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News from China
Infrastructure spending key to stability in GDP growth
19th October 2015

 INCREASED infrastructure investment is key to stabilizing China’s economic growth, a top state advisor said yesterday, while calling on the central bank to lower the cost of financing for companies and increase overall credit.
“Keeping relatively high growth of infrastructure investment is key to stabilizing economic growth” since property and manufacturing investment remains weak, said Yu Bin, head of the micro economy research department at the State Council’s Development Research Center.
China needs to speed up its 172 hydropower projects, develop 53 million hectares of high-standard agricultural land and lift investment in rural roads, Yu said.
His comments, coming a day before the government is due to release third-quarter gross domestic product growth figures, were published in the government-owned Economic Daily yesterday.
Many economists expect China to report that July-September economic growth fell below 7 percent for the first time since the global financial crisis.
Premier Li Keqiang said on Saturday that with the global economic recovery losing steam, achieving domestic growth of around 7 percent is “not easy”.
President Xi Jinping also acknowledged “concerns about the Chinese economy” but sought to allay them in a written interview with Reuters.
The government has taken several measures in recent months to accelerate construction investment, in part by attracting private financing through the increased used of public-private partnerships.
The Ministry of Finance in September published details for 206 proposed PPP projects, worth a total of 659 billion yuan (US$104 billion), including an expressway in Beijing.
The ministry last month also launched a 180 billion yuan fund with China’s biggest banks and financial institutions to invest in PPP projects.
Yu also called for the central bank to be alert to macro-economic adjustments, lower the cost of finance for companies and allow for credit growth, while maintaining a prudent monetary policy.
“Given the short-term rising downward pressure, it does not benefit China’s structural adjustment if economic growth is too slow or too fast,” he said.
China has already launched several measures to drive economic growth since late 2014, including cutting interest rates five times since November and lowering bank reserve requirement ratio.

Source: Shanghai Daily
China’s FAI reaches US$285b
16th October 2015

 CHINA’S fixed-asset investment hit 1.81 trillion yuan (US$285 billion) in the first nine months of this year as the country seeks to provide a lift to the economy, the National Development and Reform Commission said yesterday.
The NDRC, the country’s top economic planner, approved 84 transport infrastructure projects with investments of 991 billion yuan in China in the January-September period. The government aims to use the investments in public transport to boost its economy and balance regional development, said Li Pumin, secretary-general of the NDRC.
To encourage innovation and entrepreneurship, 20.8 billion yuan was invested in high-tech and information in the same period, Li said.
He said 166.9 billion yuan had been invested in China’s public service sector in the first three quarters as part of government efforts to improve public infrastructure in remote regions.
Foreign investment in China rose 9 percent to US$94.9 billion in the same period, Li said.

Source: Shanghai Daily
Consumers upbeat as spending up
15th October 2015

CHINESE consumer sentiment rose in September for the first time in four months as people spent more during the Mid-Autumn Festival and the weeklong National Day holiday, according to a report yesterday.
The Bankcard Consumption Confidence Index added 0.33 points from August to 82.4 last month, China UnionPay said in the report.
Spending on alcohol and tobacco added 23.6 percent from a month ago due to more dining feasts during the holidays.
A recent rebound in the property market also boosted the sales value of home appliances by 39 percent from the same period a year ago. The value also rose 4.5 percent from that during the Labor Day holiday this year.
Bankcard owners also spent 35.12 percent more at public schools and education institutions from a month ago with the start of the new semester.
Spending at supermarkets and on household merchandise also rose, the report said.

Source: Shanghai Daily
China overtakes US to have world’s largest middle class
14th October 2015

 China’s middle class has overtaken the United States’ to become the world’s largest, Credit Suisse said yesterday in its latest report on global wealth.
Asia will be the scene for the greatest expansion of the world’s middle class, it predicted.
The Swiss bank said that with 109 million adults “this year, the Chinese middle class for the first time outnumbered” that in the US at 92 million.
While the number of middle class worldwide grew last year at a slower pace than the wealthy, it “will continue to expand in emerging economies overall, with a lion’s share of that growth to occur in Asia,” Credit Suisse Chief Executive Tidjane Thiam said in a statement accompanying the bank’s annual Global Wealth Report.
“As a result, we will see changing consumption patterns as well as societal changes as, historically, the middle class has acted as an agent of stability and prosperity,” he added.
The report used a floor for the middle class as having wealth double the annual medium income for their country.
While wealth may still be mostly concentrated in Europe and the US, “the growth of wealth in emerging markets has been most impressive, including a fivefold rise in China since the beginning of the century,” Thiam said
China now accounts for a fifth of the world population, while holding nearly 10 percent of the global wealth.
Overall, the report found that global wealth fell by nearly 5 percent in the year to mid-2015 to US$250 trillion due a strengthening of the US dollar in which income is compared.
However if currency effects are stripped out, wealth continued to expand at the trend rate since the beginning of the century.

Source: Shanghai Daily

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