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News from China
China vows to bolster private businesses
6th June 2016

 CHINA has pledged to implement measures to improve laws and government services for businesses in response to slowing private investment growth, state media said late Saturday.

China is counting on the private sector to invest more in the economy as the government tries to shift away from state-run heavy industry to a more entrepreneurial and services-led growth.

The measures come after a month-long survey of hundreds of private firms, Xinhua news agency said, without detailing the measures.

The study found that smaller market demand, overcapacity, higher labor costs and bad policy implementation had contributed to slower investment growth, Xinhua said.

Private-sector fixed-asset investment, which includes land, equipment and buildings, took up over 60 percent of overall investment in January to April, government data showed.

But the amount grew just 5.2 percent from the same period a year earlier, its slowest rate since data collection began in 2012. The rate also compared with around 10 percent last year, and as much as 25 percent in 2013

Source: Shanghai Daily, June 6, 2016
Heavy plate of topics at Lujiazui Forum
3rd June 2016

 THE two-day Lujiazui Forum in Shanghai will gather financial regulators and experts from home and abroad to discuss the global economy and help chart a path for China to push forward financial reform and opening up.

Financial regulators from the Chinese mainland, Hong Kong and London, executives from stock exchanges, financial institutions and universities will be among the 400 guests to discuss topics ranging from reform of supply side and insurance industry to Internet finance at the forum whose theme is “Challenge for Global Economic Growth and Financial Reform,” organizers said yesterday at a press conference.

“With the joint effort of participants, the forum will hopefully inspire ideas to further promote global economic recovery, deepen financial reform in China and accelerate the construction of Shanghai as an international financial center,” said Xie Dong, deputy director of Shanghai Financial Service Office.

Source: Shanghai Daily, June 3, 2016
Macau sees 9.6% drop in gambling income in May
2nd June 2016

 MACAU, the world’s biggest casino hub, posted a drop of 9.6 percent in gambling revenue for May, with the pace of decline accelerating from the previous month, as wealthy gamblers continued to steer clear of the southern Chinese territory.

May marked the 24th consecutive monthly drop for the former Portuguese colony, where monthly revenues have shrunk by half in the last two years and hit lows not seen in over five years.

Macau, the only place in China where casino gambling is legal, has been hit by a protracted anti-corruption campaign that targeted officials and politically linked businessmen, and slowing economic growth in the world's second-largest economy.

Gambling revenue for May shrank 9.6 percent to 18.4 billion patacas (US$2.3 billion), according to government data yesterday, a steeper decrease than analysts’ expectations for a 6-7 percent decline.

Macau’s economy is critically reliant on casinos, with the gaming industry accounting for over 80 percent of government revenues. Economic growth in the tiny territory, home to 600,000 people, shrunk 13 percent in the first quarter, government data showed this week.

The central government in Beijing and local officials have pushed casino operators, including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM Holdings and Melco Crown, to diversify their offerings away from glitzy casino halls into a more wholesome tourism offering.

This year three new mega resorts are due to open with features including a 50 percent scale version of the Eiffel Tower, a large lake fronted with a gondola ride and ultra-luxury shopping and dining, as operators try to appeal to a broader type of customer than the traditional hardcore gambler.

While revenues have tumbled, many industry experts are confident the worst is over but remain cautious in the near term, citing a gradual recovery rather than a quick rebound.

“Long-term, we believe Macau can capitalize on the rising Chinese demand for holiday leisure travel,” said Vitaly Umansky, analyst at Bernstein in Hong Kong.

Source: Shanghai Daily, June 2, 2016
Yuan’s central parity rate weakens
1st June 2016

 THE central parity rate of the yuan weakened further by six basis points yesterday to 6.5790 against the US dollar, the lowest level since February 2011, according to the China Foreign Exchange Trading System.

The fall followed Monday’s drop of 294 basis points, which dragged the central parity rate of the yuan to its weakest point in more than five years.

The tumble came after US Federal Reserve Chair Janet Yellen said at Harvard University on Friday that an interest rate hike in the next few months would probably be appropriate if economic data improve. Her comments boosted the US dollar against other major currencies.

Despite the fluctuations, there remains only limited concern over the yuan’s depreciation pressure among market observers.

“China has allowed greater flexibility in the renminbi (yuan) exchange rate while maintaining its stability,” said a report issued by China International Capital Corp on Monday.

Source: Shanghai Daily, June 1.

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