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News from China
China questions US probe into steel imports
12th May 2017

 THE Ministry of Commerce yesterday questioned US trade investigations into imports of steel products from six countries including China, describing the measures as “excessive.”

The US Department of Commerce has decided to initiate anti-dumping investigations against cold-drawn steel mechanical tubing from China, Germany, India, Italy, South Korea and Switzerland. Products from China and India will also be subject to anti-subsidy investigations.
On the ministry’s website, Wang Hejun, head of the trade remedy and investigation bureau, responded to the decision and expressed concerns over rising protectionism from the world’s largest economy.
The frequent trade remedies and restrictive measures have got the attention of the World Trade Organization, he said.
“Under excessive protective policies, US steel plants lack the motivation to make adjustments and are losing their global competitiveness. Trade partners will be harmed, and problems in the US steel sector will still remain,” Wang said.
The US should handle the case cautiously and fairly and create a stable environment for global cooperation in the steel sector, he said.
Source: Shanghai Daily, May 12, 2017
Earnings of Chinese banks rise
11th May 2017

 CHINESE commercial lenders brought in more profits in the first quarter of this year, while the quality of their assets remained stable, China’s top banking regulator said yesterday.

Net profits of all Chinese lenders stood at 493.3 billion yuan (US$71.5 billion) in the first three months, up 4.61 percent year on year, said the China Banking Regulatory Commission.
However, the pace was slower than the 14.3 percent growth year on year in total assets of Chinese banks which reached 238.5 trillion yuan, showing the profitability of commercial lenders was waning.
Chinese lenders’ bad-loan ratio was almost flat at 1.74 percent at the end of March, said CBRC.
The banks’ loan loss provisions, funds set aside to cover potential loan losses, reached 2.82 trillion yuan, up 156 billion yuan from the end of 2016.
The average capital adequacy ratio, the ratio of a bank’s capital to its risk-weighted assets, stood at 13.26 percent.
Source: Shanghai Daily, May 11, 2017
Chinese financial institutions see investment outflow
10th May 2017

 OVERSEAS direct investment in China’s financial institutions, including banks, insurers and securities firms, saw a net outflow of US$1.29 billion in the first quarter of 2017, the foreign exchange regulator revealed yesterday.

This is an increase from a net outflow of US$1.1 billion in the fourth quarter of 2016, equivalent to roughly half of the net outflow of overseas investment into the industry registered for the whole of 2016, according to data from the State Administration of Foreign Exchange.
In the first three months, China’s financial institutions made net outbound investment of US$1.98 billion in overseas companies, lower than the quarterly average level set in 2016, according to the SAFE.
Last year, China’s financial institutions’ net outbound investment totaled US$9.65 billion in overseas companies, official data showed.
SAFE has released data on a quarterly basis since 2012, as part of its efforts to increase the transparency of foreign exchange data.
Overseas investment to financial organs makes up only a small portion of overall foreign direct investment into China.
Source: Shanghai Daily, May 10, 2017
Chinese demand for gold rises 8% in Q1
5th May 2017

 CHINA’S consumer demand for gold rose 8 percent year on year to 282.4 tons in the first quarter of 2017, compared with an 18 percent drop in global demand due to a slower pace of central bank buying and a previous high base, the World Gold Council said yesterday.

China’s investment in gold bars and coins jumped 30 percent to 105.9 tons in the first quarter, the fourth-highest on record, while jewelry demand fell 2 percent year on year.
Global demand for bars and coins rose 9 percent to 289.8 tons in the same period, said the WGC in a report.
Chinese investors reignited their passion for bullion in the past two quarters, as “concern over the weakness of the yuan lingers, outlook for the property market is gloomy, and the stock market looks weary,” said Roland Wang, WGC’s managing director for China.
“Gold was one of the few investment options for Chinese investors under the circumstances,” Wang added.
Global central banks bought 76.3 tons in the quarter, down from 104.1 tons in the same period of last year, with China, one of the biggest buyers apart from Russia and India, said Wang.
China’s premium of the precious metal rose to an average of US$17 per ounce in the fourth quarter of 2016, and remained high in the first three months of this year.
“Demand will be further supported by the launch of new products from banks on mobile applications, which are making gold more accessible to China’s retail investors,” the report said.
The bullion price rose 9 percent in the first quarter of 2017, compared with a 10 percent quarterly gain a year earlier. Geopolitical concerns such as the upcoming elections in France will bring uncertainties to the price in the coming quarters, WGC said
Source: Shanghai Daily, May 5, 2017

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