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News from China
China's industrial profits down 0.3% in June
27th July 2015

 Profits of major Chinese industrial firms dropped 0.3 percent year on year in June, down from 0.6 percent growth posted in May, the National Bureau of Statistics (NBS) said on Monday.

Profits at industrial companies with annual revenues of more than 20 million yuan (US$3.27 million) totaled 588.6 billion yuan in June.

Industrial profits of these firms reached 2.84 trillion yuan in the first half of the year, down 0.7 percent year on year, the NBS said. The decline narrowed 0.1 percentage points from the rate seen in the January-May period.

Source: Shanghai Daily, July 27, 2015
Rules eased on imports of crude oil
24th July 2015

 China yesterday gave private refineries the green light to import crude oil, opening up a heavily monopolized sector.

According to new rules, to qualify non-state companies must have an annual refining capacity of more than 2 million tons and meet efficiency and environmental standards. They should also have storage capacity for at least 300,000 tons of crude, with terminals that can handle more than 50,000 tons.

China is one of the world’s largest oil buyers, with nearly 60 percent of its consumption coming from imports. Crude imports are dominated by state-run giants such as Sinopec, CNPC and CNOOC.

There are already more than 20 qualified non-state importers, but they have limited quotas.

Xinjiang Guanghui Petroleum last year became the first private firm since 2008 to be granted approval to import crude.

Source: Shanghai Daily, July 24, 2015
Industrial sector still in need of govt support
23rd July 2015

 CHINA’S industrial sector continues to face considerable downward pressure, although positive signs have emerged due to government support policies, the Ministry of Industry and Information Technology said yesterday.

“Some regions, industries and businesses are facing increasing difficulties, and strong efforts are needed to stabilize and improve industrial operations,” ministry spokesman Zhang Feng told a press conference.

His comments came after China’s industrial output in the first half grew 6.3 percent year on year, slightly down from 6.4 percent in the first quarter.

The growth rate recovered, however, from 5.6 percent in March, its lowest since the 2008 global financial crisis.

As China’s pro-growth policies filter through, the sector will see more positive factors to sustain the improving trend, Zhang said.

China’s economy posted year-on-year growth of 7 percent in the second quarter.

Source: Shanghai Daily, July 23, 2015
Slow growth takes toll on coal output
22nd July 2015

 FLAGGING demand in China has dented output at the country’s top-two coal firms as slower economic growth took a toll on the world’s largest producer and consumer of the mineral.

China Shenhua Energy Co, China’s largest coal miner, yesterday reported that its coal output declined 10.1 percent year on year to 139 million tons in the first half of 2015.

China Coal Energy Co, the second-largest coal producer, said on the same day that its output slumped 22.1 percent to 46.3 million tons in the first six months.

During that period, coal sales by China Shenhua slipped 24.2 percent and those by China Coal fell 12 percent, according to the two companies’ statements.

The drop in sales was caused by weaker demand, the impact of government measures to reduce pollution and other reasons, China Shenhua said.

The coal industry will remain anemic in the short term and it will get more difficult for producers to survive, said Wang Xianzheng, head of the China National Coal Association.

Source: Shanghai Daily, July 22, 2015

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