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News from China
China unveils strategy to boost ‘industrial Internet’
28th November 2017

 CHINA’S Cabinet has unveiled a guideline for developing the “industrial Internet” — integration of industry and the Internet.

 
By 2025, industrial Internet infrastructure covering all regions and sectors should be basically complete, according to the State Council guideline.
 
By 2035, China will lead the world in key sectors of the industrial Internet.
 
By the middle of the century, China should be among the top countries for the overall strength of its industrial Internet.
 
The development of industrial Internet is a must for China’s manufacturing sector amid international competition, said Chen Zhaoxiong, vice minister of industry and information technology.
 
The guideline listed major tasks and projects, including increasing the Internet speed and reducing costs, setting industrial Internet standards, establishing innovation centers and improving network security.
 
Equal market access will be expanded, fiscal support will be strengthened and direct financing will be increased, the guideline said.
 
Priority will be given to the development of advanced manufacturing that is smart and green, according to the guideline.
 
The Ministry of Industry and Information Technology has selected 206 pilot projects for smart manufacturing, of which 28 are related to industrial Internet innovation, said Xie Shaofeng, an official with the ministry.
 
The National Development and Reform Commission said yesterday more energy will be channeled into a range of advanced manufacturing sectors including rail transit, automobiles and agricultural machinery during the next three years.
 
Core competitiveness in chosen sectors will be substantially improved, the NDRC said, stressing combined development of the real economy and the Internet.
 
Other sectors included high-end medical apparatus and medicine, new materials and robotics.
 
As its advantage in cheap labor fades, China has encouraged domestic manufacturers to move up the global value chain. The “Made in China 2025” strategy was unveiled in 2015.
 
Source: Shanghai Daily, November 28, 2017
Eurozone set for strong finish in 2017
27th November 2017

 THE 19-country eurozone is set for its best quarterly performance since early 2011, according to a closely watched survey yesterday, the latest sign that a robust economy has gained further momentum heading into the year’s end.

 
Financial information company IHS Markit said its purchasing managers’ index — a broad gauge of business activity across the manufacturing and services sectors — rose to 57.5 points in November from 56 the previous month. Anything above 50 indicates an expansion and the index now stands at its highest level since April 2011.
 
Chris Williamson, the firm’s chief business economist, said “business is booming,” and jobs are being created at the fastest rate since the dot.com era at the turn of the millennium.
 
The eurozone’s fourth-quarter growth could even come in at 0.8 percent, he said, rounding off “the best year for a decade.”
 
Even before the survey, the eurozone was set to post its highest growth rate in 10 years. Earlier this month, the European Union upgraded its growth forecast for the eurozone this year to 2.2 percent, which would be the highest since 2007.
 
The scale of the eurozone recovery this year, which is broad-based across countries and sectors, has caught many economists by surprise.
 
At the year’s start, many feared that the region, already disturbed by Britain’s vote last year to leave the EU, ongoing concerns over the euro and a slew of key elections, would face a difficult time. Though uncertainty over Brexit remains, the Greek crisis seems contained and populist politicians failed to make the breakthrough many economists feare
Source: Shanghai Daily, November 27, 2017
SOEs achieve 25% rise in profits
22nd November 2017

 STATE-OWNED enterprises posted a 24.6 percent rise in profits in the first 10 months of the year, driven by the metal, coal, and petrochemical sectors, the Ministry of Finance said yesterday.

 
SOEs notched up total profits of about 2.4 trillion yuan (US$361.7 billion) in the January-October period, the ministry said in a statement.
 
That compared with 24.9 percent year-on-year growth in the first nine months but improved from the 0.4 annual profit growth in the first 10 months last year.
 
Centrally-administered SOEs made about 1.55 trillion yuan in profit, up 17.8 percent year on year, while locally-administered SOE profits rose 39.4 percent to 837 billion yuan.
 
SOEs raked in nearly 42 trillion yuan in revenue in the first 10 months, up 15.4 percent on the same period last year, and paid 3.4 trillion yuan in tax, an increase of 11.6 percent.
 
While the metal, coal, petroleum and petrochemical sectors posted profit growth, the electricity sector saw a fall.
 
The improvement of SOE profitability was achieved as the government deepened supply-side reforms in the state-owned sector to improve efficiency.
 
Mixed ownership and market-oriented management were encouraged to reduce cost and boost earnings.
 
The SOEs are set to complete corporate governance reform by the end of this year and lead innovation-driven development in China’s economic re-balancing.
 
Moody’s Investors Service expected revenue and profitability of Chinese corporations to remain stable in 2018.
 
China’s Purchasing Managers’ Index, which measures the price of goods at the factory gate, rose 6.9 percent year on year October.
 
The manufacturing sector stayed above the boom-bust mark for the 11th month in a row in October as the official PMI stood at 51.6.
Source: Shanghai Daily, November 22, 2017
Sluggish new home sales prevail
21st November 2017

 

 
Seven-day sales of new homes remained below the 100,000-square-meter threshold for the seventh straight week in Shanghai despite a double-digit rebound, according to market data released yesterday.
 
The area of new homes sold, excluding government-funded affordable housing, totaled 83,000 square meters during the period ended Sunday, up 13.2 percent week over week, Shanghai Centaline Property Consultants Co said in a report.
 
“The market was plagued by zero supply again last week with real estate developers showing no interest in launching their projects onto the market,” said Lu Wenxi, senior manager of research at Centaline. “We expect new home sales to remain slack over the coming weeks amid extremely insufficient supply.”
 
Outlying areas continued to outperform their centrally located counterparts. Nanhui in Pudong New Area recorded new housing sales of 11,000 square meters last week, down 15.4 percent from the previous week. In contrast, central districts such as Hongkou and former Luwan, where inventories are much smaller, both suffered zero transaction during the same period.
 
One project in Nanhui, which sold 34 units of apartments totaling 4,865 square meters, became the most sought-after development. A luxury villa project in Pudong, which just sold five units totaling 1,646 square meters, still managed to grab the 7th position in last week’s Top 10 list, Centaline data showed.
 
On average, new homes sold for an average 49,054 yuan (US$7,381) per square meter, almost unchanged from a week ago.
 
From October 1 through Sunday, only two residential projects released a total of around 50 units onto the local market, the majority of them large-sized units, a separate report released yesterday by Shanghai Homelink Real Estate Agency Co showed.
Source: Shsnghai Daily, November 21, 2017

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