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News from China
China central bank pumps more funds into financial system
14th April 2016

 The central bank on Wednesday pumped 285.5 billion yuan (about 44 billion U.S. dollars) into the financial system in open market operations via medium-term lending facility (MLF).

 
The People's Bank of China (PBOC) said the operations were aimed at maintaining liquidity in the financial system at a "reasonably abundant" level.
 
The MLF is a tool introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank by using securities as collateral.
 
The fresh funds were injected into 17 financial institutions, according to the PBOC.
 
Among the new funds, 127 billion yuan is for 3 months, and 158.5 billion yuan is for 6 months, at interest rates of 2.75 percent and 2.85 percent.
 
The interest rates were left unchanged to "guide financial institutions to boost support for key areas and vulnerable links of the national economy," the central bank said.
 
To bolster the lukewarm economy, China has adopted a more pro-growth policy stance, cutting benchmark interest rates and banks' reserve requirement ratio (RRR) multiple times since 2014.
 
At a press briefing last month, a central bank spokesperson described its monetary policies as "prudent with a slight easing bias."
 
The Chinese economy posted its lowest annual expansion in a quarter of a century at 6.9 percent in 2015, and the National Bureau of Statistics is scheduled to release data for the first quarter this year on Friday.
Source: Xinhua
Top legislator stresses enforcement of food safety law
13th April 2016

Zhang Dejiang, chairman of the Standing Committee of China's National People's Congress, presides over a plenary session of the inspection group for the enforcement of the food safety law in Beijing, capital of China, April 12, 2016. (Xinhua/Li Tao)

 
BEIJING, April 12 (Xinhua) -- Top Chinese legislator Zhang Dejiang has urged government organs and the food industry to fully enforce and obey the country's food safety law prior to a law enforcement inspection.
 
Zhang made the remarks Tuesday while presiding over a meeting of the Standing Committee of the National People's Congress (NPC) on the upcoming enforcement inspection for the food safety law.
 
Noting that China's food safety situation is still "grave," Zhang stressed the role of both Party and government organs in coordinating efforts in law enforcement and supervision so as to effectively eliminate anomalies in the food industry.
 
A major revision to the food safety law was adopted in April 2015 that saw articles increased from 105 to 154, imposing heavier civil, administrative and criminal penalties for offenders and their supervisors. It came into effect on Oct. 1.
 
According to Zhang, law enforcement inspection is a crucial form of NPC's supervision that helps ensure full functioning of a law.
 
This inspection will see five groups sent to ten provincial-level regions, while 21 provincial-level people's congresses will carry out inspections within their own jurisdictions.  
 
Source: Xinhua
World Bank projects China's economy to grow 6.7 pct this year
12th April 2016

The World Bank expects the Chinese economy to slow to 6.7 percent in 2016, the bank said in a report on Monday.

 
The projection is on par with its last estimate in January. The bank has kept its projection for 2017 at 6.5 percent.
 
"China's orderly transition to slower but more sustainable growth has continued despite some volatility in financial markets," according to the East Asia and Pacific Economic Update, which is published by the bank twice a year.
 
The growth deceleration was especially pronounced in the real estate and manufacturing sectors. Excess capacity has been a drag on a wide range of industries, while service sector remains robust, the report noted.
 
Despite slower GDP growth, the urban job creation exceeded the annual target in 2015 and the household disposable income grew faster than GDP growth.
 
"The overall capacity of China's economy to create jobs is extremely high," said Sudhir Shetty, Chief Economist of the World Bank's East Asia and Pacific Region at a video conference.
 
The bank warned that credit growth continues to outpace GDP growth and leverage is still building. Monetary and fiscal policy stances are expected to remain accommodative to limit risks of a rapid growth slowdown that could trigger disorderly adjustments in accumulated imbalances.
 
The bank also expects growth in East Asia to ease from 6.5 percent in 2015 to 6.3 percent in 2016 and 6.2 percent from 2017 to 2018.
 
"Developing East Asia and Pacific continues to contribute strongly to global growth. The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions," said Victoria Kwakwa, incoming World Bank East Asia and Pacific Regional Vice President. 
Source: Xinhua
Greek media praise Chinese shipping giant's acquisition of majority stake in Greek port
11th April 2016

Some Greek media praised the signing of the sale of a majority stake of Piraeus Port Authority (PPA) to China COSCO Shipping during the weekend, saying it has furthered the mutually beneficial cooperation between the two countries.

 
An article entitled "Piraeus Port -- a gateway for the Sino-European Route" on the financial newspaper Naftemporiki (Shipping Trade News) said that Greece is at the center of Chinese investments after the signing of the deal between Greece's privatization fund HRADF and China COSCO Shipping on Friday.
 
Another article entitled "COSCO era for the port: Investments, growth, jobs" was published on the financial news website www.capital.gr.
 
"A new era of growth is foreshadowed, which aims to make Piraeus port the largest container hub in Europe," it said.
 
"The most immediate and important added value of the privatization of the port is the positive investment message sent to the international community," the article said.
 
Another report entitled "A new page has opened in the Sino-Greek relations with the sale of PPA" was published on the financial newspaper Imerisia (Daily).
 
"An important milestone for the privatization program was achieved. An agreement between Greece's privatization fund HRADF and China COSCO Shipping Corporation for the sale of the majority stake in PPA was signed, sealing the first major privatization since SYRIZA came to power," the article said.
 
Under the deal the Chinese investors will pay 280.5 million euros(319.71 million U.S. dollars) to HRADF for the initial acquisition of a 51 percent stake, while it will pay another 88 million within five years for the remaining 16 percent, provided it has implemented the agreed investments in the port.
 
Since 2009, China COSCO Shipping's subsidiary Piraeus Container Terminal (PCT) has been operating Piers II and III at Piraeus port under a 35-year concession agreement. In 2015, the container throughput of Piraeus Port increased to 3.36 million TEU (twenty-foot equivalent unit) from 880,000 TEU in 2010, while the global ranking of Piraeus Port also increased significantly from 93rd to 39th in terms of container capacity.
Source: Xinhua

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