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News from China
China to enhance scrutiny on banks
15th January 2018

 China will step up oversight in the banking sector this year to reduce financial risks, the banking regulator said, stressing that long-term efforts would be needed to control banking sector chaos.

 
The China Banking Regulatory Commission said late on Saturday in a statement that its priorities included enhancing supervision over shadow banking and interbank activities.
 
“Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed,” the CBRC said.
 
“Bringing the banking sector under control will be long-term, arduous, and complex,” it said.
 
The CBRC said stricter punishment will be imposed for violating corporate governance, property loans, and disposal of non-performing assets, and that it would strengthen risk control in interbank activities, financial products and off-balance sheet business.
 
China has repeatedly vowed to clean up disorder in its banking system.
 
In recent months, regulators have introduced a series of new measures aimed at controlling risk and leverage in the financial system, with everything from lending practices to shadow banking under the microscope.
 
In January, the CBRC published regulations that cap the number of commercial banks that single investors can have major holdings in.
Source: Shanghai Daily, January 15, 2018
World economy likely to grow more than 3 percent this year, says Shanghai think-tank
11th January 2018
The world economy is likely to grow more than 3 percent this year after it expanded a better-than-expected 2.9 percent  in 2017, the Shanghai Academy of Social Sciences said in its world economic report released today.
 
The academy estimated the world economy to grow 3.12 percent in 2018 and 3.31 percent in 2019, while China's gross domestic product may expand 6.7 percent this year.
 
The academy based its forecast on a recovery in the US, Japan and the eurozone, as well as stable expansion in emerging markets like China which contributed one third to the global growth.
 
“The world economic performance is set to improve with developed countries gradually moving out of the shadow of the 2008 global financial crisis,” said Quan Heng, director of the Institute of World Economy under SASS.
 
The growth in the US is predicted to be 2.4 percent for this year, and the eurozone may grow 1.94 percent. Japan may achieve a growth of 1.1 percent amid strong imports and consumption demand.
 
The report, however, cautioned that potential geopolitical crisis, uncertainties of interest rate increases in the US and its tax reform, trade conflict, and industrial transformation arising from technologies like artificial intelligence are predicted to impact the world economy profoundly this year.
 
On a brighter note, the Belt and Road initiative, proposed by President Xi Jinping, is set to inject new growth into the world economy, the report said.
Source: Shanghai Daily, January 11, 2018
Airbus to increase production of A320 aircraft in China
10th January 2018

 European aviation giant Airbus signed a framework agreement with its Chinese partners on Tuesday to increase the number of planes it makes at its Tianjin assembly plant.

 
According to a statement released by Airbus China, Airbus aims to produce five aircraft a month by early 2019 before reaching a monthly total of six jets by early 2020 at the Tianjin final assembly line for the A320-family of jets.
 
Currently, it produces four A320 aircraft a month at the facility. From the time it was established in 2008 until the end of 2017, the Tianjin plant assembled and delivered a total of 354 A320s.
 
Also on Tuesday, Airbus signed a Memorandum of Understanding with the National Development and Reform Commission of China.
 
Both sides promised to strengthen industrial cooperation in Tianjin with regards to technical innovation, engineering capabilities and supply chain expansion.
Source: Shanghai Daily, January 10, 2017
CICC raises China growth forecast to 7% for 2018
9th January 2018

 A leading Chinese investment firm raised its forecast for China's economic growth in 2018, citing stronger external demand and strength in consumption and manufacturing investment.

 
The China International Capital Corp (CICC) raised its forecast for China's 2018 real GDP growth to 7 percent year on year, up from a previous estimate of 6.9 percent, according to a report from the company.
 
An expected tax cut in the United States will boost external demand for China, contributing to faster export growth, according to Liang Hong, chief economist with the CICC.
 
Stronger-than-expected external demand growth in 2018 will add to the inflationary pressure, and the consumer price index is predicted to rise 2.6 percent year on year in 2018, up from 2.5 percent in the previous estimate, according to the report.
 
The investment firm is also optimistic about China's domestic demand, citing growth potential in consumption and investment.
 
"Consumption growth will likely pick up on the back of rising disposable income growth, especially that of lower-income households that have higher consumption propensity," Liang said.
 
Meanwhile, manufacturing investment growth is expected to accelerate, driven by a notable rebound of corporate investment returns, Liang said.
 
The firm also expected acceleration in property investment growth and resilience in actual infrastructure investment activity this year.
 
For 2019, the CICC expected the real GDP growth to remain robust at 6.9 percent.
 
With higher expectations for growth and inflation, the CICC forecast that China's central bank will raise the benchmark deposit and lending rate by 25 basis points this year.
 
China's GDP expanded 6.9 percent year on year in the first three quarters, above the government's yearly target of 6.5 percent. The official GDP number for the whole year of 2017 is scheduled to be released next week.
Source: Shanghai Daily, January 9, 2018

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