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News from China
China retail sales up 8.5% in May
14th June 2018

 China's retail sales of consumer goods grew 8.5 percent year on year to reach 3 trillion yuan (US$475 billion) in May, official data showed on Thursday.

 
The expansion slowed slightly from the 9.4-percent rise seen in April, according to the National Bureau of Statistics.
 
In the first five months, China's retail sales of consumer goods grew 9.5 percent year on year, down 0.2 percentage points from the January-April period.
 
Sales in rural areas gained 9.6 percent in May, outpacing the growth of 8.3 percent in urban areas.
 
In breakdown, the catering sector reported a 8.8-percent year-on-year rise in revenues, while sales of other consumer products increased 8.4 percent.
 
Online spending continued to be robust, with sales surging 30.7 percent to reach 3.27 trillion yuan in the January-May period.
 
Consumption has been a key economic driver for China and contributed to 77.8 percent of economic growth in the first quarter, up from 58.8 percent in 2017.
 
Source: Shanghai Daily, June 14, 2018
China to establish central adjustment system for pension funds
13th June 2018

 China will establish a central adjustment system for basic pension funds of enterprise employees to balance payment burdens of local governments, according to an official document.

 
Based on the current pension system, a central adjustment fund will be set up to regulate pension funds in various provincial regions, a move that will help guarantee timely and complete payments to retirees, the State Council said in a statement on Wednesday.
 
The new policy will be the first step towards nationwide coordination, which will facilitate a sustainable basic pension scheme, the statement said.
 
Effective since July, the adjustment fund draws a certain portion from the provincial capital pool, which will enable the central government to redistribute it later.
 
Chinese Premier Li Keqiang said earlier this week that coordinated efforts should be made to ensure the raising, allocation, and management of funds under the central adjustment system.
 
China has been striving to build a fair and inclusive social security network, with its basic pension insurance covering 915 million residents at the end of last year.
 
Source: Shanghai Daily, June 13, 2018
China's PPI up 4.1% in May
9th June 2018

 

 
China's producer price index, which measures costs for industrial goods at the factory gate, rose 4.1 percent year on year in May, the National Bureau of Statistics said on Saturday.
 
The growth was 0.7 percentage points higher than that in April, as the factory prices of production materials and consumer goods both grew faster year on year.
 
Oil and gas extraction, fuel processing industries, the smelting, rolling and processing of black metal and nonferrous metals, chemical materials and products pushed up the PPI growth by 0.67 percentage points.
 
The sectors of nonmetal mineral product manufacturing as well as coal mining and dressing posted slower growths in factory prices.
 
NBS Statistician Sheng Guoqing said that the carry-over effects resulted in a rise of 3.9 percentage points in the PPI growth, with the remaining expansion of 0.2 percentage points generated by new price-rising factors.
 
Sheng also noted that the PPI index posted a month-on-month rise of 0.4 percent in May, reversing the decline trend since February, as the factory prices of production materials no longer declined.
 
In May, the factory prices of production materials edged up by 0.5 percent month on month, compared to a decline of 0.2 percent in April. In February and March, the declines were 0.1 percent and 0.2 percent respectively.
 
Sheng said that of the 40 industrial sectors polled, 25 sectors posted higher prices in May, 13 more than in April.
 
Oil and gas extraction as well as fuel processing have both seen their factory prices grow faster as a result of the price hikes in the international crude oil market.
 
The strong demand for steel also lifted up the factory prices of the products of the black metal smelting, rolling and processing sector.
 
The three sectors contributed a rise of 0.3 percentage points to the PPI growth, accounting for 75 percent of the index's chain growth, Sheng said .
 
NBS data also showed that China's consumer price index, a main gauge of inflation, rose 1.8 percent year on year in May and declined 0.2 percent month on month.
Source: Shanghai Daily, June 9, 2018
China calls for public's help to catch overseas graft suspects
7th June 2018
The Chinese government said it has launched a new website to encourage people to offer information on 50 corruption suspects who have fled overseas, even providing information about the streets on which they live in English as well as Chinese.
 
The Central Commission for Discipline Inspection took the fight overseas in 2015 by releasing a list of the 100 most-wanted fugitives that it has since sought to return through operations called "fox hunt" and "sky net."
 
For the second time in the space of a year, the commission released a list of names of people it is seeking — 50 this time compared with 22 a year ago — of whom 23 it says are likely to have fled to the United States.
 
Other countries include Canada and New Zealand. The majority are suspected of corruption, bribery or embezzlement, and 21 of the 50 have been on the run for more than a decade.
 
The commission provided English as well as Chinese descriptions of their suspected crimes and where they might be living, as well as showing their pictures, in a statement released late on Wednesday.
 
Those who have information about them can report on a new website (http://www.12388.gov.cn/ztzz/), although that is only available in Chinese.
 
"The aim of this new announcement is to closely rely on the masses and actively mobilise them," the commission said.
 
Of the 22 suspects whose names it released last year, six have so far given themselves up, it said.
 
China had captured 4,141 fugitives from more than 90 countries and regions and recovered nearly 10 billion yuan (US$1.57 billion) by the end of April, the commission said.
 
Source: Shanghai Daily, June 7, 2018

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