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News from China
October services trade deficit at US$20.9b
29th November 2016

 CHINA’S foreign service trade deficit narrowed in October while the trade volume dropped, data from the State Administration of Foreign Exchange showed yesterday.

 
The deficit stood at US$20.9 billion last month, down from US$23.3 billion in September and US$25.4 billion in August.
 
Income from trade in services stood at US$22.3 billion last month, down from US$23 billion in September. Meanwhile, expenditures totaled US$43.2 billion, less than September’s US$46.3 billion.
 
Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.
 
China’s service trade volume grew from US$362.4 billion in 2010 to US$713 billion in 2015, doubling the average international growth speed in the sector. The country is aiming to increase its service trade volume to more than US$1 trillion by 2020.
 
The State Council has pledged measures to improve the development of service trade, including gradually opening up the finance, education, culture and medical sectors. SAFE began releasing monthly data on service trade in January 2014 to improve the transparency of balance of payments statistics.
Source: Shanghai Daily, November 29. 2016
Suzhou picked for German plant
28th November 2016

 GERMAN machine tool maker Schwabische Werkzeugmaschinen GmBH has set up its first factory outside Germany in Suzhou Industrial Park.

 
“We plan to establish smart assembly lines and an automatic production department in China,” said Reiner Fries, managing director sales of SW.
 
Since SW’s Shanghai office was set up in 2010, it has won nearly 50 clients and sold more than 200 machines.
 
Fries said SW is instilling in China the concept of German Industry 4.0 step by step, contributing to the development of “Made in China 2025.”
Source: Shanghai Daily, November 28, 2016
Index set to measure rising ‘new economy’
25th November 2016

 THE National Bureau of Statistics is working on an index that will measure the burgeoning China’s “new economy,” a bureau official said yesterday.

 
The index will gauge the new economy in terms of knowledge, economic vitality, innovation, digitalization, transformation and upgrading, as well as achievements, Xian Zude, the bureau’s chief statistician, said at a forum.
 
The new economy has seen rapid development in China in recent years, with high-tech industries accelerating, Internet-based business prospering, online retail sales soaring, as well as new products and services springing up, Xian said.
 
However, China lacks statistical standards and a unified indicator to reflect the development of the new economy, he said.
 
To better grasp the status of the new economy, since May the bureau has started to collect data on new industries, new forms of commercial activities and new business models, Xian said.
 
An ongoing nationwide agricultural census also includes data about how farmers use the Internet and transact online, he said.
 
The sharing economy, such as ride-sharing and room-letting businesses, will be excluded from the new-economy index due to difficulty in quantitative measuring, Xian said.
 
China’s economy grew 6.7 percent year on year in the third quarter, but it was the slowest growth since the global financial crisis.
Source: Shanghai Daily, November 25, 2016
Joy City acquires mall in Shanghai
24th November 2016

 JOY City Property Ltd, the flagship commercial real estate brand of COFCO Group, has agreed to acquire a shopping mall in Shanghai’s Putuo District from a consortium of investors led by Grosvenor Vega China Retail Fund.

 
Joy City will pay about 1.4 billion yuan (US$202 million) for Parkside Plaza, a 121,995-square-meter mall adjacent to Changfeng Park, the company said in a filing to the Hong Kong stock exchange late on Tuesday.
 
The acquisition provides an excellent investment opportunity and further strengthens the company’s established presence in Shanghai’s property market, according to the filing.
 
Sales proceeds from the mall, which was bought by Grosvenor in 2010 and opened in December 2011, will be reinvested in the commercial, residential and mixed-use sectors in Shanghai, said Brenda Chung, executive director and China chief representative of Grosvenor Asia-Pacific.
 
Parkside Plaza will possibly be rebranded by year’s end to become the second Joy City mall in Shanghai, Winshang.com said yesterday.
Source: Shanghai Daily, November 24, 2016

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