Chinese Economics Thread

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China's manufacturing PMI edged down to 50 in Nov from 50.2 last month, the National Bureau of Statistics said Friday. "The growth of the manufacturing sector slowed down, but its industrial structure continued to improve," said NBS senior statistician Zhao Qinghe.

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China's manufacturing PMI edged down to 50 in Nov from 50.2 last month, the National Bureau of Statistics said Friday. "The growth of the manufacturing sector slowed down, but its industrial structure continued to improve," said NBS senior statistician Zhao Qinghe.

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Economic Watch: China's factory, service activities growth slow down amid downward pressure
Xinhua| 2018-11-30 18:28:44
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Growth in China's factory and service activity cooled in November amid economic downward pressure.

The purchasing managers' index (PMI) for China's manufacturing sector came in at exactly 50 this month, down from 50.2 in October, the National Bureau of Statistics (NBS) said Friday.

A reading above 50 indicates expansion, while below reflects contraction.

"The growth of the manufacturing sector slowed down, but its industrial structure continued to improve," said NBS senior statistician Zhao Qinghe.

The sub-index for production edged down from 52 in October to 51.9 in November, while the sub-index for new orders dipped from 50.8 to 50.4 during the same period.

Zhao said the sector's industrial transformation and upgrade continued, with consumption playing a fundamental role in boosting the Chinese economy.

PMI for sectors of equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing stood at 50.5, 51.7 and 51.6 in November, respectively, all higher than a month earlier, according to the NBS.

Friday's data also showed that China's non-manufacturing sector remained steady in November, with the PMI for the sector standing at 53.4, down from 53.9 in October.

The service sector, which accounts for more than half of the country's GDP, maintained stable growth, with the sub-index for business activity in the industry coming in at 52.4 in November, higher than 52.1 last month.

Thanks to the sales promotion during the Singles' Day online shopping festival, rapid expansion was seen in sectors including the postal service, Internet software and telecommunications, where the readings were all above 56, the NBS said.

In the sectors of banking, securities and finance, the sub-index for business activities surpassed 60.

The sub-index for business activity expectation rose 0.3 points to 60.9 and remained at a high level of the range, showing that non-manufacturing enterprises were optimistic about future market development.

Friday's data came amid the concerns over a slowdown in the Chinese economy due to the recent softening of several economic indicators and mounting external uncertainties.

"The manufacturing PMI continued to fall in November, revealing a downward trend," said Zhang Liqun, researcher with Development Research Center of the State Council.

"Currently, we need to expand domestic demand actively to sustain the steady growth of Chinese economy."

Eva Yi, analyst at the China International Capital Corporation Ltd., also attached great importance to domestic demand expansion, saying "domestic demand stabilization should be taken as the top priority for cyclical management."

The Chinese authorities this year have unveiled a raft of measures to boost the economy including cutting taxes and fees, providing favorable loans to private enterprises and improving the business environment.
 
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Groceries to be next frontier for retail industry in China: report
Xinhua | 2018-12-01 07:37:21
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Food retail, which is highly fragmented both online and offline in China, will be the next frontier for e-commerce in China, according to a report newly released by Bloomberg Intelligence.

The report named "China leads push into smart retail" discussed smart retail development in China and identified areas of focus in the industry.

The online market share in food retail category is less than 5 percent, and China's leading internet platforms are focusing on it with strategic investments in the country's largest grocery chains and plans to integrate online and offline shopping, the report said.

The offline retail marketing China is also fragmented in this category, the report said. According to Euromonitor, a provider of strategic market research, the top five companies accounted for 8 percent of the total food retail market.

"The presence of China's internet innovators in this space will likely spur industry consolidation over the next 10 years," said the report.

Shen Li, senior analyst for Bloomberg Intelligence covering the consumer sector across Asia-Pacific region, said groceries is a natural area of growth because there are more opportunities to grow in a relatively small market.

Also the lead analyst for the report, Li added that being able to touch the consumers every day and collect data for other uses is another reason why companies will seek development in the area in the future.

According to the report, China's internet giants have been changing how consumers shop for food since 2016 when Alibaba launched its Hema Fresh concept. The store offers freshly cooked food from produce it sells and integrates the online and offline experience through mobile app. Other retailers followed suit.

In addition, Li said online shopping platforms are making stronger presence offline as companies such as Alibaba, Tencent and JD.com recognize the importance of physical stores in supporting longer-term expansion.

The use of big data to analyze trends, customer behavior and manage retailers' operations is a big part of the overall blueprint for smart retail.

Major Chinese internet companies have been growing fast in the area, particularly through the proliferation of mobile payments and growing cloud-computing operations, the report noted.

Mobile-payment transactions are expected to surge to about 1,270 trillion yuan in 2027 from 120 trillion yuan last year, based on consultancy iResearch and Bloomberg Intelligence' s analysis.

In cloud-computing businesses, Alibaba and Tencent are expanding quickly for support, with revenue growth about triple-digit percentages. However, both companies are still at the early stages of global expansion, according to the report.

