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News from China
Power company promises to keep city humming
7th August 2018

 As Shanghai swelters under an ongoing heatwave, the local electrical utility operator says it can guarantee power supplies for the city.

According to information from State Grid, electrical loads in 18 provinces and regions hit a record high in July. Shanghai’s power consumption has been less than other locales due to the effect of recent typhoons, according to the Shanghai Municipal Electric Power Company.
The electricity load of Shanghai is predicated to peak this summer at around 33 million kw; below its supply capacity of 36 million kw.
In case of emergencies, Shanghai’s power company has 173 repair stations all over the city, and more than 1,600 repair personnel are available around the clock to address breakdowns and power disruptions.
Source: Shanghai Daily, August 8, 2018
Down jacket maker Bosideng to 'revitalize brand image'
3rd August 2018

 Hong Kong-listed apparel company Bosideng International Holdings said it's seeking to upgrade its retail formats and revitalize its brand image among a new generation of consumers. 

The company intends to focus on its core product, down jackets, and will enhance its presence in shopping malls and department stores instead of just relying on distributors. 
Bosideng's brand new flagship store on Nanjing Road East will be unveiled by the end of September this year, director of brand marketing Li Chuang told a media briefing in Shanghai on Thursday. 
In a bid to rebuild brand awareness, it will place brand advertisement through Focus Media's outdoor ad network, which covers office buildings as well as movie cinemas, with total spending of up to 100 million yuan (US$14.7 million).
In the 12 months ended March this year, Bosideng's profit climbed 57 percent to 616 million yuan, while revenue increased 30 percent to 8.89 billion yuan, recovering from annual profit losses for three consecutive years. 
It has also been shutting down physical outlets for business restructuring over the past few years and trying to divest other apparel businesses under the Bosideng brand. 
The domestic down jacket market is estimated to be worth 100 billion yuan in 2018, but with other apparel makers and sports brands also entering the market, Bosideng will shift its focus towards the building of brand awareness, products and retail channels to revitalize business. 
Source: Shanghai Daily, August 3, 2018
US Fed leaves interest rates unchanged amid trade concerns
2nd August 2018

 The US Federal Reserve on Wednesday left key interest rates unchanged amid concerns about trade tensions between the United States and its trading partners.

The Fed decided to maintain the target range for the federal funds rate at 1.75 to 2 percent, the central bank said in a statement after concluding a two-day policy meeting.
The Fed noted that the US labor market "has continued to strengthen" and the economic activity "has been rising at a strong rate" since policymakers met in June.
"On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent," the Fed said, showing its confidence that US inflation will move toward its target of 2 percent.
The Fed's meeting came after manufacturers across the United States had expressed heightened concerns that the Trump administration's new tariffs would raise prices and disrupt the supply chains.
"Manufacturers in all Districts expressed concern about tariffs and in many Districts reported higher prices and supply disruptions that they attributed to the new trade policies," the Fed said last month in its latest survey on economic conditions, known as the Beige Book.
The Trump administration has imposed high tariffs on imported steel and aluminum products on the grounds of national security, provoking strong opposition from the domestic business community and retaliatory measures from US trading partners.
"If this process leads to a world of higher tariffs on a wide range of goods and services that are traded, and those are sustained for longer period of time...that will be bad for our economy," Fed Chairman Jerome Powell told lawmakers last month.
Powell said concerns about the Trump administration's trade policy "may well" have an impact on US wages and capital expenditures, though it hasn't shown up in the numbers yet.
"We've heard a rising chorus of concern which now begins to speak of actual capex (capital expenditure) plans being put on ice for the time being," he said.
But Powell believed that it was too early to say how trade policy would influence the Fed's monetary policy as it is "difficult to predict" the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the fiscal stimulus.
For now, "the best way forward" for the central bank is to keep gradually raising the federal funds rate, he argued.
The Fed in June increased interest rates for the second time this year, and penciled in two more rate hikes for the year. Most market participants expected the central bank to raise rates again in September and December.
Source: Shanghai Daily, August 2, 2018
China to focus on stable growth in second half
1st August 2018

 China will keep its economy on a stable and healthy development track with a proactive fiscal policy and prudent monetary policy in the second half of 2018, according to a meeting of the Political Bureau of the Communist Party of China Central Committee yesterday.

The meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee, stressed that China will maintain the basic tone of “seeking progress while maintaining stability” for its economic work and allow the economy to continue to perform within a reasonable range.
Efforts should be made to push supply-side structural reform and win the “three tough battles,” according to a statement released after the meeting.
China’s economy has maintained steady growth with good momentum in the first half, according to the statement.
However, the economy still faces some new challenges and the external environment has changed notably. China should focus on the “principal contradiction” and take targeted measures to solve it, the statement said.
The country will continue to implement a proactive fiscal policy and prudent monetary policy while making policies more forward-looking, flexible and effective. Fiscal policy should play a bigger role in expanding domestic demand and structural adjustments. China will maintain control over the floodgates of monetary supply and keep liquidity at a reasonable and ample level.
Efforts should be made to keep employment, the financial sector, foreign trade, foreign and domestic investments, and expectations stable.
The legitimate rights of foreign-funded companies in China will be protected, according to the statement.
The country should take strengthening areas of weakness as an important task in deepening supply-side structural reform, with intensified efforts to be made in improving infrastructure.
Work should also be done to improve innovation capability, develop new engines of growth, eliminate institutional barriers for cutting excessive capacity, and lower the cost for companies.
The strategy of rural revitalization should be well implemented.
“China must better combine the task of forestalling and defusing financial risks with serving the real economy,” the statement said.
To that end, the country should stand firm on reducing the leverage ratio, ensure the proper policy intensity and tempo, and coordinate the timing of unveiling new policies.
“Through innovation of mechanisms, China must raise the capacity and willingness of financial institutions to serve the real economy,” the statement said.
The meeting called for pressing ahead with reform and opening-up and continuing to roll out major effective reform measures. Major policies of expanding opening-up and significantly relaxing market access should be implemented, and the joint construction of the Belt and Road should be advanced in depth. Efforts should be made to make China’s first import expo, China International Import Expo, successful.
Source: Shanghai Daily, August 1, 2018

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