Chinese Economics Thread

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CPC issues revised regulation on inspection to strengthen Party supervision
Xinhua| 2017-07-14 23:13:27
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The Communist Party of China (CPC) Friday issued a revised regulation on inspection, in a renewed effort to improve supervision and governance of its more than 89 million members.

Shifting its focus from fighting corruption and Party rule violations in the initial rounds of inspections, the amendment lifted political inspection to a more prominent place on its supervision agenda.

The revised rules clearly stipulate that "political inspection should be deepened, and inspections should mainly focus on upholding the Party leadership, improving Party building, and advancing comprehensive and strict rule of the Party."

The inspections should staunchly safeguard the authority and the centralized, unified leadership of the CPC Central Committee with Comrade
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as the core, and ensure the CPC is always the firm and core leadership of the socialist cause with Chinese characteristics, it said.

"Political inspection is a major innovation in both theory and practice of the inspection work of the 18th CPC Central Committee," said Yang Xiaochao, member of the inspection leadership group of the CPC Central Committee.

"Incorporating requirements of political inspection into the regulation is a key point and highlight of the latest revision," Yang noted.

At a meeting on May 26, the Political Bureau of the CPC Central Committee decided to amend the Party's regulation on inspection work, to reflect the latest innovative practices.

The CPC inspection regulation was first put into force on a trial basis in 2009. This is the third version of the regulation following the release of a revised version in August 2015.

The regulation made public Friday also stipulates that Party committees at both the central and provincial levels should conduct inspections on Party organizations of all localities, departments, public institutions and enterprises under their jurisdiction.

In addition, Party committees at the municipal and county levels are also required to establish special agencies to conduct inspections.

On June 21, the CPC discipline agency published the results of its 12th round of inspections into CPC organizations in provincial-level regions, central CPC and government organs, major state-owned enterprises, central financial institutions and centrally-administered universities.

This was the final round of such inspections during the term of the 18th CPC Central Committee, as the 19th CPC National Congress will be held in Beijing later this year. The 18th CPC Central Committee thus became the first in the Party's history that has successfully inspected all these entities in its term.

Such internal supervision has proven effective in exposing problems.

According to the CPC Central Commission for Discipline Inspection, more than 50 percent of investigations into centrally-administered officials were as a result of information found by discipline inspectors, since the 18th CPC National Congress in 2012.

The municipal- and county-level inspections should pay special attention to corruption and bad work styles which hamper the interests of the general populace or alienate Party members from the public, such as major corruption scandals committed by low-level officials or village bullies, said Yang, of the inspection leadership group of the CPC Central Committee..

"With inspections extending from the central to the county level, the comprehensive and strict rule of the Party can be expected to reach the grassroots," he said.
 
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China's economy records steady growth in H1
Xinhua| 2017-07-17 16:00:07
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China's economy continued steady expansion in the first half of this year with GDP up 6.9 percent year on year to about 38.2 trillion yuan (5.6 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Monday.

The reading is well above the government's target for the year of 6.5 percent.

In the second quarter, GDP held steady at 6.9 percent year on year, flat from the first quarter.

China's economy is operating within a reasonable range, maintaining stable, coordinated and sustainable development, said NBS spokesperson Xing Zhihong, "laying a solid foundation for achieving the annual target."

On a quarterly basis, the economy grew 1.7 percent in the second quarter from the previous quarter.

Industrial output expanded 6.9 percent year on year in the first six months, against 6 percent in the same period last year. Retail sales of consumer goods grew 10.4 percent year on year, up from 10 percent for the first quarter.

Fixed-asset investment grew 8.6 percent year on year in the first half, down 0.6 percentage points from the first quarter, while private sector investment was up 7.2 percent to 17 trillion yuan, accounting for 60.7 percent of the total.

Xing said the steady growth was the result of progresses in supply-side structural reform and new development concepts.

The service sector, already accounting for 54.1 percent of the overall economy, expanded 7.7 percent year on year in the first half, outpacing a 3.5 percent increase in primary industries and 6.4 percent in secondary industries, according to NBS data.

