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News from China
China's central bank skips reverse repos
12th October 2020


The People's Bank of China, the country's central bank, skipped open market operations via reverse repos Monday.
The banking system reports relatively high liquidity at present, the PBOC said in an online statement.
With 60 billion yuan (US$8.94 billion) of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 60 billion yuan from the market.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
China will pursue a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.
Source: Shanghai Daily, October 12, 2020
Consumption, services, emerging industries lift China's GDP to 6.1%
20th January 2020

 Amid global growth slowdown, China’s economy delivered a solid performance in 2019 with the continual improvement in the economic structure being one of the bright spots underpinning high-quality development.

The gross domestic product grew 6.1 percent year on year to 99.09 trillion yuan (US$14.38 trillion) last year, within the government’s annual target of 6 to 6.5 percent, data from the National Bureau of Statistics showed.
A breakdown of the data showed throughout the year, consumption, services and emerging industries accounted for an increasing share of the economy, suggesting continued progress in the country’s economic restructuring.
Expanding by 6.9 percent from the previous year to 53.42 trillion yuan, the value-added output of the tertiary industry accounted for 53.9 percent of the economy.
Contribution of the tertiary industry to the economic growth stood at 59.4 percent, 22.6 percentage points higher than that of the secondary industry.
Consumption remained the Chinese economy’s top growth driver, with its contribution to GDP expansion at 57.8 percent, said NBS head Ning Jizhe.
Service consumption kept booming, with its proportion reaching 45.9 percent of the residents’ per capita consumption expenditure, up 1.7 percentage points from the previous year.
With the world’s largest middle-income group, there is still large room for China to see the increase of consumption’s proportion in GDP and a bigger share of service consumption in the overall consumption mix, according to Liu Qiao, dean of the Guanghua School of Management at Peking University.
While the service industry expanded steadily in both its size and contribution to economic growth, structure of the second industry was also optimized thanks to the sustained efforts on industrial transformation and innovation.
In 2019, value-added industrial output expanded 5.7 percent year on year, with the production in high-tech manufacturing industries and strategic emerging industries increasing by 8.8 percent and 8.4 percent, respectively.
Fixed-asset investment
The annual industrial capacity utilization rate reached 76.6 percent, up 0.1 percentage points from a year earlier.
Friday’s NBS data also showed that the investment in high-tech industries led to the overall fixed-asset investment growth, pointing to an improved investment structure.
Last year, the fixed-asset investment in high-tech industries registered a growth of 17.3 percent, with that in high-tech manufacturing and service sectors up 17.7 percent and 16.5 percent.
Products with high-added value and independent intellectual property rights represented by electronics and information technology have gradually become new growth points and core driving forces of economic restructuring and industrial upgrading, said Zhang Monan, a research fellow of the China Center for International Economic Exchanges.
China will promote industrial and consumption upgrading, fully tap into the advantages of its considerable market and give play to the underpinning role of consumption and the pivotal role of investment, according to the annual Central Economic Work Conference.
China is not deliberately pursuing particular GDP numbers but is after reasonable economic growth with quality and efficiency, Ning said.
Source: Shanghai Daily, January 20, 2020
Communication satellite of Beijing-based company sent into orbit
16th January 2020

 A broadband communication satellite, developed by a Beijing-based company, was launched from the Jiuquan Satellite Launch Center in northwest China at 11:02am Thursday (Beijing Time).

The satellite, the first one of the Beijing-based GalaxySpace, was sent into its planned orbit by a Kuaizhou-1A (KZ-1A) carrier rocket.
Deployed in low-Earth orbit (LEO), the satellite has a communication capacity up to 10Gbps. Relative technological tests will be conducted on the satellite.
GalaxySpace aims to build a LEO broadband satellite constellation and create a global 5G communication network.
KZ-1A is a low-cost solid-fuel carrier rocket with high reliability and a short preparation period. The rocket, developed by a company under the China Aerospace Science and Industry Corporation, is mainly used to launch LEO small satellites.
Thursday's launch is the eighth mission of the KZ-1A carrier rocket.
Source: Shanghai Daily, January 16, 2019
Shanghai economy maintains stability, progress in 2019
15th January 2020

 Shanghai's economic development sustained the momentum of overall stability and steady progress in 2019, when its gross domestic product is estimated to have grown by over 6 percent, according to the city's Report on the Work of the Government released on Wednesday.

