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News from China
China's industrial profits up 13.6% in first 10 months
27th November 2018

 Profits of China's major industrial firms grew 13.6 percent year on year in the first 10 months of 2018, down from the 14.7-percent expansion for the January-September period, the National Bureau of Statistics said Tuesday.

 
Profit in 34 of the 41 sectors surveyed increased compared with one year earlier, unchanged from that for January-September, according to the NBS.
 
In October, combined profits at industrial firms with an annual revenue of more than 20 million yuan (US$2.88 million) rose 3.6 percent year on year to 548 billion yuan, 0.5 percentage points lower than that recorded in September.
 
According to the NBS, the sectors of steel, construction materials, oil and chemicals contributed 75.7 percent to the overall industrial profit increase.
 
By the end of October, the debt-asset ratios of major industrial firms dropped 0.5 percentage points from a year earlier to 56.7 percent.
 
NBS official He Ping attributed the slowdown in October to slower growth in industrial production and product prices, as well as a high comparative base last year.
 
Operating costs and leverage ratios for industrial companies kept falling amid slower growth in industrial profits, while their profitability continued to improve, he noted.
 
In early November, the NBS reported China's value-added industrial output, an important economic indicator, saw slightly faster growth in October than the previous month.
 
The output expanded 5.9 percent year on year last month, up 0.1 percentage point from that recorded in September.
 
Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with an annual revenue of at least 20 million yuan.
Source: Shanghai Daily, November 27, 2018
China's industrial profits up 13.6% in first 10 months
27th November 2018

 Profits of China's major industrial firms grew 13.6 percent year on year in the first 10 months of 2018, down from the 14.7-percent expansion for the January-September period, the National Bureau of Statistics said Tuesday.

 
Profit in 34 of the 41 sectors surveyed increased compared with one year earlier, unchanged from that for January-September, according to the NBS.
 
In October, combined profits at industrial firms with an annual revenue of more than 20 million yuan (US$2.88 million) rose 3.6 percent year on year to 548 billion yuan, 0.5 percentage points lower than that recorded in September.
 
According to the NBS, the sectors of steel, construction materials, oil and chemicals contributed 75.7 percent to the overall industrial profit increase.
 
By the end of October, the debt-asset ratios of major industrial firms dropped 0.5 percentage points from a year earlier to 56.7 percent.
 
NBS official He Ping attributed the slowdown in October to slower growth in industrial production and product prices, as well as a high comparative base last year.
 
Operating costs and leverage ratios for industrial companies kept falling amid slower growth in industrial profits, while their profitability continued to improve, he noted.
 
In early November, the NBS reported China's value-added industrial output, an important economic indicator, saw slightly faster growth in October than the previous month.
 
The output expanded 5.9 percent year on year last month, up 0.1 percentage point from that recorded in September.
 
Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with an annual revenue of at least 20 million yuan.
Source: Shanghai Daily, November 27, 2018
Next year critical to transformation
26th November 2018
China’s economic growth is expected to hit 6.6 percent this year and slow to 6.3 percent in 2019 as the country seeks to tackle challenges relating to trade and structural reform, economists from Beijing’s Renmin University said in a report.
 
The predictions published by the China Academy of Social Sciences, are in line with the median forecast in a poll of 73 economists by Reuters last month.
 
But the economists with Renmin University’s School of Economics warned that China would still face difficulties even if trade tensions with the US were resolved, with the country facing a deteriorating global trade environment, falling export growth and currency depreciation.
 
China’s GDP grew 6.5 percent year on year in the September quarter. China has tried to encourage commercial banks to boost lending to private firms and take action to ease company financing problems.
 
The economists said it would be difficult to use short-term measures to alleviate downward economic pressures. While recent policies should prevent a deeper decline in growth next year, a new round of supply-side reforms was needed.
 
They predicted that 2019 would be critical in the restructuring of China’s economy and its long-term transition to a slower and more high-quality growth model.
 
The report said next year should also see a rebalancing of China’s foreign trade, with imports likely to soar 16.1 percent, compared with a 6.1 percent rise in 2018.
 
Liu Yuanchun, dean of Renmin University’s School of Economics, said the steady decline in China’s savings rate and the stimulation of domestic consumption were now more important factors in the country’s economic development than investment.
 
The report said Chinese consumer spending was expected to rise 9 percent next year, outpacing overall growth.
Source: Shanghai Daily, November 26, 2018
WTO decides to investigate US steel and aluminum tariffs
23rd November 2018

 The World Trade Organization has agreed to set up panels at its Dispute Settlement Body to decide whether US tariffs on steel and aluminum imports comply with WTO rules, a Geneva trade official said Thursday.

 
China and the European Union protested Wednesday along with Mexico, Norway, Russia, Canada and Turkey against measures by Washington which they said are not for national security reasons but for American economic interests.
 
In June, the United States imposed a duty of 25 percent on steel imports and a 10 percent on aluminum imports from Mexico, Canada and the EU, among other regions, citing a national security exemption.
 
The DSB agreed to set up separate panels for the complaints.
 
On the same occasion, India and Switzerland submitted their first requests for panels to rule on the U.S. steel and aluminium tariffs.
 
Like the seven other members, the two argued that the U.S. actions were, in effect and content, safeguard measures, drawing concerns that the United States was using national security as a justification for the tariffs.
 
Meanwhile, the United States secured the establishment of four panels to examine countermeasures imposed by Canada, China, the EU and Mexico on certain U.S. imports in response to the steel and aluminum tariffs.
 
In a report Thursday, WTO Director-General Roberto Azevedo issued a warning after a new report saying that new import-restrictive measures have hit a new high.
 
He said the report's findings "should be of serious concern for G20 governments and the whole international community", warning that further escalation remains a real threat.
 
"If we continue along the current course, the economic risks will increase, with potential effects for growth, jobs and consumer prices around the world," Azevedo said.
Source: Shanghai Daily, November 23, 2018

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