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News from China
Shanghai’s economy records steady expansion in November
21st December 2017

 SHANGHAI’S economic growth in November was steady, with increases in industrial output, consumer prices and transport activity, according to data from Shanghai Statistics Bureau.

The value of total output of industrial enterprises above a designated size grew 1.3 percent in November from the same month last year to 310.78 billion yuan (US$47.16 billion).
November’s industrial sales-output ratio edged up 0.8 percentage point from that of the same month in 2016 to 99 percent. But the value of exports of industrial companies in Shanghai dropped 4.7 percent to 67.21 billion yuan.
Shanghai’s six key industrial sectors produced a total output of 214.97 billion yuan, up 1.1 percent from November last year.
The output of automobile manufacturing last month grew fastest by 11.8 percent to 67.33 billion yuan while the production of complete equipment manufacturing rose 2.8 percent. The output of petrochemical and fine chemicals sectors rose 2.5 percent year on year, while the other three sectors posted a fall in output.
The city’s Consumer Price Index, a main gauge of inflation, rose 1.2 percent in November year on year, and grew 1.7 percent annually from January to November.
Transport of goods in November expanded 10.2 percent annually to 82.73 million tons.
Cargo throughput at Shanghai port grew 6.5 percent annually to nearly 64.2 million tons from November 2016. Container traffic jumped 11.8 percent to 3.6 million TEUs (twenty-foot equivalent units) last month.
Source: Shanghai Daily, December 21, 2017
Huajiao sees payment rise
20th December 2017

 ONLINE broadcasting platform Huajiao Live expects viewers to pay 5 billion yuan (US$757 million) for content and broadcasts this year, a jump of 60 percent year on year.

Huajiao, founded by China’s biggest cyber security firm 360, plans to cooperate with TV stations to improve brand awareness and help widen the influence of Internet celebrities on the platform. The platform shares income with broadcasters in the ratio of 30 to 70 on average.
Viewers are set to pay 5 billion yuan to Huajiao’s broadcasters, who offer online stream performance from talk show, dance, music playing, use of cosmetics to sports. In 2016, viewers paid about 3 billion yuan to Huajiao, which raised about 1 billion yuan in the latest round of financing in May.
Barely a presence three years ago, the fastest-emerging Internet broadcasting sector produced revenue of more than 30 billion yuan in 2016. The income will triple in 2020, according to an estimate of investment bank China Renaissance Securities.
Source: Shanghai Daily, December 20, 2017
China's home prices remain stable in November
18th December 2017

China's property market held broadly steady in November with home prices edging down in major cities amid tough purchase restrictions and a tight liquidity environment, the National Bureau of Statistics (NBS) said Monday.

New residential house prices went down on a yearly basis in 11 of the 15 major cities, considered the "hottest markets." On a month-on-month basis, new residential housing prices fell in 7 of the 15 cities, while Beijing, Shanghai, Zhengzhou and Wuhan saw prices flat with October.
NBS statistician Liu Jianwei said that housing prices stayed generally stable in major cities as differentiated control policies continued to take effect.
In first-tier cities where the curbs are strictest, home prices continued to soften, with new residential housing and second-hand home prices down 0.1 percent and 0.2 percent, respectively, from a month earlier.
In contrast, the property market in second- and third-tier cities is showing signs of picking up, with new residential housing prices gaining 0.5 percent and 0.4 percent, respectively, from October.
The data provides evidence that government cooling measures to prevent asset bubbles in the property market are producing the desired outcomes.
Since late last year, dozens of local governments have passed or expanded restrictions on house purchases and increased the minimum downpayment required for mortgages.
The property market was also cooled by relatively tightened liquidity conditions as the government moved to contain leverage and risk in the financial system.
Chinese authorities have constantly reiterated that "houses are built for living in, not speculation," pledging to step up housing system reform and foster a long-term market mechanism.
Source: Xinhua
China targets ‘gray rhinos’ in financial sector
18th December 2017

 GRAY rhinos” have become the most hunted species in China — not on the prairies but in the financial sphere.

Slow, heavy and easy to neglect, rhinos can suddenly charge flat out, delivering a fatal attack — as can financial risk across the country.
The term became popular after a 2016 book by US policy analyst Michele Wucker who used it to depict a highly probable, high impact financial threat that was often widely ignored.
The People’s Daily, the Communist Party of China flagship newspaper, picked up the metaphor in July to warn of financial risks, triggering widespread discussion.
In the past year, authorities have made notable progress in its bid to bring to heel some of the major “gray rhinos,” generally shadow banks that pose significant threat to the economy.
Global ratings agency Moody’s this month predicted a stable outlook for Chinese financial institutions through 2018, citing strengthening regulations and steady economic growth.
“China’s leaders have made financial stability one of their top priorities. Given the size and importance of the Chinese market, with the world’s largest banks and second-largest stock market, that is welcome news for China and the world,” said Ratna Sahay and James P. Walsh, two senior officials at the International Monetary Fund, in a blog post last week.
For years, banks seeking higher profits, depositors lacking decent investment returns and companies having difficulties in securing bank loans have combined to drive the fast growth of shadow banking, which takes place outside regulatory scope, causing risks to financial stability.
To curb shadow banking growth, authorities have tightened their grip on interbank activities and off-balance-sheet wealth management products. China’s 100 trillion-yuan (US$15.1 trillion) asset management business will also be put under stricter scrutiny.
Amid the clampdown, China’s total shadow banking assets barely grew during the first six months of 2017 and fell as a percentage of gross domestic product for the first time since 2012, Moody’s said in a report last month.
Both interbank assets and liabilities, major indicators for shadow-banking activities, dropped in the first 10 months, while wealth management product growth slowed sharply from a year earlier, the China Banking Regulatory Commission said.
“The government will remain keen on adopting coordinated policy measures to curb shadow banking and interbank activities and to address key imbalances in the financial system,” said Sherry Zhang, a Moody’s analyst.
After soaring property prices made housing affordability and risks of real estate bubbles a growing concern, authorities have reiterated that “housing is for living in, not for speculation.”
Since last year, dozens of local governments have passed or expanded restrictions on house purchases and increased minimum downpayments. Property developers, real estate agencies as well as Internet finance and micro-loan companies were prohibited from offering illicit downpayment financing for buyers.
The effort has paid off. Home-buying fever has cooled in hotspot cities, with both new and second-hand home prices in first-tier cities posting slower year-on-year growth for the 13th consecutive month in October.
Source: Shanghai Daily, December 18, 2017

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