Industrial capacity utilization stood at 76.4 percent in the first half, up 3.4 percentage points from a year ago.

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

Some 7.35 million new jobs were created in China's urban regions from January to June, 180,000 more than the same period last year, while per capita disposable income grew 8.8 percent.

China aims to create more than 11 million jobs this year, 1 million more than last year's target.

Xing also warned that there are still uncertainties and instabilities internationally, while domestic long-term structural contradictions remain prominent.

Looking ahead, Xing said more positive changes are on the way, and that the firming will be consolidated by improvement in the real economy and expansion of both external and domestic demand.

Nomura Securities said in a report after Monday's data release that given the data, it is raising the forecast for the Q3 growth to 6.8 percent from the previous 6.6 percent, and the annual growth forecast to 6.8 percent from 6.7 percent.

The forecast of a gradual growth slowdown due to a weakening property sector and the possible moderation of domestic demand, as well as uncertainties over external demand remained valid, said the report.
 

Hendrik_2000

Lieutenant General
So much for the prophet of doom and gloom!. They are getting old with their prediction of the sky will fall
Nor are they getting rich . You can buy Gordon Chang book for 10 cents now Wow!
Now who is the short seller guy forgot his name. He must lost his shirt by now
yeah James Chronos where is he now
 

Equation

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BY
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China’s employment improves as economy steadies


China has seen continuous employment growth in the first half of 2017, helped by an expanding service sector and the upgrade of the manufacturing sector, official data showed Monday.

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China's Economy Continues to Rip; Q2 GDP Grows at a Faster-than-Expected 6.9%

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This is What You Need to Know on Monday





China's GDP grew at a slightly faster-than-expected pace in the second quarter, according to official data published Monday, as surging industrial production and solid exports kept the world's second-largest economy humming in the face of significant concerns for its financial sector.


China's economy expanded at an annual 6.9% clip in the three months ending in June, the National Statistics Bureau (NSB) said, a rate that was modestly faster than the 6.8% pace anticipated by analysts but largely in line with the rate of growth over the first quarter. Industrial output, which rose 7.6% from the same period last year, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.


The data helped push regional stocks, in the form of the MSCI Asia ex-Japan index, past a two-year high in overnight trading while the yuan gained for a sixth consecutive session against the U.S. dollar after the People's Bank of China raised the midpoint of the currency to 6.7562, its highest level in more than 8 months.


Last week, China's General Customs Administration said the country's trade surplus swelled after a stronger-than-expected rise in June exports of 11.3%, set against a significant increase in exports of 17.2% that suggests firming domestic demand despite concern for cooling property prices, boosted China's trade surplus with its global partners by 5% to $42.77 billion.


The U.S. portion of the surplus, however, rose three times faster to $25.4 billion, the highest level since October 2015, despite a recent trade agreement that will open markets in China to U.S. beef exports by mid July, with China gaining access to U.S. markets for its cooked poultry goods. The two countries will also look to open China's market to U.S. credit ratings firms and credit card payment services firms.


Another aspect of concern for President Donald Trump is the fact that steel output hit a record high 73.23 million tons in June, the NSB said, while aluminium production rose 7.4% from the same period last year to 2.93 million tons.


Trump has accused China of "dumping" steel into the U.S. market and his Commerce Secretary, Wilbur Ross, has promised "bold action" that could come in "the context of national security". A report on how -- or if -- the U.S. will react could come as early as this week.

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inside the second link: "... in June ... China's trade surplus ... $42.77 billion"
what amazes me is the scale I mean the Czech Government budget is about $50b this year LOL!

I checked I didn't misunderstand:
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Equation

Lieutenant General
[QUOTE
How China Floated to the Top in Solar
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TIME Staff

How China Floated to the Top in Solar

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Kevin Frayer—Getty Images
A boat navigates the Huainan solar farm.">A boat navigates the Huainan solar farm.