Their U.S. counterpart is e-commerce giant Amazon. Amazon's AWS cloud-computing business is the largest globally, with more than 50 percent market share, said the report.
 
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Chinese taxpayers pay 31.6 billion yuan less in first month after income tax reform
Xinhua| 2018-12-01 19:24:24
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Chinese people have found the tax expenses on their October pay slips drop drastically after new tax brackets were adopted on Oct. 1, according to the State Administration of Taxation (SAT).

The tax reduction amounts to 31.6 billion yuan in total while more than 60 million people have been completely exempt from individual income tax, SAT statistics showed.

Taxpayers in the manufacturing industry benefited the most after the minimum threshold for personal income tax was raised from 3,500 yuan (about 510 U.S. dollars) to 5,000 yuan per month starting October.

Their aggregate tax payment dropped by 5.85 billion yuan, accounting for 19.3 percent of the total reduction for October payrolls.

Employees in the equipment manufacturing sector posted an aggregate tax cut of 3.43 billion yuan -- 58.7 percent of the total reduction for manufacturing employees.

Private enterprises also saw noticeable tax cuts, with their employees paying 16.45 billion yuan less.

Analysts say these changes conform to the objectives of the tax reform which are to facilitate social justice and increase the growing vitality of the Chinese economy.

Luo Tianshu, director of the Income Tax Bureau of the SAT, said taxpayers who earned less than 20,000 yuan in October found their tax expenses more than halved. Their aggregate tax expenses were 22.4 billion yuan less.

Wage-earners have seen their tax payment slashed by 41.3 percent or 30.41 billion yuan in total.

Li Wanfu, director of Taxation Science Research Institute, said the income tax cuts were substantial for private businesses, which would give a boost to them and enhance their competitiveness.
 
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China toughens punishment for IP infringements
Xinhua| 2018-12-04 19:54:27
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Dozens of China's government agencies Tuesday signed a memorandum of cooperation for joint efforts to strengthen punishment for intellectual property infringements.

Dishonest conduct from individuals or enterprises such as repeated patent infringements and falsification of documents during patent applications will be subject to joint punishment, according to the memorandum posted on the website of the National Development and Reform Commission (NDRC).

The wrongdoers will be put on a blacklist, which will be shared among the government agencies for enforcement and made public on the website of
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These wrongdoers will find it harder to get government financial support, participate in government procurement, issue corporate bonds and acquire government land supply, according to the memorandum.

This is the country's latest step in strengthening the protection of intellectual property rights as the country values entrepreneurship and innovation as new drivers of development.

A total of 38 government agencies including the NDRC, the People's Bank of China and the National Intellectual Property Administration signed the memorandum.
 
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China to adjust monetary policies based on economic situations: official
Xinhua| 2018-12-04 15:23:13
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China will make appropriate adjustments to its macroeconomic policies, especially monetary policies, based on changes in economic situations, according to Yi Gang, governor of the People's Bank of China.

Efforts should be made to enhance counter-cyclical regulation, Yi said in an article published Monday in a financial journal on occasion of the 70th anniversary of the central bank's establishment.

"[The central bank] should always take maintaining economic and financial stability as an important goal, as the success of any financial reform cannot come without a sound economic and financial environment," Yi said.

When the economy gets overheated or when there are asset price bubbles, measures must be taken to ensure a "soft landing," Yi said.

"During an economic recession or when the economy suffers external impacts, timely measures must be taken to stabilize the financial market and boost public confidence," Yi said.

Meanwhile, the central bank will strike a balance among financial reform, development and stability, the governor said.

The central bank will develop the financial market, push forward financial reform and expand opening up while maintaining financial system stability, ensuring continuous financial services and forestalling systemic financial risks, Yi said.
 

Anlsvrthng

Captain
Registered Member
China car manufacturing -10% nov 2018 vs nov 2017.
It is forecast, but all month since aug revised down.
rolling 12 month ending nov down -4.5% vs peak rolling 12 month.

can be checked on tradingecnomics as well, but without premium there is not so much to calculate.
 

montyp165

Junior Member
China car manufacturing -10% nov 2018 vs nov 2017.
It is forecast, but all month since aug revised down.
rolling 12 month ending nov down -4.5% vs peak rolling 12 month.

can be checked on tradingecnomics as well, but without premium there is not so much to calculate.

Not surprised with auto manufacturing going down in general, as seeing this video made the GM announcements all the more sense (especially given the timepoint the video was made):


With the state of US automaking where it is and the need of using the Chinese market to feed capital back to the automakers things look to be getting stormier down the line.
 

Anlsvrthng

Captain
Registered Member
Not surprised with auto manufacturing going down in general, as seeing this video made the GM announcements all the more sense (especially given the timepoint the video was made):


With the state of US automaking where it is and the need of using the Chinese market to feed capital back to the automakers things look to be getting stormier down the line.
The US manufacturing number flat, doesn't show drop.
 
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