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News from China
China economy further stabilizes with booming new engines
14th September 2016

The Chinese economy stabilized last month as pro-growth measures propped up investment and industrial output and new economic engines continued to gather steam. 

 
A string of data released Tuesday by the National Bureau of Statistics (NBS) showed the economic activity in better shape, albeit still under downward pressure. 
 
China's fixed-asset investment grew 8.2 percent year on year in August, a huge increase from 3.9 percent in the previous month. Investment in the private sector, a concern for policymakers, expanded 2.3 percent, reversing two months of declines. 
 
"Investment is on a more steady path," NBS spokesperson Sheng Laiyun said at a press briefing. 
 
In the first eight months, fixed-asset investment rose 8.1 percent year on year, unchanged from the January-July period and ending a slowdown that had lasted for four consecutive months. Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets. 
 
"Solid investment in property and infrastructure made the major contribution," said Zhang Jun, economist with Morgan Stanley Huaxin Securities. Both sectors have seen faster investment growth during the period. 
 
The figures were among a series of encouraging economic indicators. 
 
Value-added industrial output increased to 6.3 percent year on year last month, picking up from 6 percent for July and 6.1 percent posted for the same period of last year. The figure measures the output of companies with annual business revenue of more than 20 million yuan (3 million U.S. dollars). 
 
Consumer goods retail sales grew 10.6 percent year on year, up from 10.2 percent in July . Retail sales have started to contribute significantly to growth. 
 
"Generally speaking, the improvement in major indicators last month showed positive changes, with progress in structural adjustment and new economic impetus," Sheng said. He added that employment was stable and factory activity recovering. 
 
Echoing Sheng's remark, Bloomberg economist Tom Orlik said that the latest signs of stabilization suggested policy would continue to be aimed at longer-term reform and financial stability challenges. 
 
Economic growth held steady at 6.7 percent in the second quarter, still the lowest level since the 2009 global financial crisis but within the government's target range for 2016.. 
 
Output in high-tech industries rose 11.8 percent from a year ago in August. New business registrations surged 28.9 percent in the first eight months. Internet shopping sales continues to grow well above 25 percent. "New services including online medical services, education and taxi-hailing are mushrooming," Sheng said. 
 
But the NBS spokesperson said the government will remain clear-headed despite the improvement, due to uncertainties in global economic recovery, including a possible interest rate hike in the United States. "China's economic restructuring is at a crucial stage [...] and the downward pressure is still looming." 
 
Responding to the situation, the State Council is about to launch a nationwide inspection, the third of its kind since 2014, to spur local implementation of reform and pro-growth policies later this month. 
 
In the remainder of 2016, the government will strengthen fiscal measures and improve banks' lending to major projects in a bid to realize the official growth targets, Zhang said. 
 
"As further interest rate cuts now appear unlikely, additional support for growth will continue to be channeled through fiscal policy," Orlik said, "The gradual shift to rein in excess credit growth, shadow banking, and real estate speculation will continue."
 
Source: Xinhua
China's private investment remains weak
13th September 2016

China's fixed-asset investment by the private sector remained weak despite government attempts to stimulate growth, official data showed on Tuesday.

 
Fixed-asset investment by the private sector in China increased 2.1 percent in the first eight months, unchanged from the growth seen in the January-July period, according to the National Bureau of Statistics (NBS).
 
In contrast, state-sector investment surged 21.4 percent during the period.
 
The torpid growth of private investment this year has concerned policymakers as the private sector regularly contributes more than 60 percent of China's GDP growth and provides over 80 percent of jobs.
 
Some analysts attributed the decline to the slowdown in the export manufacturing and real estate industries, the two sectors most favored by private investors, combined with the deterioration in business confidence over the past few years.
 
In infrastructure and some service industries, such as railways and health care, state-linked companies still dominate meaning less opportunities for private investors.
 
To encourage private investment, the State Council has taken gradual steps to level the playing field. Infrastructure projects that were previously off-limits have been gradually opened up and in November 2014, six new areas -- environmental protection, agriculture, water, urban utilities, transportation and energy -- were liberalized.
 
At the local level, however, where the actual work takes place, lax implementation and red tape remain major hurdles.
 
To arrest the investment slowdown, the State Council earlier this year sent inspectors to local regions to investigate how central policies on private investment are put into practice.
Source: Xinhua
China-ASEAN Expo boosts closer bilateral ties for common prosperity
12th September 2016

 Vice Premier Zhang Gaoli said Sunday that China will push ahead to develop its friendly cooperation with the Association of Southeast Asian Nations (ASEAN) and together build a closer China-ASEAN community of common destiny.

 
China firmly supports the ASEAN Community, backs ASEAN's central role in regional cooperation and its expanding place in international and regional affairs, said Zhang while addressing the opening ceremony of the 13th China-ASEAN Expo in south China's Guangxi Zhuang Autonomous Region.
 
Together with ASEAN, China is willing to look at bilateral relations from a strategic and long-term perspective, expand consensus and cooperation, promote the 21st Century Maritime Silk Road and forge a closer China-ASEAN community of common destiny, he said.
 
Zhang proposed further integration of development strategies, and faithful implementation of the 2+7 Cooperation Framework and the third five-year action plan for China-ASEAN strategic partnership, which would promote inclusive development.
 
He called for boosting industrial cooperation and facilitation of trade and investment.
 
Zhang urged better interconnectivity, which would benefit people on both sides, as well as improved finance cooperation and people-to-people exchanges.
 
The four-day expo, held in Nanning, the capital of Guangxi, highlights industrial cooperation, trade and investment among China, ASEAN members and other countries along the Belt and Road. It was given the theme of "Jointly building the 21st Century Maritime Silk Road, Forging an Even Closer China-ASEAN Community of Common Destiny."
 
The event attracted more than 2,500 companies from 29 countries, including the 10 ASEAN members, India, Pakistan, Sri Lanka and Kazakhstan. It features 5,800 exhibition booths this year, an increase of 1,200 from the previous event.
Source: Xinhua
China consumer prices up 1.3 pct in August
9th September 2016

China's consumer price index (CPI), a main gauge of inflation, grew 1.3 percent year on year in August, down from July's 1.8 percent, the National Bureau of Statistics (NBS) announced Friday.

 
The August data dropped for the fourth-consecutive month from 2.3 percent in April, when the CPI reached its highest level since July 2014.
 
On a month-on-month basis, the CPI rose 0.1 percent in August.
 
NBS statistician Yu Qiumei attributed the moderated inflation largely to eased food prices.
 
The price of pork rose 6.4 percent year on year in August, slowing from 16.1-percent rise registered in July.
 
Since January 2016, CPI has been calculated using a new comparison base and included more products and services, while slightly reducing the weighting of food.
Source: Xinhua

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