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News from China
China sets threshold for individual investor's participation in sci-tech board
4th March 2019
Individual investors who want to participate in the much-anticipated science and technology innovation board have to have an asset of 500,000 yuan (US$74,627) and at least two years of experience in securities trading, according to the latest regulations released by China's top securities regulator.
"This is conducive to ensure that the sci-tech board runs smoothly at the beginning, under the precondition of adequate market liquidity," said the China Securities Regulatory Commission.
China is preparing for the launch of a sci-tech innovation board in a bid to leverage financial reforms to boost the development of the high-tech sectors and to advance economic transition.
The new board will be launched on the Shanghai Stock Exchange and experiment with registration-based IPOs. First proposed in November 2018 and approved in late January, it has since been pushed forward at full speed.
Until now, China has 3,607 listed firms with a total market capitalization of 53 trillion yuan. However, the weight of sci-tech firms remains quite limited.
The establishment of the board will help promote technological innovation, high-quality development of the economy and market-oriented reform of the capital market, according to Yi Huiman, CSRC chairman.
The tech board will ease the listing criteria, such as allowing firms that have yet to make a profit to list but will also adopt higher requirements for information disclosure.
Li Chao, CSRC vice chairman, said the new board will have strict IPO standards and certain procedures and will not be flooded by listed firms.
The sci-tech board will focus on high-tech and strategically emerging sectors such as new generation information technology, advanced equipment, new materials and energy, and biomedicine. The new board is likely to be rolled out as soon as the first half of this year.
Source: Shanghai Daily, March 5, 2019
Outlook for the economy is positive
1st March 2019

 Fresh snapshots of China’s manufacturing and non-manufacturing sectors showed a more positive outlook for the economy despite a seasonal dip in factory activity.

Official data released yesterday showed the country’s Purchasing Managers’ Index, which measures vitality in the manufacturing sector, edged down 0.3 points to 49.2 in February from a month earlier. A reading above 50 indicates expansion, while under 50 is considered contraction on a monthly basis.
The month-on-month fall was due largely to the halt in production and output reduction during the Spring Festival, said Zhao Qinghe, senior statistician of the National Bureau of Statistics.
The sub-index for production fell 1.4 points from January to 49.5, while new orders advanced 1 point to 50.6 in February, indicating a rebound in market demand, the bureau said.
Zhao also noted the strength of new sources of growth, as the sub-index for production of the high-tech manufacturing sector continued to rise.
Commenting on the February manufacturing PMI data, investment banking firm CICC said China’s domestic demand is showing signs of recovery.
“Deflationary pressure receded in February, and production and business expectations rebounded visibly,” CICC said.
Yesterday’s data showed a four-month high reading of 56.2 for the production and operation expectations index, a marked rise of 3.7 points from January.
“Manufacturing PMI may rebound in the near term if the moderately reflationary credit cycle sustains,” CICC said.
The decline in new export orders — the sub-index fell to 45.2 from 46.9 — together with the overall rise in new orders means new domestic orders rose at a faster pace, said Lu Ting, chief China economist of Nomura.
Separately, the non-manufacturing PMI showed the country’s non-manufacturing sector remained within the expansion range last month, the statistics bureau said.
The non-manufacturing PMI fell 0.4 points to 54.3 in February from a month earlier, mainly dragged by the construction sector. The sub-index for the construction sector dropped to 59.2 from 60.9, due to the Spring Festival holiday and bad weather, but the sector is likely to pick up the pace in the future as data showed rising business expectations.
Market sentiment is improving as sub-indexes for new orders and business expectation picked up by 0.3 and 1.8 points respectively from January, indicating growing service demands, the bureau said.
Indexes for sectors including railway and air transport, telecom, banking and leasing stood above 55, indicating robust business growth.
The overall PMI output index — the combined manufacturing and non-manufacturing PMIs — edged down 0.8 points to 52.4, indicating that the production and business activities of Chinese enterprises continued to expand but at a slower pace compared with the previous month due to the Spring Festival.
Source: Shanghai Daily,March 1, 2019
China's non-manufacturing activities ease in February
28th February 2019

 China's non-manufacturing sector eased pace in February but remained within the expansion range.

