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News from China
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
High-earners set to rise by 2030
7th November 2016

 CHINA’S pool of high-earning consumers is set to surge in the next 15 years, their household spending growing to be greater than the European Union's current level, a report showed.

 
The number of people earning above US$10,000 per year is expected to grow to around 480 million by 2030, from around 132 million today, according to research by the Economist Intelligence Unit, a think tank with the Economist.
 
The proportion of the population with upper-middle and high incomes will expand from 10 percent to 35 percent by 2030 when China will look and feel like a more middle-class society,
although inequalities in wealth will remain an important social challenge, the report pointed out.
 
“We expect that the purchasing power of individual Chinese consumers in 2030 will be roughly akin to that of South Korea today or the US in 2000,” said Wang Dan, EIU China analyst.
 
Some interior cities will become major centers of consumption, with Changsha, Chengdu, Chongqing and Wuhan each having over 2 million high-income consumers by 2030.
However, other smaller cities may be left behind as regional inequalities persist.
Source: Shanghai Daily, November 7, 2016

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