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News from China
Shanghai is biggest global trading city
13th April 2017

 SHANGHAI has emerged as the world’s largest international trading city due to the government’s measures to encourage and upgrade trade, government officials said yesterday.

 
Imports and exports through the city’s ports totaled 6.88 trillion yuan (US$998 billion) last year, accounting for 28.3 percent of national value and 3 percent of global trade, Shanghai Commission of Commerce said yesterday.
 
Shanghai has overtaken Hong Kong and Singapore to be the largest international trading city, according to the commission.
 
Shanghai did so by cutting red tape, encouraging cross-border e-commerce platforms and supporting development of local brands, said Shen Weihua, a deputy director of the commission.
 
He said Shanghai’s foreign trade is set to grow 20 percent in the first quarter of this year to around 750 billion yuan.
 
The creation of a pilot zone for cross-border e-commerce platforms has helped trade become more efficient and cut costs through faster customs clearance and foreign exchange payments.
 
Trade conducted in the pilot program in 2016 rose six times from a year ago to nearly 2.5 billion yuan, official data showed.
 
The commission said more efforts will be done to improve Shanghai as a global trade center. The tasks include improving quality of exports and imports as well as innovation in trade and service trading.
Source: Shanghai Daily, April 13, 2017
China’s auto sales climb 7% in Q1
12th April 2017

 CHINA’S auto sales grew 7 percent in the first quarter, the country’s automaker association said yesterday, with the strongest January-March period since 2014 setting up the world’s largest auto market for a better-than-expected year.

 
Many in the industry had feared that sales would be weak in the first three months after the government rolled back a tax cut on small-engine cars on January 1, contributing to expectations for a slowdown in 2017 sales.
 
But first-quarter growth outpaced the China Association of Automobile Manufacturers’ prediction in January that auto sales would grow 5 percent in 2017, and the market is expected to improve further as the year progresses.
 
“Our current attitude should be cautiously optimistic, as in reality we still feel there is pressure,” said Xu Haidong, a CAAM spokesman, explaining why it was not adjusting the 5 percent forecast.
 
“This is because of policy changes, as well as related economic trends and other reasons.”
 
Vehicle sales rose 4 percent year on year in March to 2.5 million vehicles, CAAM said in Beijing.
 
The purchase tax for cars with engines of 1.6-liter capacity or below climbed to 7.5 percent this year from 5 percent in 2016 after the government stepped in to stimulate slumping sales. The tax will rise to the normal 10 percent rate next year.
 
“We’ve always planned for the fact that (in) the first quarter there would be payback from the pull forward of sales into the fourth quarter” before the incentive was reduced, Mark Fields, chief executive of Ford Motor Co, said in Shanghai on Saturday ahead of the CAAM figures.
 
“We expect the second, third and fourth quarter to show improvement.”
 
Ford predicts that China’s overall auto sales will be flat or down slightly this year, Fields said. The US automaker is due to report its March China sales today.
 
General Motors Co said last week its China sales in the first quarter fell 5.2 percent year on year, with the automaker citing the impact of the tax cut reduction.
 
Automakers with a steady stream of new models, particularly in the hot-selling sport-utility vehicle segment like Japan’s Honda Motor Co, continue to lead the market. Honda said its sales grew 16.6 percent in the first quarter.
 
Source: Shanghai Daily, April 12, 2016
CBRC to tighten banking supervision
11th April 2017

 CHINA’S banking regulator will tighten supervision on a wide range of banking operations from granting credit to Internet finance, signaling strong rules will be issued to curb systematic financial risks to the sector.

 
The China Banking Regulatory Commission released a guideline yesterday, asking banking institutions to prevent risks in 10 key areas, including beefing up risk management over credit, curbing excessive credit in the property sector, controlling investment in bond products, and cleaning the fraudulent online peer-to-peer lending business.
 
“Risk prevention should be put higher on the agenda,” the CBRC said. “We should keep watch and resolve those highlighted risks to avoid any appearance of systematic risks.”
 
The regulator also warned that institutions that breach the law will be punished.
 
The guideline came after 17 institutions, including Xinda Asset Management Co, Ping An Bank, China Merchants Bank and Bank of Communications, faced fines and were warned for indulging in irregular arbitrage, illegal transactions and improper fees or charges.
 
It was the first guidance filed after Guo Shuqing, former head of the China Securities Regulatory Commission, took the helm of the banking watchdog.
Source: Shanghai Daily, April 11, 2017
New investment potential rises amid stable growth
10th April 2017

 CHINA’S economic growth will be stable this year, with investment opportunities likely to emerge in digitization, technological innovation and consumption, experts told a forum over the weekend.

 
China will remain a center of manufacturing for the world despite companies relocating their factories in other parts of Asia, Francisco Aristeguieta, Asia-Pacific CEO of Citigroup, said at the CEIBS Private Wealth Investment Forum, co-organized by University of Virginia’s Darden School of Business.
 
He is confident of China playing a leading role in digitization and globalization.
 
Companies, including Citigroup, are scouting for Chinese partners when they implement their digitization strategy, and China’s embracing attitude in the digital era creates numerous opportunities in the market, Aristeguieta said.
 
Zhu Haibin, chief China economist of JPMorgan, said China’s gross domestic product is likely to grow 6.6 percent this year, 0.1 percentage points higher than the government’s official target. Zhu also forecast China’s economic development, financial markets and exchange rate to remain steady.
 
Han Xianwang, chief economist of China Universal Asset Management, said shares of companies engaged in consumption upgrading, technological innovation and structural reform will continue to lure investors.
 
Han’s priorities in the technology sector are Internet firms, makers of new-energy cars, new-material companies and medical companies.
Source: Shanghai Daily, April 10, 2017

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