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News from China
Output of shale and natural gas rises
18th April 2017

 CHINA’S shale gas production surged in March while natural gas output also expanded, indicating improved energy structure as the country shifts away from reliance on traditional energy sources.

 
Shale gas output jumped 50.4 percent year on year to 1.15 billion cubic meters in March, according to National Bureau of Statistics data yesterday.
 
In the first quarter, shale gas output surged 17.4 percent year on year to 2.67 billion cubic meters.
 
The fast growth was fueled by increased production by the Changning-Weiyuan national-level shale gas pilot zone in Sichuan Province, run by China National Petroleum Corp.
 
China has been trying to improve its energy structure, shifting away from traditional energy sources such as coal. Breakthroughs have been made in shale gas exploration in capacity and drilling techniques, making China one of the top shale gas suppliers in the world.
 
By 2020, the proved reserves of shale gas will surpass 1.5 trillion cubic meters, according to plans released by authorities at the beginning of the year.
Source: Shanghai Daily, April 18, 2017
CSRC urges bourses to supervise listed firms
17th April 2017

 STOCK exchanges should conduct supervision over listed firms more proactively, China’s securities watchdog said.

 
It is the responsibility of stock exchanges to be supervising IPOs, mergers and the reorganization and delisting of listed firms, said Liu Shiyu, chairman of the China Securities Regulatory Commission.
 
“All players are subject to the supervision of stock exchanges, not only members and listed firms, but also intermediary institutions such as accounting firms,” Liu told a general meeting of the Shenzhen Stock Exchange on Saturday.
 
Liu pointed out that stock exchanges have the advantages of offering more comprehensive and effective supervision on listed firms.
 
“Stock exchanges should punish market irregularities without mercy,” Liu added.
Source: Shanghai Daily, April 17, 2017
Chinese economy off to good start in Q1
14th April 2017

 CHINA’S economy was off to a good start in the first quarter of this year with recovering economic vitality and market expectations, the top economic planner said yesterday.

 
“Following a positive trend in the second half of last year, the Chinese economy maintained stable yet progressive momentum,” said Yan Pengcheng, spokesman for the National Development and Reform Commission, citing latest indicators.
 
China’s electricity use, an important indicator of economic activity, rose 6.9 percent in the first quarter of the year to 1.45 trillion kilowatt-hours, he revealed at a press conference.
 
Yan especially noted that high-tech industries saw rapid rises in power use, with information transmission, computer services and software sectors recording 13.3 percent growth in energy consumption.
 
Meanwhile, China’s railway freight volume climbed 15.3 percent in the first three months, and the manufacturing Purchasing Managers’ Index came in at 51.8 in March, staying above 51 for a sixth consecutive month, according to Yan.
 
China’s economic growth for the first quarter is set to be released by the National Bureau of Statistics on Monday, which is likely to be around 6.8 percent.
 
The government trimmed its 2017 growth target to around 6.5 percent, the lowest in a quarter of a century.
 
Despite optimism on first-quarter growth, Yan said the stability and sustainability of the momentum remains to be observed as China’s economic development is still restrained by a few external and internal factors and the issue of structural imbalance.
 
He drew particular attention to the influence of commodity prices in the international market on China’s domestic prices.
 
The country’s consumer inflation grew mildly in the first quarter on the back of a firming economy, fresh data from the statistics bureau showed. But the Producer Price Index, measuring cost of goods at the factory gate, jumped 7.4 percent year on year.
 
Yan said the strong PPI growth was mostly driven by the carry-over effect of last year’s price changes and a rise in factory-gate prices in several industries such as coal and steel.
 
He expected PPI growth to peak in the first quarter as China’s aggregate demand will level off in the following quarters, given the country’s stable economic performance.
 
But future changes in commodity prices in the international market will add uncertainty to the domestic PPI trend, he said, citing recent oil price upswings due to conflicts in the Middle East.
 
Yan said the NDRC will next push the drafting of detailed plans for building the Xiongan New Area, which was brought into the public spotlight after the government announced earlier this month that it will create a brand new economic zone.
 
The blueprint will highlight both “international standards” and “Chinese characteristics,” drawing talent from home and abroad and international experience to build the area, he said.
 
On April 1, China unveiled plans to create the Xiongan New Area, about 100 kilometers southwest of Beijing.
 
The new area spans the counties of Xiongxian, Rongcheng and Anxin in Hebei Province, and is home to Baiyangdian, a major wetland in north China.
 
The new area will initially cover around 100 square kilometers and expand to 2,000 square kilometers in the long term.
 
Besides plans for the initial zone and the overall development of the Xiongan New Area, a specific plan for pollution control and environmental protection of Baiyangdian will be drafted as part of the blueprint, Yan said.
 
The NDRC promised to provide policy and funding support for the new area’s major projects in transport, ecology, water conservation, energy and public services.
 
Nationwide, the NDRC approved 56 fixed-asset investment projects with total investment of 240.9 billion yuan (US$35 billion) in the first quarter, mainly covering water conservation, energy and transport sectors.
Source: Shanghai Daily, April 14, 2017
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

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