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News from China
Beijing's e-commerce transactions to surpass 2.5 trillion yuan in 2018
7th January 2018

Beijing Municipal Commission of Commerce has said that e-commerce transactions in the city are expected to exceed 2.5 trillion yuan (385 billion U.S. dollars) by the end of 2018.

 
Beijing plans to promote the development of the Internet and logistics this year.
 
E-commerce transactions in the capital will increase to 2.5 trillion yuan in 2018 by upgrading and increasing online trade.
 
The number of enterprises that provide products and services through the Internet and wholesalers and retailers conducting e-commerce will increase.
 
Beijing will also promote e-commerce in small and medium-sized enterprises, and in residential communities and rural areas.
 
Traditional retailers and wholesalers are also encouraged to develop online business.
 
The city will make policies for training couriers and lay down standards for delivery vehicles to promote coordinated development of e-commerce and logistics.
Source: Xinhua
Housing ministry calls for garbage sorting action plans in Chinese cities
4th January 2018

 A Chinese ministry has released a notice urging 46 major cities to create detailed action plans for garbage sorting, by the end of March this year.

 
The plans should make clear annual work targets and specific tasks, according to the Ministry of Housing and Urban-Rural Development.
 
In 2018, the cities must launch pilot areas for garbage sorting, and gradually expand the model to more regions, the notice said.
 
By 2020, the 46 cities should have basically built a treatment system for garbage and put in place laws and regulations for the sector, with the utilization rate of recyclable and corruptible organic waste reaching 35 percent.
 
The ministry is aiming to create an international standard garbage sorting system before 2035.
 
The timetable came as China's cities are facing a pile-up of household waste, with landfills and incinerators often meeting opposition from local residents.
Source: Xinhua
Chinese yuan strengthens to 20-month high against USD
2nd January 2018

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened to a 20-month high against the U.S. dollar on the second trading day of 2018.

 
The rate strengthened 159 basis points to 6.4920 against the dollar, according to the China Foreign Exchange Trade System.
 
It was the strongest level since May 3, 2016, following a rally of 263 basis points on Tuesday.
 
The yuan's onshore exchange rate strengthened by 6.72 percent last year, the sharpest annual appreciation in nine years, according to calculations by financial information provider Eastmoney.com.
 
The currency's robust performance was the result of a weaker dollar, sound economic fundamentals, improved regulation on capital flows, a relatively tightened monetary environment and increased global use of the currency.
 
"The RMB will hold steady against a basket of currencies in 2018, with two-way movements becoming a norm," said a research report from China Everbright Bank.
 
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
 
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
 
Source: Xinhua
China's manufacturing sector to continue expanding in 2018
1st January 2018

 China's manufacturing sector is expected to continue expanding in 2018 despite the slight decline of an index, said investment bank China International Capital Corporation (CICC).

 
China's manufacturing purchasing managers' index (PMI) came in at 51.6 in December, slightly decelerating from 51.8 in November, according to the National Bureau of Statistics (NBS) data released Sunday.
 
The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect," as there were two fewer working days in December 2017 compared with last year, said a CICC research report.
 
However, it is worth noting that China's manufacturing continued to upgrade, it said. PMI for the high-tech sector picked up further to 53.8 in December from 53.2 in November, NBS data showed.
 
The investment bank also noted the "strong momentum" that the Chinese economy's external demand growth had maintained.
 
The New Export Orders Index picked up notably to 51.9 from 50.8 in November, "partially driven by the rush of holiday season orders," said CICC, adding that China's export demand may continue to benefit from a global synchronized recovery.
 
Despite the negative impact from the working day effect and lower inventory, December manufacturing PMI indicated that the Chinese economy continued to pick up strength, CICC said.
 
China's economic recovery and manufacturing capacity expansion cycle are likely to be in the early days and have more legs to run on, CICC said, reiterating its outlook for the Chinese economy in 2018.
Source: Xinhua

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