactions in the city are expected to exceed 2.5 trillion yuan (385 billion U.S. dollars) by the end of 2018.

Beijing plans to promote the development of the Internet and logistics this year.
E-commerce transactions in the capital will increase to 2.5 trillion yuan in 2018 by upgrading and increasing online trade.
The number of enterprises that provide products and services through the Internet and wholesalers and retailers conducting e-commerce will increase.
Beijing will also promote e-commerce in small and medium-sized enterprises, and in residential communities and rural areas.
Traditional retailers and wholesalers are also encouraged to develop online business.
The city will make policies for training couriers and lay down standards for delivery vehicles to promote coordinated development of e-commerce and logistics.
Source: Xinhua
Housing ministry calls for garbage sorting action plans in Chinese cities
4th January 2018

 A Chinese ministry has released a notice urging 46 major cities to create detailed action plans for garbage sorting, by the end of March this year.

The plans should make clear annual work targets and specific tasks, according to the Ministry of Housing and Urban-Rural Development.
In 2018, the cities must launch pilot areas for garbage sorting, and gradually expand the model to more regions, the notice said.
By 2020, the 46 cities should have basically built a treatment system for garbage and put in place laws and regulations for the sector, with the utilization rate of recyclable and corruptible organic waste reaching 35 percent.
The ministry is aiming to create an international standard garbage sorting system before 2035.
The timetable came as China's cities are facing a pile-up of household waste, with landfills and incinerators often meeting opposition from local residents.
Source: Xinhua
Chinese yuan strengthens to 20-month high against USD
2nd January 2018

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened to a 20-month high against the U.S. dollar on the second trading day of 2018.

The rate strengthened 159 basis points to 6.4920 against the dollar, according to the China Foreign Exchange Trade System.
It was the strongest level since May 3, 2016, following a rally of 263 basis points on Tuesday.
The yuan's onshore exchange rate strengthened by 6.72 percent last year, the sharpest annual appreciation in nine years, according to calculations by financial information provider
The currency's robust performance was the result of a weaker dollar, sound economic fundamentals, improved regulation on capital flows, a relatively tightened monetary environment and increased global use of the currency.
"The RMB will hold steady against a basket of currencies in 2018, with two-way movements becoming a norm," said a research report from China Everbright Bank.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
Source: Xinhua

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