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News from China
PBOC aims to develop digital currency
16th November 2016

 CHINA’S central bank is recruiting blockchain experts to step up efforts 

to develop an official digital currency.
 
The People’s Bank of China’s institute of printing science is offering six 
positions for the design and development of digital currency-related software 
and hardware framework, a recruitment notice said, adding that candidates with 
experience in blockchain and Big Data technologies will be preferred.
 
The candidates must hold master’s or doctoral degree in computer science, 
information security and cryptography, according to the notice.
 
PBOC set up a special team in 2014 to look into digital currencies, 
research the legal, monetary and technological framework, and study 
the impact of digital currency on the economy and financial systems.
 
However, PBOC Governor Zhou Xiaochuan said in a previous interview with 
Caixin magazine that there’s no timetable for the launch of the digital currency.
 
Central banks in UK, Russia, Canada and Australia have also showed interests 
in developing blockchain-based digital currencies.
 
Blockchain technology is not just useful for creating digital currencies or 
developing new financial technologies. They can be used for a wide variety of 
applications, such as tracking ownership or the provenance of documents, digital 
assets, physical assets or voting rights.
Source: Shanghai Daily, November 16, 2016
New home buying rises at slower pace
15th November 2016

 NEW home purchases in China grew more slowly in the first 10 months 

of this year as tightening measures imposed by local governments 
effectively damped buying sentiment, data released yesterday by the 
National Bureau of Statistics showed.
 
New homes worth 7.8 trillion yuan (US$1.1 trillion), excluding 
government-funded affordable housing, were sold across the country 
between January and October, up 42.6 percent year on year. The pace 
slowed from a 43.2 percent gain in the first nine months.
 
About 1.06 billion square meters of new homes were sold during the 
10 months, up 27 percent. The rise slowed from the 27.1 percent 
annual gain in the first three quarters, the data showed.
 
“This round of property boom seemed to reach its peak in September 
with buying sentiment starting to fall in October,” Centaline Property, a 
major chain in Shanghai, wrote in a note. “A significant retreat in new 
home purchases should be expected over the next two months.”
 
In October, new houses worth 941.2 billion yuan were sold across the country, 
down from 1.15 trillion yuan sold in September. The area of new home purchases
 totaled 132 million square meters, down from 155 million square meters in September.
 
During the weeklong National Day holiday, more than 20 cities nationwide — mostly 
first-tier and selected second-tier ones — unveiled austerity measures ranging from 
home buying curbs to stricter mortgage requirements to cool their overheated property 
markets.
 
In the first 10 months, sales of new properties, including office and commercial buildings,
 have outnumbered the whole of 2015, Centaline Property’s research showed. New property 
sales nationwide hit 9.15 trillion yuan between January and October, up from 8.73 trillion 
yuan sold last year.
Source: Shanghai Daily, November 15, 2016
China worried over EU’s duties on steel
14th November 2016

 CHINA is greatly concerned about the European Union’s protectionist measures 

against Chinese steel products, the commerce ministry said on Saturday.
 
“The Chinese side has expressed great concerns and worries about the EU’s trade protectionist 
tendency over steel,” the ministry said in a statement on its website.
 
The ministry was responding to the EU’s latest decision to take temporary anti-dumping measures 
against imports of Chinese seamless steel pipes, based on preliminary investigations, it said.
 
A worldwide steel glut has stoked trade disputes between China, the world’s top maker of the 
construction material, and other producers such as the United States and the EU.
 
China is the EU’s second-largest trade partner but they have had a series of disputes over cheap 
Chinese exports that Europeans say are unfairly flooding their market.
 
High duties levied on Chinese products could hurt Chinese companies, the ministry said.
 
“China is willing to strengthen exchanges and communication with the European side and properly 
solve problems that the steel industry is facing,” it said.
 
“These new measures have no basis in World Trade Organization rules,” said ministry spokesman 
Shen Danyang, adding the EU was illegally stripping China of its WTO rights.
Source: Shanghai Daily, November 14, 2016
SUVs propel China’s auto sales by 20.3%
11th November 2016

 CHINA’S auto sales soared 20.3 percent in October from a year earlier, 

lifted by surging demand for sport-utility vehicles, an industry group said yesterday.
 
Dealers sold 2.3 million cars, minivans and SUVs in the world’s biggest auto market, 
according to the China Association of Automobile Manufacturers. Total vehicle sales 
including trucks and buses climbed 18.6 percent to 2.6 million units.
 
Sales growth plunged last year, slamming global brands that look to China to drive revenue. 
They rebounded after Beijing suspended a sales tax, though growth is expected to drop back 
 
to single digit after the tax cut expires at the end of the year.
 
Strong demand in lower-priced market segments has helped Chinese automakers recover market 
share from bigger, richer global rivals.
 
October’s SUV sales rose 43.3 percent year on year to 896,000 units. Sales of Chinese-brand SUVs 
increased 60.4 percent to 557,000, expanding the Chinese share of that market by 6.6 percentage points to 62.2 percent.
 
Sales of sedans rose 10.1 percent to 1.2 million, while those of Chinese-branded sedans grew 8.3 percent to 243,000.
 
Total auto sales for the first 10 months rose 15.4 percent year on year to 19.1 million
Source: Shanghai Daily, November 11, 2016

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