The non-manufacturing purchasing managers' index came in at 54.3 this month, down from 54.7 in January, the National Bureau of Statistics said in a statement on Thursday.
A reading above 50 indicates expansion, while a reading below reflects contraction.
Indices for sectors including railway and air transport, telecom, banking and leasing stood above 55, indicating robust business growth.
Real estate business eased further with the sub-index remaining below the boom-or-bust line.
Market sentiment is improving as sub-indices for new orders and business expectation picked up by 0.3 and 1.8 percentage points respectively from January, indicating growing service demands, the statement said.
The construction sector saw its activities shrink due to the Spring Festival holiday and bad weather, but is likely to pick up pace in the future as data showed rising business expectation.
Source: Shanghai Daily, February 28, 2019
New industries spur growth in jobs
27th February 2019

 As China’s tech companies continue to grow, so too does their demand for qualified employees., a leading online retailer, has announced plans to recruit around 15,000 new staff this year. Around 10,000 will be employed in its logistics arm, and the remainder in retail sales and with other subsidiaries.
Retail, logistics and digital technology have taken shape as the core businesses of the Internet giant.
At the end of the third quarter of 2018, boasted a 170,000-strong staff and a huge supply-chain network, which led to tens of millions of jobs in outsourcing and third-party online stores.
Likewise, e-commerce company Alibaba, which owns China’s largest web-based shopping platform, last week pledged no layoffs in 2019. Instead, it will continue to recruit new staff, ramp up training programs and utilize more platform resources to help create more jobs.
“This year we will not lay off employees, but will greatly utilize the Alibaba platform to stimulate consumption and generate more orders for the manufacturing and services sectors instead,” Alibaba’s CEO Daniel Zhang said.
The moves come as an encouraging sign for the country’s job market and have helped mitigate worries about decreasing job opportunities in the Internet sector spreading on social media.
Analysts said the tertiary industry, accounting for more than half of China’s GDP last year, has served as the ballast stone for a stable job market. Services, mainly labor-intensive sectors, are more effective in creating new job opportunities than the traditional secondary industry.
“Every percentage point of the country’s GDP growth is translated into more new jobs,” said Wu Ge, chief economist of Changjiang Securities, citing statistics in recent years.
Thanks to sprouting new business models and industries, labor demand increased at an unprecedented pace in sectors including e-commerce, online entertainment, finance and smart manufacturing, as well as web-based ride-hailing and food delivery.
Ji Xiaochen, founder of Beijing Moviebook Technology, a digital media company, worked until midnight over the just-finished Spring Festival holiday, busy revising business plans.
“It is very fortunate for our company to meet the expansion period of artificial intelligence, and we aim to double our staff this year,” Ji said.
Alibaba also said a number of new occupations, like trainers for AI customer service staff, engineers for its cloud computing business and shopping guides for its new retail business, have emerged on the platform.
The total staff at Alibaba Group and its financial service affiliate Ant Financial have exceeded 100,000 for the first time.
The overall jobs-to-applicants ratio in China stood at 1:27 in the fourth quarter of last year, indicating robust demand, data from the Ministry of Human Resources and Social Security showed.
The data also showed the private sector played a major part in propping up employment with faster staff growth, and that more migrant workers preferred central and western regions.
China’s policy-makers attach great importance to employment, which, along with consumer prices, directly affects everyday life and determines the health and prospects of the economy.
An array of measures were rolled out to ensure a stable job market, including insurance payment rebates for employers, government subsidies for skill training, and bigger tax cuts.
Favorable policies were also introduced for people setting up their own businesses.
“From central authorities to local governments, the pro-employment measures have gathered concentrated efforts and ensured stable employment,” said Mo Rong, vice president of the Chinese Academy of Labor and Social Security.
About 13.61 million new jobs were created in urban areas last year, hitting 123.7 percent of the annual target, a record high. The figure has stayed above 13 million for six consecutive years.
Major indicators remained tame. The registered unemployment rate came in at 3.8 percent at the end of last year, the lowest in more than a decade, and the surveyed rate was at around 5 percent, lower than the 5.5 percent pre-set target.
Given steady economic performance and rapidly growing new growth drivers, China is confident and capable of handling all kinds of risks and challenges and realizing more higher-quality employment, said Meng Wei, spokeswoman for the National Development and Reform Commission.
Source: Shanghai Daily, February 27, 2019

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