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News from China
China's non-manufacturing PMI continues to slip
1st March 2016

China's service sector activity continued to slip in February, official data showed on Tuesday.

The purchasing managers' index (PMI) for the non-manufacturing sector came in at 52.7 in February, down from 53.5 in January, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
 
A reading above 50 indicates expansion, while a reading below 50 represents contraction.
 
Source: Xinhua
Celebrity microblogger's account closed for posting illegal info
29th February 2016

China's top Internet regulator on Sunday ordered the microblogging platforms of Sina and Tencent to shut down the accounts of Ren Zhiqiang, a celebrity blogger and property developer, for spreading illegal information.

"Cyberspace is not a lawless field and it should not be used to spread illegal information by anyone," said Jiang Jun, spokesperson with the Cyberspace Administration of China (CAC).
 
Ren's microblog accounts have been closed after netizens reported that he had regularly posted illegal information, "resulting in a vile influence," according to Jiang.
 
The CAC made the decision in accordance with China's laws and regulations, including a top legislature decision on safeguarding Internet security and a State Council circular which authorized the administration to manage online information and content.
 
Jiang called on both the Internet service providers and netizens to enhance awareness and guard "the bottom lines" of laws, the socialist system, the national and citizen's legal interests, social order, ethics and the authenticity of information.
 
The celebrity microbloggers as well as bloggers dubbed "Big Vs" for their large number of followers should use their influence correctly, exemplify in observing laws, shoulder their due social responsibilities, and promote "positive energy" actively, Jiang said.
 
The administration vowed intensified law enforcement efforts in monitoring and managing online information and content, saying that it would not allow the users of the closed accounts to register again under another name.
 
Source: Xinhua
China eliminates inefficient capacities in several industries
26th February 2016

China is working to phase out of inefficient capacities in several industries in recent years. From 2011 to 2015, the country eliminated 91 million tonnes of outdated capacity in the iron industry and about 100 million tonnes in the steel industry.

For the cement industry, the capacity cut was 640 million tonnes, while the aluminum sector saw a reduction of 2 million tonnes. Now, with a shrinking demand both at home and abroad, their profits are being hurt, prompting the State Council to roll out plans to help reduce excessive capacity.
 
The State Council rolled out plans to help reduce it, announcing earlier February that the crude steel production capacity will be slashed by 100 to 150 million tonnes over the next five years. And... the industry is also expected to become greener, with energy and water consumption for every 10-thousand yuan of industrial output falling 25 percent and 35 percent respectively in five years from the end of 2010.
 
Source: Xinhua
China experienced in dealing with risks: premier
25th February 2016

Chinese Premier Li Keqiang said Wednesday the government is experienced in dealing with various risks and has sufficient policies and tools.

Li made the remarks while meeting with the World Bank's President Jim Yong Kim in Beijing.
 
"We will continue to implement a proactive fiscal policy and prudent monetary policy, as well as an innovation-driven development strategy," said Li.
 
China is willing to enhance macro policy coordination with international society via the G20 group, he said.
 
Li praised cooperation between China and the World Bank in such areas as urbanization and reform of pharmaceuticals and the healthcare system.
 
He called on the two sides to strengthen research on new growth momentum, to help China to maintain medium-high growth and achieve a medium-to-high level of development.
 
Kim said all major economies should improve macro policy coordination against the backdrop of a weak global economy.
 
China has maintained relatively fast economic growth by changing and through structural reform, he said.
 
The World Bank will strengthen policy communication with China and conduct in-depth discussion with China on issues concerning the G20 summit and the development issues that China is interested in, said Kim.
 
The World Bank is willing to deliver more rational and objective opinions about Chinese economy to international society, he added.
 
Kim is visiting China for the G20 Finance Ministers and Central Bank Governors Meeting slated for Feb. 26-27 in Shanghai.
Source: Xinhua

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