CHARLIE CAMPBELL[/a] | Photographs by KEVIN FRAYER—Getty Images'>By
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| Photographs byKEVIN FRAYER—Getty Images

When Sang Dajie had a son, he knew things had to change. Working as a coalminer in eastern China was just too dangerous. “China always has accidents in coal mines,” he says. “A lot of things you just can’t control down there.”

So Sang moved up in the world—quite literally. As an electrician for Sungrow Power Supply Company, the 31-year-old now helps maintain the world’s largest floating solar farm on a lake formed on top of a collapsed and flooded coal mine just northwest of Anhui province’s Huainan city. A tapestry of 166,000 glistening panels bob and bask below an ochre sun, producing almost enough clean energy to power a large town, as fish break through the inky water all around.

“The coalmine was very hot and the air was bad,” says Sang. “But here I feel safe. The new energy is safe.”

And not just for coalminers. China has some of the world’s worst air pollution, which scientists say may contribute to a third of deaths, and regularly grounds flights and keeps children entombed in their homes and classrooms. Coal burnt for power and steel smelting is the principle cause, as soot-stained miners burrow China into what’s the world’s second largest economy today. But the nation, like Sang, is changing tact and embracing sustainability—no longer beholden to the singular tenet of growth at any cost.

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Kevin Frayer—Getty Images
Workers prepare panels that will be part of the massive solar farm.">Workers prepare panels that will be part of the massive solar farm.

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Kevin Frayer—Getty Images
A worker carries two flotation devices that keep the panels above water.">A worker carries two flotation devices that keep the panels above water.

China is now the world’s largest renewable energy investor. The government promises to spend $360 billion on clean energy projects by 2020, creating 13 million new jobs in the process. And as the Huainan project demonstrates, the Asian superpower is pushing the boundaries of green tech, whether wind, solar or hydropower.

New panels are being developed specifically for arid deserts and others to withstand sultry rainforests. “China is leading the way in terms of finding green solutions,” says Wu Changhua, Greater China director for the Climate Group.

The U.S. relinquished that leadership role upon the election of President Donald Trump. The real estate mogul has called global warming “an expensive hoax” and on June 1 vowed to withdraw the U.S. from the Paris Climate Accords, which aim to limit global temperatures to a 2°C (3.6°F) rise by 2100. China stepped immediately into the breach. Chinese President Xi Jinping has called the Paris Accords “a responsibility we must assume for future generations.”

The U.S. has also lost global leadership on the $100 billion global solar industry. American scientists invented the technology in the 1970s, though it remained peripheral until China did what China does better than anyone: mass-produced with incredible speed and booming efficiency.


As a result, the price of panels plummeted 80% over the last two years as demand has mushroomed. Four out of five solar modules installed around the world today are Chinese-made. “China’s investment in solar really is a gift to the world,” says Amit Ronen, director of the Solar Institute of George Washington University.


][/QUOTE]

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Equation

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(continued)

[/Q
As a result, the price of panels plummeted 80% over the last two years as demand has mushroomed. Four out of five solar modules installed around the world today are Chinese-made. “China’s investment in solar really is a gift to the world,” says Amit Ronen, director of the Solar Institute of George Washington University.

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Kevin Frayer—Getty Images
A worker carries a flotation device.">A worker carries a flotation device.

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Kevin Frayer—Getty Images
A section of panels is pushed into the water.">A section of panels is pushed into the water.

Like regular solar farms, floating solar technology is not new, and has been used before in Japan, Israel and the U.K. But China again wins on scale. Floating solar panels have myriad benefits: Lower temperatures simply by being on water boosts efficiency by up to 10%; the lack of surrounding dust and dirt means panels stay clean longer; using the below water to clean panels is easy and minimizes waste; if installed on a drinking-water reservoir, the solar panels actually reduce deleterious evaporation; and expanses of water are underutilized and thus cheap.

Lower solar costs have been bad news for American manufacturers. State Chinese banks have provided at least $18 billion in low-interest loans to solar panel manufacturers, as well as other perks like rent-free factories, prompting the Obama administration and E.U. to accuse China of dumping—swamping the market with below-cost goods—which Beijing denies. U.S. import restrictions and anti-dumping duties of up to 78% have been put on Chinese panels.

