Chinese Economics Thread

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now I read (in fact the 6th sentence twice)
Economic Watch: China secures steady, sustainable Jan.-April trade growth
Xinhua| 2019-05-08 17:24:56
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Obviously Xinhua would present the trade data today with a positive spin i.e. not discussing April numbers but instead YTD. The release of the trade balance for April (which is a tier 1 data release) was a big miss against market estimate. Note the release calendar below. The other tier 1 data release to day was NZ cutting interest rate and was not expected by the market.

:upload_2019-5-8_21-4-34.png

The big miss essentially came from a significant slow down in exports as per analysis below (cutting out all the political spin).

upload_2019-5-8_21-10-27.png
 

zgx09t

Junior Member
Registered Member
^^^
You saw only what you wanted to see, highlighted what you want to emphasize.

Did you see the imports up? That's part of the reason why trade surplus was smaller m/m than market expectation. That's China lifting the boats of SoKo, Taiwan, Malaysia, etc. April exports numbers in USD down as a result of currency moves to some degrees, y/y in yuan was actually up 3.1% which says China is in a better shape now than she was 6 months ago.
 

getready

Senior Member
^^^
You saw only what you wanted to see, highlighted what you want to emphasize.

Did you see the imports up? That's part of the reason why trade surplus was smaller m/m than market expectation. That's China lifting the boats of SoKo, Taiwan, Malaysia, etc. April exports numbers in USD down as a result of currency moves to some degrees, y/y in yuan was actually up 3.1% which says China is in a better shape now than she was 6 months ago.
The guy always been trolling though. It's his M.O
 
now I read
Premier Li underlines tax cuts to benefit enterprises, boost market vitality
Xinhua| 2019-05-11 00:27:06
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Chinese Premier Li Keqiang on Friday called for more efforts to implement tax and fee cuts in a bid to let enterprises enjoy concrete benefits and further boost the vitality of market entities.

Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a symposium on the implementation of reducing taxes and fees.

Larger-scale tax and fee reductions are a key measure to improve the business environment and boost the vitality of market entities, which not only contribute to steady economic growth and stable employment but also encourage enterprises to increase investment on innovation and enhance competitiveness, Li said.

As a key task for this year, tax and fee cuts have been carried out and are proceeding as expected, Li said, demanding more efforts to ensure the complete implementation of related policies.

At the meeting, several entrepreneurs shared their opinions and made suggestions on tax and fee reductions.

The tax burden for the manufacturing sector should be lowered significantly and industries which create many jobs such as construction should also see tax reductions.

Li urged efforts to ensure the tax burden for all industries is lowered and micro and small enterprises should see a substantive reduction of their tax burden.

Measures, including stricter market supervision, will be taken to guarantee the effects of tax and fee cuts.

Besides tax and fee-reduction policies, China plans to unveil more measures to deepen reform and opening-up, encourage entrepreneurship and innovation as well as foster fair competition to withstand economic hardship amid downward pressure, he said.

Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the symposium.
 

Franklin

Captain
Obviously Xinhua would present the trade data today with a positive spin i.e. not discussing April numbers but instead YTD. The release of the trade balance for April (which is a tier 1 data release) was a big miss against market estimate. Note the release calendar below. The other tier 1 data release to day was NZ cutting interest rate and was not expected by the market.

:View attachment 52247

The big miss essentially came from a significant slow down in exports as per analysis below (cutting out all the political spin).

View attachment 52248
Trade is a two way street. China is exporting into a slowing global economy. And Xinhua is hardly the only one to put a positive spin on bad economic news. All (mass) media does that! Including the 'free' ones in the West.
 
Jun 6, 2018
Jul 20, 2017
now
China speeds up effort in building a social credit system
Xinhua| 2018-06-06 23:35:30
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now
Social credit system to restore morality
Source:Global Times Published: 2019/5/13 21:53:41
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Uncivilized behavior, dishonesty may lead to rejection of public service

China's ongoing construction of the world's largest social credit system will help the country restore social trust, but Chinese analysts also urged the government to soon release regulations to improve data protection over concerns about privacy leaks.

If drivers fail to pay a parking fee, this might be recorded in the future social credit system, according to the Beijing Municipal Commission of Transport in early May. Beijing also released revisions on its code of conduct for subway passengers, proposing that "uncivilized" behavior, including eating on the train, would be added to individual credit information.

People in Zhejiang who frequently change jobs with "malicious intent" might be included in the social credit report, according to the Zhejiang Province Human Resources and Social Security Department.

China plans to build a government-led national social credit system by 2020 to assess individuals, enterprises and government agencies on credit in four areas - administrative affairs, commercial activities, social behavior, and the judicial system, according to an outline issued by the State Council in 2014.

The
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(NDRC) and the People's Bank of China have jointly established a Credit China website which has been releasing monthly blacklists of people and enterprises for their misconduct since June 2018, mainly targeting individuals who smoke on trains or carry restricted items on planes.

As of March, 13.49 million individuals have been classified as untrustworthy and rejected access to 20.47 million plane tickets and 5.71 million high-speed train tickets for being dishonest, data released by the NDRC showed.

The social credit system is vital for the government to raise the social management level.

Chinese experts said how China, with a population of 1.4 billion people, processes the huge volumes of data is beyond the understanding of Western countries.

The hypothetical theories of the West are based on their ignorance, Chinese experts say. "The purpose of the social credit system is not to monitor citizens or classify citizens into 'good' and 'bad' categories but to better serve people with good credit and warn dishonest people," Yin Zhentao, a researcher at the Chinese Academy of Social Sciences on finances, told the Global Times.

China's social credit system will help the country restore social trust, which is supported by the vast majority of Chinese people, Wu Ken, Chinese Ambassador to Germany, said in response to Western media reports in early May.

In terms of judgment of morality, the government cannot simply rely on the social credit system to restrict citizens but has to evaluate them before adding them to the list, Zhu Lijia, a professor of public management at the Chinese Academy of Governance in Beijing, told the Global Times. Zhu suggests a standard on what can be included in the social credit system to prevent hurting the interests of the public.

Zhu also warned that such a database with huge amounts of information faces the risk of being leaked or attacked, which would cause huge losses.
 
Jun 6, 2018
now
Social credit system to restore morality
Source:Global Times Published: 2019/5/13 21:53:41
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now noticed the tweet
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·
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Eating or drinking on
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in
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will affect personal credit score starting Wednesday, according to Municipal Commission of Transport
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