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News from China
China to keep monetary policy neutral: central bank official
16th February 2017

 CHINA should keep its monetary policy stable and neutral, a Chinese central bank official said Wednesday.

 
Yi Gang, deputy governor of the People's Bank of China, made the remarks at the annual meeting of Chinese Economists 50 Forum (CE50) when responding to questions on China's monetary policy.
 
Top officials have set China's monetary policy in 2017 as "prudent and neutral" to keep appropriate liquidity levels and avoid large injections, as the government tries to maintain stable growth while avoiding risks.
 
Yi said that keeping monetary policy neutral meant not being too tight or loose.
 
Chinese banks extended 2.03 trillion yuan (about US$295 billion) of new yuan loans in January, doubling from a month earlier, a level that Yi described as "very appropriate."
 
In open market operations earlier this month, the central bank raised the lending rates to banks by 10 basis points, a move widely interpreted as a shift towards a more neutral monetary policy.
 
China's GDP grew 6.7 percent year on year in 2016, the lowest in nearly three decades, but within the government's target range.
 
Founded nearly two decades ago, the CE50 is a civil academic organization and think tank that brings together around 50 prominent Chinese economists, including officials and academics.
Source: Shanghai Daily, February 16, 2017
Machinery sector set to expand slower in 2017
15th February 2017

 

 
CHINA’S machinery industry is likely to see stable but slower growth in 2017 due to weak demand amid downward economic pressure, an industry group forecast yesterday.
 
The annual growth of the sector’s value-added industrial output may slow to 7 percent in 2017 from 9.6 percent in 2016, while the business revenue increase would slow to 6 percent from 7.44 percent last year, according to data released by the China Machinery Industry Federation.
 
As China was trying to reorient the economy away from its reliance on exports and investment toward a consumption and service-driven model, traditional industries such as steel, coal, power generation, oil and chemicals were undergoing restructuring, and demand for machinery products would remain weak, said a federation statement.
 
Growth of fixed-asset investment in the machinery industry slowed to 1.7 percent in 2016 from 9.7 percent in 2015, the fifth straight year of decline
 
However, as China’s economic restructuring continued apace, machinery industries in consumption, environment protection and high-tech industries boomed. Sales of pollution control equipment surged 30.3 percent year on year in 2016, while that of new-energy vehicles grew 53 percent from a year earlier, the federation data showed.
 
China’s economy grew 6.7 percent in 2016, slower than the 6.9 percent growth in 2015 but within the target range.
Source: Shanghai Daily, February 15, 2017
China consumer inflation quickens, factory prices beat expectations
14th February 2017

 CHINA'S consumer inflation quickened in January due to holiday effects, while prices at factory gates rose faster than expected following soaring oil and gas prices, official data showed Tuesday.

 
The consumer price index (CPI), a main gauge of inflation, grew 2.5 percent year on year last month, fractionally above market expectation of 2.4 percent, the National Bureau of Statistics announced Tuesday.
 
The pace quickened from the 2.1-percent rise in December as the Lunar New Year Holiday pushed up food, transport and travel expenses, according to NBS senior statistician Sheng Guoqing.
 
On a monthly basis, consumer prices edged up one percent.
 
Tuesday's data also showed the producer price index (PPI), which measures costs for goods at the factory gate, gained 6.9 percent year on year in January, beating market expectation of 6.5 percent and marking a new high in more than five years.
 
The jump was mainly driven by the carryover effect of last year's price changes, and rising prices of raw materials and fuels, the NBS explained.
 
Source: Shanghai Daily, February 14, 2017
China to build more EV charging points
10th February 2017

 

 
CHINA plans to build 800,000 charging points, including 100,000 public ones, for electric vehicles this year to meet rising demand, the National Energy Administration said yesterday.
 
A total of 100,000 public charging points have been installed nationwide in 2016, bringing the total number of public charging points in China to 150,000, the NEA said.
 
A total of 14,000 kilometers of highway has also been equipped with inter-city fast charging stations, with an average spacing of 48.6km.
 
Electric vehicles consumed more than 1.2 billion kilowatt-hours of electricity in China last year, saving about 400,000 tons of fuel, the NEA said.
 
In Beijing and Shanghai, a charging facility can be found within a radius of less than 5km, while other major cities such as Guangzhou and Shenzhen are working toward this goal.
 
“For the new year, China will work to solve the payment and information-related problems for charging facility operators and implement a unified national standard for charging ports of electric vehicles,” said the NEA.
 
Under China’s 13th Five-Year (2016-2020) Plan, the country will build a nationwide charging station network that will fulfill the power demand of 5 million electric vehicles by 2020.
Source: Shanghai Daily, February 10, 2017

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