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News from China
China commerce ministry denies massive capital outflow
18th February 2016

China's Ministry of Commerce (MOC) on Wednesday denied speculation of capital outflows from the country.

"The fundamentals of Chinese economy and market remain sound, and there is no foundation for the yuan to keep depreciating, hence no drastic capital outflows," MOC spokesperson Shen Danyang told a press conference.
 
The remark was in response to claims of a capital flight, which cited rising imports from Hong Kong in January as fresh evidence of a hidden money exit through trade channels as the yuan weakens.
 
In January, mainland imports from Hong Kong more than doubled. Shen attributed the rise to a low comparison base last year and mainland efforts to expand imports, warning against drawing easy conclusions without detailed analysis and factual support.
 
Concerns about capital outflows have been on the rise as the economy slows and the central bank revamped the foreign exchange mechanism last year.
 
Authorities have cited China's current account surplus and foreign exchange reserves as solid support for the balance of international payments.
 
Source: Xinhua
News Analysis: Chinese manufacturing adapts to changing times
17th February 2016

In China's southern manufacturing hub Dongguan, a shoe factory is shutting down and laying off 1,900 employees.

A subsidiary of Stella International Holdings, the factory is one of the most important production and processing bases for brands like Nike, Prada and ECCO.
 
"With demand shrinking and wages rising, we had no choice but to shut down," said Zhong Weijie, a human resource manager of Stella International Holdings. "The capacity will move to Southeast Asia."
 
But it is not all doom and gloom.
 
An hour's drive from Dongguan in Shenzhen, smartphone maker Huawei announced sales revenue of 60.1 billion U.S. dollars in 2015, and predicted 81.8 billion U.S. dollars this year. Huawei is now the world's third biggest smartphone maker after Samsung and Apple, and rapidly expanding.
 
These two stories are a snapshot of what's happening in Chinese factories: traditional manufactures battle overcapacity, while new industries blossom.
 
Huawei has achieved its success through continual innovation. Every year, 10 percent of revenue is plowed back into R&D. Almost half of its employees engage in R&D in some way or another.
 
The shift of manufacturing pattern is seen in China's exports. Processing, labor-intensive and using little technology, is being replaced by general trade, which involves domestic products and technology. General trade now accounts for 58.4 percent exports.
 
In May 2015, China rolled out the "Made in China 2025" plan to shift away from low-end manufacturing to more value-added production. Local governments have offered tax incentives to high-tech companies and guided private funds into innovative projects.
 
As tech-intensive production becomes lucrative, traditional manufactures are adapting.
 
"It's true that fields with overcapacity problems have operational difficulties, but by improving energy efficiency, we also see many opportunities," said Yin Jianan, chairman of Shanxi Blower Machinery Company.
 
Opportunities also lie in international cooperation. By establishing factories overseas, many Chinese manufacturers have found ways to digest excess capacity with lower labor-costs abroad.
 
Overseas mergers by Chinese firms increased by 40 percent in 2015, most of which led by private manufacturers buying out foreign businesses tech advantages of valuable brands, according to PricewaterhouseCoopers (PwC).
 
"We believe the trend will continue," said Liu Yanlai, a partner with PwC, "China-led multinationals are going onto the world stage."
 
Just as China relied on manufacturing to rise in the past, the sector is still a pillar industry. Chinese manufacturing is not fading, it's just changing.
 
Source: Xinhua
China FDI growth steady despite slowing economy
16th February 2016

Foreign direct investment (FDI) into the Chinese mainland continued to grow steadily in January despite slowing overall growth in the world's second largest economy.

FDI, which excludes investment in the financial sector, rose 3.2 percent year on year to 14.07 billion U.S. dollars last month, the Ministry of Commerce (MOC) said on Monday.
 
Investment in the country's burgeoning service sector accounted for 67.6 percent of total inflow during the period.
 
FDI in the high-tech service industry more than doubled to 7.2 billion yuan (1.1 billion U.S. dollars).
 
Investment from the United States, the European Union and Japan rose the most, up 463.6 percent, 30.9 percent and 22.8 percent, respectively.
 
China's economy grew by 6.9 percent year on year in 2015, its lowest annual expansion in a quarter of a century.
 
Source: Xinhua
China opens bond market to individual investors
15th February 2016

China's central bank on Sunday allowed individual investors to purchase all types of bonds over bank counters.

Individuals with annual income of more than 500,000 yuan (around 76,500 U.S. dollars), 3 million yuan of financial assets and over two years of securities investment experience can now buy any bonds they like over the counter, according to a regulation released by the People's Bank of China (PBOC).
 
Previously, only certificate treasury bonds were available to individuals.
 
The new policy aims to boost the bond market and direct financing, the PBOC said.
 
China's bond market boomed in 2015 thanks to government moves to diversify corporate financing channels. Around 22.3 trillion yuan of new bonds were issued last year, almost double the sum in 2014.
 
Source: Xinhua

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