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News from China
China to cut gasoline, diesel retail prices
29th June 2022

China will cut the retail prices of gasoline and diesel starting Wednesday, the country's top economic planner said Tuesday.

 
The prices of gasoline and diesel will go down by 320 yuan (about 47.81 U.S. dollars) per tonne and 310 yuan per tonne, respectively, according to the National Development and Reform Commission.
 
The move marks the 2nd fuel-price decrease since the beginning of this year.
 
Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
 
China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.
Source: Xinhua
China's industrial profits improve on rebounding factory activities
28th June 2022
Profits of China's major industrial companies saw a narrower decline in May as factories in the world's second-largest economy restarted production lines as business sentiments improved, official data showed Monday.
 
Major industrial firms, each with business revenue of at least 20 million yuan (about 2.99 million U.S. dollars), saw their profits decline 6.5 percent year on year in May, narrowing from the 8.5-percent contraction in April, data from the National Bureau of Statistics (NBS) showed.
 
Revenues of these major firms went up 6.8 percent from a year ago last month, a faster growth pace compared with April, the data showed.
 
China's industrial economy is stabilizing and picking up, said Xin Guobin, vice minister of industry and information technology.
 
Commenting on the reading in May, senior NBS statistician Zhu Hong attributed the slower contraction to effective epidemic control, recovering business activities and progress achieved in smoothing logistics.
 
During the first five months, major industrial firms made about 3.44 trillion yuan in total profits, rising 1 percent from a year ago, NBS data showed.
 
Of all 41 industrial sectors, 20 registered yearly profit growth or narrowed year-on-year profit contraction in May, while five managed to reverse the declining trend to post-profit expansion.
 
Last month, the country's northeastern region and the Yangtze River Delta, where the metropolis Shanghai is situated, reported a much smaller decline in industrial profits compared with April, as these areas gradually shook off the COVID-19 fallouts.
 
Boosted by policy support and relatively high prices, the energy sector saw profits surge in May. Profits of coal, oil and natural gas exploitation industries more than doubled, contributing to 9.5 percent of overall industrial profit growth last month.
 
Marginal profits of the equipment manufacturing sector reported a marked improvement compared with April, and better earnings were also reported among producers of consumer goods last month, Zhu said.
 
Despite these positive changes, Zhu cautioned that given the relatively weak recovery foundation and the changing international landscape, there are still many uncertainties for industrial enterprises to earn profits.
 
Official data showed that China's key economic indicators saw improvements in May. Its value-added industrial output, for instance, reversed the decline in April and posted a year-on-year expansion last month.
 
To shore up the virus-hit economy, the State Council has unveiled a package of 33 measures in six aspects recently to further stabilize the economy.
 
The industry ministry has pledged to focus on stabilizing industrial chains and step up support for small and medium-sized enterprises, in order to ensure the delivery of the policy package.
 

Building on the momentum in May, it is highly likely that China's industrial firms will report better profits in June, said Zheng Houcheng, director of Yingda Securities Research Institute.  

Source: Xinhua
China to increase effective ecological investments
27th June 2022
China's Ministry of Ecology and Environment has urged efforts to promote investment growth in the field of ecology and the environment amid efforts to stabilize the country's economy.
 
Targeting ecological projects listed among the country's 102 major projects for the 14th Five-Year Plan period (2021-2025), the ministry stressed the need to accelerate the advancement of projects related to air, water, soil, solid waste pollution control, and nuclear and radiation security supervision.
 
For major projects in the planning stage, preliminary work should be done at an accelerated pace, and detailed construction schedules should be clarified for existing projects, according to Minister of Ecology and Environment Huang Runqiu.
 
The ministry also underlined measures to ramp up more accurate financial support for ecological and environmental protection projects.
 
Project reserves will be established to include ecological and environmental protection projects, as well as key national projects related to climate change. Efforts will be made to improve the accuracy of financial funding matches for these projects, the ministry said.
 
Building project reserves is important for directing financial investments, effectively coordinating supply and demand, solving key ecological and environmental problems, and promoting green development, said Zhang Jianhong from the Chinese Society of Technology Economics.
 
Industry insiders noted that China will focus on promoting the steady expansion of investments in infrastructure construction in the environmental protection sector, and broadening investment channels to increase financial and social capital in the sector.
Source: Xinhua
A decade of evolution for China's financial system
24th June 2022

 With steady efforts to push structural reforms and expand opening-up, China's financial system has gradually evolved and matured over the past decade, offering solid support to the stability and development of the broader economy.

 
The following are some facts and figures on how the country reformed its financial system to spur the real economy, kept risks within control and better aligned with the international market.
 
POWERING THE REAL ECONOMY
 
While sticking to its prudent monetary policy, China has constantly innovated and enriched its toolbox with the aim of enabling a virtuous circle of the real economy and the financial system.
 
During a briefing on Thursday, Chen Yulu, vice governor of the People's Bank of China, said that China's financial market saw improvements in its ability to serve the real economy over the past decade.
 
As of the end of 2021, the M2 -- a broad measure of money supply that covers cash in circulation and all deposits -- came in at 238.29 trillion yuan (about 35.5 trillion U.S. dollars), with the annual growth rate from 2012 to 2021 reaching 10.8 percent.
 
Besides ensuring that market liquidity remains ample, the government has tilted policy incentives to ease financing difficulties for the private economy and small businesses, and has put in place a diversified capital market to cater to the needs of various entities.
 
As of the end of the first quarter of this year, the outstanding inclusive loans topped 20 trillion yuan, supporting over 50 million small and micro firms and individual businesses
 
FORESTALLING RISKS
 
Forestalling financial risks has been high on the government's work agenda over the past decade, and the country has managed to strike a delicate balance between advancing financial development and reining in the related risks.
 
"Important results were achieved in preventing and resolving major financial risks, with the blind expansion of financial assets fundamentally reversed," said Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission.
 
High-risk shadow banking has been reduced by about 25 trillion yuan compared with the historical peak, while a total of 16 trillion yuan of non-performing assets have been disposed of in the past decade, according to Xiao.
 
Continuous efforts have also been made to build a solid financial security defense line of anti-money laundering and anti-fraud, while comprehensively strengthening financial consumer protection.
 
EXPANDING OPENING-UP
 
At a time when the rising tide of protectionism threatens to jeopardize global economic recovery, China has moved steadily to deliver its promise of wider opening-up in the financial system.
 
From expanding the connectivity between domestic and international capital markets to facilitating overseas institutional investors to take part in China's exchange bond market, the opening-up moves over the past decade have attracted more foreign investors to the Chinese market.
 
Foreign entities' holdings of domestic RMB financial assets have increased by 2.4 times compared with 10 years ago, while the share of Chinese yuan in the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket has risen from 10.92 percent to 12.28 percent.
 
Li Chao, vice chairman of the China Securities Regulatory Commission, said China will strive to build a regulated, transparent, open, dynamic and resilient capital market. 
Source: Xinhua

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