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News from China
Oil companies lead rally in volatile trade
21st July 2015

 SHANGHAI shares rose in volatile trade yesterday as investors waited for the government’s next move to boost the market.

The Shanghai Composite Index added 0.88 percent to 3,992.11 points, with China’s biggest oil producer PetroChina Co surging 4.25 percent. The country’s largest oil refiner China Petroleum and Chemical Corp added 0.85 percent.

China Avic Electronics Co jumped 10 percent of the daily limit to 32.54 yuan (US$5.24).

Jiangxi Lianchuang Optoelectronic Science and Technology Co also rose by the 10 percent daily limit to 13.18 yuan.

The gauge dropped to 3,927.12 points in the morning session after Caijing magazine reported that the China Securities Regulatory Commission planned to withdraw funds from the market, but rebounded later after the regulator dismissed the report.

“Investors are piling into small caps as they are likely to do better,” said Wu Kan, a fund manager at Dragon Life Insurance Co.

“It looks like the rebound has more legs as confidence seems to have partially recovered.”

A total of 576 companies remained suspended, or 20 percent of the total listings, down from 635 on Friday.

The Shanghai benchmark index has rebounded 13.8 percent from July 8, following a monthlong rout that wiped out nearly US$4 trillion.

Caijing also reported last week that China Securities Finance Corp, a state-backed agency that provides margin finance and liquidity to the market, had prepared about 2.6 trillion yuan funds to support the stocks.

Source: Shanghai Daily, July 21, 2015
Banks set to open while Greeks face widespread price increases
20th July 2015

 GREECE was preparing to restart its struggling economy yesterday, with a revamped government, a bank reboot and a new round of tax rises agreed after months of fraught confrontation with creditors.

Banks are set to reopen today after a three-week shutdown estimated to have cost the economy some 3 billion euros (US$3.3 billion) in market shortages and export disruption.

Crisis-hit Greeks will also have to endure widespread price rises for a broad batch of goods and services, from sugar and cocoa to condoms, taxis and funerals, now taxed at 23 percent, up from 13 percent.

To sweeten the pill, the tax on medicines, books and newspapers falls from 6.5 percent to 6 percent.

With Greeks now able to withdraw up to 420 euros per week in a single transaction, people will be spared the ordeal of queuing daily at ATMs in the summer heat, which thousands did for three weeks for an allowance of 60 euros a day.

But capital controls remain largely in place, including a block on money transfers to foreign banks and a ban on the opening of new accounts.

Greece last week had to agree to a tough fiscal package to earn a three-year bailout from its international creditors and avoid crashing out of the eurozone.

For the first time in months, technical teams representing the creditors — the European Union, the European Central Bank and the International Monetary Fund — are expected in Athens next week to assess the state of the economy.

The austerity package caused a mutiny among lawmakers from the ruling Syriza party, forcing Prime Minister Alexis Tsipras to carry out a limited reshuffle last Friday.

Even so, most analysts and even government officials say early elections are now inevitable, possibly in September.

Tsipras — who barely has time to eat or sleep, according to his mother — faces a fresh challenge in parliament on Wednesday to approve a second wave of reforms tied to its economic rescue.

Tsipras’ coalition holds 162 seats in parliament, but in last Wednesday’s vote, only 123 government MPs backed the bailout — just over the minimum 120 required to sustain a minority government.

Nearly a quarter of Syriza’s lawmakers — 39 out of 149 — failed to support the reforms bill, which passed thanks to solid support from opposition parties.

The government has agreed to raise taxes, overhaul its ailing pension system and commit to privatizations it had previously opposed, in exchange for a bailout of up to 86 billion euros over the next three years.

The draconian agreement — accepted by a party that came to power in January promising to end austerity — came after over 61 percent of Greeks on July 5 rejected further cuts in a referendum called by Tsipras.

His critics accuse him of kowtowing to blackmail by creditors, who threatened to expel Greece from the eurozone.

Source: Shanghai Daily, July 20, 2015
Fiat Chrysler sets up new JV in Shanghai
17th July 2015

 GAC Fiat Chrysler Automobiles Co (GFC), the joint venture of Fiat Chrysler Automobiles NV and Guangzhou Automobile Industry Group Co, yesterday launched a sales company in Shanghai.

The new joint venture, GAC Fiat Chrysler Automobile Sales Co, will be responsible for all product planning, marketing, sales and after-sales of Jeep, Fiat and Chrysler brands, GFC said.

“We will accelerate the pace of product planning and manufacturing, and introduce 10 new models to the Chinese market in the next five years,” Zheng Jie, CEO of the new venture, said in Shanghai yesterday.

Jeep will be the flagship brand for GFC, and its domestically made sport-utility vehicles will start production in the first half of next year at GFC’s Guangzhou factory.

As growth in passenger vehicle sales is set to slow to single digit this year from last year’s 12.6 percent amid an economic downturn, SUV models are seen as the key for automakers to attract customers in the world’s largest vehicle market.

Sales of SUVs hit 1.29 million in the first quarter of 2015, up 48.8 percent year on year to be the fastest growing category in the market, according to the China Association of Automobile Manufacturers.

“By 2020, Jeep vehicles will cover all SUV categories from small to luxury models,” said Ye Wuping, director of product marketing department of the new company.

Source: Shanghai Daily July 17, 2015
China plans subsidized loans for importers to support trade
16th July 2015

 CHINA plans to give more of its importers subsidized loans as part of wider efforts to shore up the trade sector and support the world’s second-largest economy, the State Council said yesterday after a weekly meeting.

Hurt by anaemic foreign and domestic demand, China’s trade sector has undershot the government’s target of growing the value of Chinese imports and exports by 6 percent this year. In fact, imports and exports slumped almost 7 percent in the first six months.

To stoke activity, the State Council, China’s Cabinet, said it will increase the disbursements of subsidized loans for importers, and ensure that goods are cleared more quickly through customs.

More advanced technology equipment and components will also be imported to boost China’s domestic demand and help its companies to move up the production value chain, the government said in a statement on its website.

The Cabinet also reiterated China’s currency policy by saying that the yuan will be kept at a stable and reasonable level to minimize the foreign exchange risks faced by companies.

In reality, however, the yuan has hit record highs this year against a series of foreign currencies including the euro on the back of a stronger greenback.

More credit guarantees would be given to exporters so they can get loans, and banks would be encouraged to provide support to exporters when they are claiming their tax rebates.

China will also increase the amount of loans it issues from its US$3.69 trillion of foreign exchange reserves.

Source: Shanghai Daily. July 16,2015

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