"Over the past year, confronted with the complicated situation of rising risks and challenges at home and abroad, we have remained firm in our strategic focus and development confidence," Shanghai Mayor Ying Yong told the Third Session of the 15th Shanghai People’s Congress that opened on Wednesday.
"Rising to the challenges head-on, we put stabilizing growth high on our agenda, achieving high-quality development through steady growth and effectively addressing external uncertainties with certainties of our own development."
Revenue in the general public budget went up by 0.8 percent despite a substantial reduction of over 202.2 billion yuan (US$29.34 billion) in taxes and administrative charges, which affected the local revenue growth rate by 11 percentage points. 
Employment remained stable with 589,000 new jobs created. The registered unemployment rate was 3.6 percent and the surveyed unemployment rate is estimated at around 4.3 percent.
Prices also remained steady, with the Consumer Price Index up by 2.5 percent. 
Ying said that the city's "new economic engines have continued to improve," with total expenditure on research and development accounting for 4 percent of the city's overall GDP. The number of invention patents per 10,000 people increased to 53.5.
New industries, business formats and business models held a fast-growth momentum. The output of the alternative energy industry rose by 15 percent and revenue of the Internet industry surged by over 30 percent.
Meanwhile, the structure of the economy has been further optimized, as the added value of the tertiary sector has accounted for more than 70 percent of the total GDP last year, and the manufacturing portion of strategic emerging industries has contributed to over 30 percent of total industrial output.
Ying also talked about the city's efforts and achievements in implementing the "Three Major Tasks and One Major Platform" initiative as well as further promoting reform and opening-up.
For instance, the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone has been unveiled, and supportive policies and administrative measures, systems and mechanisms have been launched to boost the development of the area.
More than 4,025 companies have been established and 168 key projects have been signed in the special area with a total investment of over 82.19 billion yuan. 
Another highlight was the launch of the STAR Market of the Shanghai Stock Exchange with the experiment of a registration-based IPO system going smoothly. 
To date, 70 enterprises among the 205 whose applications were received have successfully gone public on the STAR Market, and have raised 82.4 billion yuan.
The national strategy of the Yangtze River Delta region integration, meanwhile, has also been implemented across the board. 
The city has formulated and put into practice the Outline Plan on the Integrated Development of the Yangtze River Delta, mapped out implementation plans for turning Hongqiao into an international hub for opening-up, and begun the development of the demonstration zone for the integrated green development of the Yangtze River Delta.
The Three Major Tasks were assigned to Shanghai by Chinese President Xi Jinping at the opening ceremony of the first China International Import Expo (CIIE) in 2018, and the second edition of the expo held last year was a resounding success as well. 
Intended deals made via the second CIIE posted a total worth of US$71.13 billion in annualized terms, a year-on-year growth of 23 percent. Also, spillover effects of the expo has been amplified through successful city promotion of Shanghai and permanent bonded exhibition and spot sales, according to Ying.
Also, reforms on major areas have been advanced. For instance, the comprehensive reform of regional state-owned assets and state-owned enterprises has been launched, the reform of "separating business license from administrative permit" has been scaled up citywide, and new models of smart customs supervision and clearance have been explored.
In terms of attracting foreign investment, Shanghai saw the number of new foreign investment projects increase by 21.5 percent; the amount of contractual and paid-in foreign capital grew 7.1 and 10.1 percent, respectively; and the number of new regional headquarters and R&D centers of multinational corporations increased by 50 and 20, respectively.
As for the optimization of the business environment, which is also among the topics that the Shanghai government has emphasized, the city has introduced 108 new reform measures, including expedited approvals of construction projects and the pilot program of replacing written proof with statement of good-faith, which has led to simpler and faster processes. Time needed for the deregistration of a company was also shortened by more than one-third. 
Such improvements have contributed to the rise of China's ranking in the World Bank's Doing Business Report from 46th to 31st
Source: Shanghai Daily, January 15, 2020

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