But the tariffs didn’t work, and the last two major U.S.-based solar manufacturers—Suniva and German-owned SolarWorld—declared bankruptcy in April and May respectively. These firms are still backing a 1974 Trade Act Section 201 petition for Trump to impose yet stricter temporary tariffs.

A decision is due in September. “The U.S. solar industry cannot afford to give away the future of critical renewable-energy manufacturing industries,” Juergen Stein, president of SolarWorld Americas, said in a statement.

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Kevin Frayer—Getty Images
Street vendors and customers gather at a market near the coal plant and solar project.">Street vendors and customers gather at a market near the coal plant and solar project.

But despite the demise of American-made solar panels, the solar industry remains a significant employer: one out of every 50 new American jobs last year was in the solar industry, though in fitting and maintenance rather than production. While China leads the world in overall capacity, the U.S. is leagues ahead in terms of private installations, with one million solar units over homes and businesses.

The U.S. Solar Energy Industries Association estimates 88,000 jobs—one-third of the current American solar workforce—would be lost if Trump grants the Section 201, while jeopardizing tens of gigawatts of future American renewable energy. “Rather than help the industry, the action would kill many thousands of American jobs and put a stop to billions of dollars in private investment,” says SEIA President and CEO Abigail Ross Hopper.

American manufacturing is unlikely to suddenly become competitive even with the Section 201, as rising labor costs in China means production is already shifting to its Southeast Asian neighbors. “If Trump introduces higher tariffs, we would just bypass them by exporting to other countries first and then selling to the U.S.,” says Zheng Minjie, founder of Marsrock solar firm based in the southern Chinese city of Xiamen.

China also faces tough decisions going forward, particularly job losses stemming from curbing overcapacity in the coal and steel industries. At present, China is still responsible for half of global coal consumption, and 70% of its electricity comes by the sweat of its four million coal miners. While China boasts a quarter of global solar capacity—double the U.S.—that only accounts for 2% of national power generation.

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Kevin Frayer—Getty Images
Wang Duoli, a fisherman whose home was flooded out more than a decade ago, paddles near the solar farm.">Wang Duoli, a fisherman whose home was flooded out more than a decade ago, paddles near the solar farm.

What’s more, 11% of China’s solar and 21% of its wind power is wasted, as transmission line construction has not kept pace with soaring capacity. In addition, China’s antediluvian and fragmented grid system prioritizes power plants nearby urban centers, with normally far-flung solar and wind farms typically used just to top up. Greenpeace estimates that China squandered enough green energy in 2016 to power Beijing for a year.

But the tide is turning. Reforming overcapacity in coal and steel was high on the government’s latest Five-Year-Plan published at the end of 2015, and plans for more than 100 coal-fired power plants were canceled earlier this year. For Sang, the thought of returning to the pits brings a shudder. Today, he still wears a hardhat, but it’s mainly to keep the sun from his brow rather than rocks from his head.

—With reporting by Zhang Chi/Huainan">“I don’t miss my old life,” he says. “I’m glad we are reusing this area to create a better future.” For Sang’s young son and every Chinese.—With reporting by Zhang Chi/Huainan

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Kevin Frayer—Getty Images
A local fisherman passes a section of floating panels.">A local fisherman passes a section of floating panels.

UOTE]
 

Equation

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China Is Leapfrogging U.S. In Payments Technology, Ex-Ambassador Max Baucus Says

Baucus, a former Democratic U.S. senator and fiscal expert from Montana who departed as ambassador last year after three years in the job following the election of Republican Donald Trump, said his position as the U.S. top diplomat in Beijing was his “best job ever” and that he was happy to be back in China. “The optimism is contagious,” he said. “I even think that Chinese people are actually more optimistic about their future than Americans are about theirs.”

China’s “development of payment systems, especially fintech, is a good example of this optimism and this energy,” Baucus said. “China is leapfrogging the standard payments systems still used in the United States and other developed countries,” with widespread online payments replacing cash and credit cards, he said.

