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News from China
A series of measures to increase domestic consumption were released by the National Development and
30th January 2019
A series of measures to increase domestic consumption were released by the National Development and Reform Commission at Tuesday's economic working conference which vowed to push for high-quality economic growth.
 
The measures cover sectors such as automobiles, home appliances, the 5G high speed network, urban properties as well as improving the environment for consumption.
 
The joint action plan was released in collaboration with 10 government agencies including the Ministry of Industry and Information Technology, Ministry of Commerce, Ministry of Finance, Ministry of Civil Affairs, Ministry of Transportation and the State Administration for Market Regulation.
 
“The general consumption upgrade trend is still robust despite slight turbulence last year,” NDRC inspector Liu Yunan said. “Consumer sentiment is slightly dampened due to rising debt ratio and stock market fluctuations.”
 
It will also encourage trading up home appliances to boost sales of new products.
 
Consumption contributed as much as 76.2 percent to last year’ GDP growth, adding 18.6 percentage points from a year ago, as economic growth now relies less on investment-driven projects.
 
More resources will be allocated to nursing homes and care institutions as well as renovating the homes of the aged.
 
Government bodies will work to make agricultural products more easily available to urban consumers. The Ministry of Industry and Information Technology will also speed up the commercialization of the 5G network and will launch trial operations in several cities. This will lay the groundwork for the official commercial layout of the high-speed network, which will create new development opportunities for chip makers, handset makers as well as software developers.
 
Commerce Ministry’s head of market operations Wang Bin said the consumption upgrade trend would continue for the next few years, with property and transportation consumption still making up the majority of consumer spending.
 
Demand for high quality goods, as well as service expenditure is still on the rise.
 
Last year, service spending make up 49.5 percent of total consumer expenditure.
Source: Shanghai Daily, January 30, 2019
State economic planner releases new measures to boost consumption
29th January 2019

 The National Development and Reform Commission, China's state economic planner, issued a flurry of measures aimed at boosting domestic consumption and ensuring stable economic growth, according to an official statement today.

 
The action plan, the latest move following the central economic working conference which vows to keep the economy stable and push for high quality economic growth, covers six areas with 24 items across sectors ranging from automotive to home appliances.
 
It will stick to supply-side structural reform as a major task, riding on the consumption upgrade trend, and would also accelerate business upgrading to create new market demand with high quality supply.
 
"The general consumption upgrade trend is still robust, despite slight turbulence, while innovative supply still falls short and consumer sentiment is slightly dampened due to a rising debt ratio and stock market fluctuation in the past year," Inspector Liu Yunan at the comprehensive department of the NDRC told a press briefing on Tuesday morning.
 
"Automobile consumption plays a significant role in the consumer market, and the renovation of urban households to fit more elderly people is also a priority," he added.
 
The action plan was released in collaboration with 10 government agencies including the Ministry of Industry and Information Technology, Ministry of Commerce, Ministry of Finance, and the Ministry of Civil Affairs.
 
It eyes the loosening of restrictions on the second-hand auto market, and will also provide subsidies to boost rural sales of certain types of vehicles and purchases of new energy vehicles.
 
It is also drawing up specific measures regarding the offering of appropriate subsidies on the purchase of small trucks and passenger cars in rural areas, without giving details or the timetable.
 
Source: Shanghai Daily, January 29, 2019
State economic planner releases new measures to boost consumption
29th January 2019

 The National Development and Reform Commission, China's state economic planner, issued a flurry of measures aimed at boosting domestic consumption and ensuring stable economic growth, according to an official statement today.

 
The action plan, the latest move following the central economic working conference which vows to keep the economy stable and push for high quality economic growth, covers six areas with 24 items across sectors ranging from automotive to home appliances.
 
It will stick to supply-side structural reform as a major task, riding on the consumption upgrade trend, and would also accelerate business upgrading to create new market demand with high quality supply.
 
"The general consumption upgrade trend is still robust, despite slight turbulence, while innovative supply still falls short and consumer sentiment is slightly dampened due to a rising debt ratio and stock market fluctuation in the past year," Inspector Liu Yunan at the comprehensive department of the NDRC told a press briefing on Tuesday morning.
 
"Automobile consumption plays a significant role in the consumer market, and the renovation of urban households to fit more elderly people is also a priority," he added.
 
The action plan was released in collaboration with 10 government agencies including the Ministry of Industry and Information Technology, Ministry of Commerce, Ministry of Finance, and the Ministry of Civil Affairs.
 
It eyes the loosening of restrictions on the second-hand auto market, and will also provide subsidies to boost rural sales of certain types of vehicles and purchases of new energy vehicles.
 
It is also drawing up specific measures regarding the offering of appropriate subsidies on the purchase of small trucks and passenger cars in rural areas, without giving details or the timetable.
 
Source: Shanghai Daily, January 29, 2019
China's industrial profits up 10.3% in 2018
28th January 2019

 Profits of China's major industrial firms maintained steady growth last year, the National Bureau of Statistics said Monday.

 
Combined profits at industrial firms with the annual revenue of more than 20 million yuan (about US$2.96 million) each reached 6.63514 trillion yuan last year, up 10.3 percent year on year.
 
The 2018 profit growth is lower than the 21-percent expansion for 2017, but still remained on a steady growth track, according to NBS statistician He Ping.
 
Profits fell 1.9 percent year on year last December, down further from a drop of 1.8 percent in November.
 
State-owned players saw profits up 12.6 percent year on year in 2018, compared with 45.1-percent growth in 2017, while private firms' profit growth accelerated from 11.7 percent in 2017 to 11.9 percent last year.
 
Profits in 32 of the 41 sectors surveyed rose compared with a year earlier.
 
The mining sector's profits expanded 40.1 percent year on year, with the petroleum and natural gas mining subsector posting a robust growth of 440 percent.
 
The manufacturing sector's earnings grew 8.7 percent year on year.
 
Among the nine sectors with shrinking profits, non-ferrous metals smelting and rolling decreased 9 percent in profits, while automobile manufacturing fell by 4.7 percent year on year. 
 
Source: Shanghai Daily, January 28, 2019

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