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News from China
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
High-tech trade to be the norm
10th November 2016

 HINA’S trade with the rest of the world is being transformed to one 

focused on high technologies from the exports of cheap manufactured goods, 
Shanghai Daily learned yesterday at a forum of the Shanghai WTO Affairs Consultation Center.
“While cheap labor cost was commonly taken as the competitive advantage of China in global trading, 
it would be replaced more and more by high technologies in the coming years,” said Zhang Youwen, 
president of Shanghai Society of World Economy.
Presently around 85 percent of the products China exports to the United States are “newly developed high-tech goods” 
rather than natural resources or cheaply produced goods, Zhang said.
Foreign investors prefer to invest in technologies in China. “High technology will be the new highlight in China’s 
trade with global markets,” Zhang said.
Source: Shanghai Daily, November 10, 2016
PBOC seeks curbs on asset bubbles
9th November 2016

 CHINA’S central bank yesterday stressed efforts to curb asset bubbles as it recognized the increasingly challenging task to seek a balance between stabilizing growth and preventing froth.

In its latest policy report, the People’s Bank of China highlighted the mission to control asset bubbles to guard against financial risks, while ensuring adequate liquidity to create
 conditions for advancing structural reforms.
China will stick to a prudent monetary policy, with an appropriate degree of flexibility and timely preemptive adjustments, the PBOC pledged.
More emphasis will be given to reforms and innovation to allow the market to play a decisive role in resource allocation, the report noted, calling for more efforts to guide the money flow 
to the real economy.
While acknowledging the positive changes in China’s growth, the report said the economy still relied heavily on the property market and infrastructure investment, and weak private investment 
has curbed growth.
China’s economy grew 6.7 percent in the third quarter, holding steady with the first and second quarters and boosting sentiment this year’s annual growth target of 6.5 percent to 7 percent 
is achievable.
Source: Shanghai Daily, November 9, 2016
Bad-loan ratio not high enough to trigger systemic financial risk
8th November 2016

 CHINESE commercial banks’ bad-loan ratio is not so high that it would have the potential to trigger a systemic financial risk, said a senior official with the country’s banking sector’s watchdog.

There is no universal international standards or warning line for bad loan ratio and any projections should factor in the ability of banks to digest non-performing loans via provision funds set aside 
to cover bad loans, profits and capital for NPL level evaluation, Wang Zhaoxing, deputy head with the China Banking Regulatory Commission, wrote in the latest 
edition of China Finance, a magazine published by the central bank.
A high bad-loan ratio alone is not likely to cause systemic financial risk, which must take into account the overall economic conditions, 
corporate debt leverage and the liquidity, capital adequacy ratio and provision coverage ratio, Wang added.
The Chinese banking sector’s bad-loan ratio rose from 0.87 percent at the end of 2012 to 1.75 percent at the end of September, with a total 
balance of 1.4 trillion yuan (US$207 billion).
China has entered the new normal growth period tasked with deleveraging and destocking the economy and cutting overcapacity, which led to the 
rising bad-loan ratio. However, the Chinese banking sector has enough profit, provision funds and capital to ease the impact of bad loans,
Wang said.
Chinese banks are also exploring changes to their business models to improve profits, making them more able to manage risks, Wang added.
The latest quarterly financial reports of China’s five major banks, including the Industrial & Commercial Bank of China and the Bank of China, 
posted steady year-on-year net profit growth in the first three quarters. Income from wealth-management products and other non-traditional 
sources posted over 20 percent rises year on year and an average share of about one third of their total revenue.
China’s credit risk is under control as long as the economic slowdown is kept in check, and there are no violent capital and property market 
fluctuations or massive corporate bankruptcies, Wang said.
Source: Shanghai Daily, November 8, 2016

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