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Spotlight: China's financial efforts help offset global risks
Xinhua| 2017-07-19 15:24:12
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China's efforts to rigorously reform and continue opening up of its financial sector will contribute to global efforts to contain risks, said analysts.

Against the backdrop of weak recovery from the financial crisis and policy uncertainties around the globe, a series of conferences were held recently in China to soberly delve into existing risks and possible ways to fend them off.

LINGERING RISKS

Although U.S. Federal Reserve Chair Janet Yellen has recently suggested that we might not experience another financial crisis "in our lifetimes," it is still too early to declare victory.

There exists risks for the United States pursuing a clean-up of balance sheet. Efforts to shore up the banking sector in parts of Europe are still lagging behind.

Speaking of global financial risks, Bao Jianyun, a professor on world economy at the Renmin University of China, told Xinhua that "with the developed economies still on a slow-growth trend, western countries should strictly prevent their financial markets from systemic risks."

Appetite of top financial policymakers is shifting from crisis firefighting to domestic growth in some western countries. For instance, U.S. President Donald Trump's administration is proposing to roll back many of post-crisis financial regulations.

Ou Minggang, director of international finance research center at China Foreign Affairs University, said "the new president's new deregulation plan may benefit his country in short time but would add risks to international financial system."

The major risks facing Europe are the withdrawal of monetary stimulus by the European Central Bank and possible scenarios amid the Brexit.

Such uncertainties have resulted in "confidence risks," especially after protectionist moves by some countries to close their doors to overseas trade and investment, Bao warned.

CHINA'S PLEDGE FOR MORE OPENING UP

As the trend of protectionism spreads from developed countries to developing ones, Bao regarded China as the backbone of global financial stability, with its rising stature in global finance.

"China, a major emerging economy, now becomes the main push of globalization. China's financial openness and stability attach itself an indispensable role in global financial system," said Bao.

China is committed to improving its investment and market environment, accelerating opening up to the outside world and lower operating costs, according to a Monday meeting of China's Central Leading Group on Finance and Economic Affairs.

"With the internationalization of Chinese currency, the world's second largest economy will further open up its financial market to provide more public goods on global market, partly replacing prior functions of western powers," Bao said.

China sees guarding against systemic financial risks as the eternal theme of financial work, announcing it will set up a committee under the State Council to oversee financial stability and development during the National Financial Work Conference that wrapped up on Saturday.

China is attaching great importance to financial stability and promoting financial work to enhance the country's competitiveness, said Bao, stressing that the financial stability has a strategic importance for the country.

Local governments are also guided to control debt growth, crack down upon financial irregularities and improve supervision on Internet finance at the conference.

"Such risk-elimination policies will definitely stabilize the Chinese and global financial systems in the context of financial interdependence between China and the world as a whole," said Ou.

REAL ECONOMY SET IN PROMINENCE

China's National Financial Work Conference impressed analysts of its emphasis on pushing financial sectors to serve the real economy.

The conference stressed that serving the real economy is the duty and purpose of the financial sectors and the fundamental way to guard against financial risks.

"The continuous improvement of financial service efficiency and quality will make it less expensive for business to borrow and give an impulse to entrepreneurship and innovations," said Ou.

The conference also called on financial sectors to channel more resources into both major and weak domains of economic and social development.

Ou said if the financial industry develops too fast to match the real economy, the finance sectors would risk crashing into nothing, citing Iceland as an example, "Icelander put down harpoon and take up finance."

The country had formidable international reach because of an outsized banking sector. However, the banking sector collapse finally brought down the country's economy.

Financial innovation has increased opportunities and lowered investment costs but innovation has at times made the financial system riskier.

Ou said that innovation may develop away from real economy even out of fundamental principles of finance, which can be very disruptive to global financial system.

"Other policy makers need to draw from China to take a balanced view on financial innovation," Ou told Xinhua. "The global finance is more like a network in which everything is connected to everything else and China with its increasing stability will play a bigger role in center of the stage."
 
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