Day: May 6, 2021

(Xinhua)11:19, January 11, 2021

BEIJING, Jan. 11 (Xinhua) — Chinas consumer price index (CPI), a main gauge of inflation, rose 0.2 percent year on year in December, up from a 0.5-percent decrease in November, the National Bureau of Statistics (NBS) said Monday.

The CPI edged up 0.7 percent on a monthly basis, compared with the 0.6-percent drop registered in November.

Food prices increased 1.2 percent year on year last month, reversing a 2-percent decline in November and contributing about 0.26 percentage points to the CPI increase, said Dong Lijuan, a senior statistician with the NBS.

Growing consumer demand, rising costs and special weather conditions were the main factors that pushed the CPI back into positive territory, Dong said.

In breakdown, prices of both vegetables and fruits climbed 6.5 percent year on year in December, while those of beef and mutton gained 4.6 percent from a year earlier.

In 2020, Chinas CPI rose 2.5 percent year on year, staying within the governments annual target of around 3.5 percent.

(Xinhua)16:42, January 11, 2021

BEIJING, Jan. 11 (Xinhua) — An online platform of Didi Chuxing, a Chinese ride-hailing giant, was fined 340,000 yuan (about 52,700 U.S. dollars) for not taking adequate epidemic prevention and control measures, according to a press conference held Sunday in Beijing.

The citys transportation law enforcement department also investigated 96 cases related to the drivers of the companys platforms who have not taken adequate measures, while fining them 1.07 million yuan.

Since Jan. 1, the department has inspected the implementation of epidemic prevention and control measures by online ride-hailing platforms, taxi companies and drivers.

Rong Jun, deputy director of Beijing Municipal Commission of Transport said at the press conference that some drivers of the platforms do not disinfect or ventilate their vehicles, do not wear masks or wear them correctly, or do not dissuade the passengers who do not wear masks as required.

(Xinhua)09:46, January 12, 2021

MACAO, Jan. 11 (Xinhua) — The new approvals of Macaos residential mortgage loans (RMLs) increased while those of commercial real estate loans (CRELs) decreased in November 2020, the special administrative regions monetary watchdog said on Monday.

According to statistics released by the Monetary Authority of Macao, the new RMLs approved by Macao banks rose 6.7 percent month on month to 2.92 billion patacas (about 365.6 million U.S. dollars).

The new RMLs to residents, representing 99.1 percent of the total, rose 7.2 percent to 2.89 billion patacas. On the other hand, the non-resident component decreased by 28.1 percent to 25.1 million patacas.

The monthly average of new RMLs approved between September and November last year was 4.2 billion patacas, down 13.8 percent from the period from August to October.

The new CRELs dropped 39.3 percent month on month to 1.85 billion patacas. The new CRELs to residents, or 99.1 percent of the total, decreased 39.2 percent to 1.83 billion patacas.

The new CRELs to non-residents fell 52.0 percent to 17.2 million patacas.

The monthly average of new CRELs approved between September and November 2020 was 3.7 billion patacas, down 17.8 percent as compared with the period from August to October.

At the end of November, the outstanding value of RMLs was 234.9 billion patacas, which rose 0.1 percent month on month, or 1.8 percent from a year ago.

The outstanding value of CRELs grew 0.3 percent month on month, but dropped 4.5 percent from a year earlier, to 173.5 billion patacas.

At the end of November, the delinquency ratio for RMLs stood at 0.26 percent, down 0.01 percentage point from the previous month, but up 0.03 percentage point over a year earlier.

The ratio for CRELs was 0.49 percent, up 0.07 percentage point from a month ago or 0.11 percentage point from the same period of last year. (1 pataca equals 0.1247 U.S. dollar)

(Xinhua)09:50, January 12, 2021

HAIKOU, Jan. 11 (Xinhua) — A legislative advisory committee has been established in Haikou, the capital of south Chinas Hainan Province, to improve legislation pertinent to the provinces construction of a free trade port.

The Standing Committee of Hainan Provincial Peoples Congress set up the committee. It aims to provide intellectual support for the ports legal system and improve the legislations efficiency.

Li Jun, deputy secretary of the Hainan Provincial Committee of the Communist Party of China, said the rule of law would help build a better business environment and bring core competitiveness for the Hainan free trade port.

Bringing together legal experts, scholars, and practitioners from home and abroad, the committee will be a think tank for improving the legal system of Hainans free trade port, said Li.

On June 1, 2020, China released a master plan for the Hainan free trade port, aiming to build Hainan Island into a globally influential, high-level free trade port by the middle of the century.

(Xinhua)10:31, January 07, 2021

BEIJING, Jan. 6 (Xinhua) — Chinas central bank outlined key policies and tasks for 2021 during an annual work conference held in Beijing.

The Peoples Bank of China (PBOC) said Wednesday in an online statement released after the meeting that it would adhere to the general principle of pursuing progress while ensuring stability, and offer effective financial support in accelerating the construction of a new development paradigm.

The following are some key policy takeaways:

— Implement a prudent monetary policy that is flexible, precise, reasonable and moderate

China will make the money supply and aggregate social financing grow at basically the same level as the countrys nominal economic growth.

It will also deepen market-oriented reform of the exchange rates of the Chinese currency, the renminbi (RMB), and stabilize market expectations to keep the RMBs exchange rate basically stable at a reasonable and balanced level.

— Establish mechanisms that offer effective financial support to the real economy

The country will prolong the policies on inclusive loan repayment extension and the credit loan support program for smaller businesses, and guide the financial institutions to strengthen support for technology innovation, private companies and small and micro-sized enterprises.

— Advance green finance

To peak carbon dioxide emissions and achieve carbon neutrality, the PBOC will channel more financial resources toward green development, promote the creation of a carbon emission trading market with reasonable pricing, gradually improve the standard of green finance and continue to promote international cooperation in green finance.

— Speed up improving the macro-prudential policy framework

China will bring major financial activities, institutions, market and infrastructures under macro-prudential management. It will also improve the supervision system of financial holding companies.

— Prevent and defuse financial risks

Measures will be taken to enhance prudential supervision of the financial activities of internet platform companies, strengthen an anti-trust push and prevent the disorderly expansion of capital, as well as make steady improvements in inclusive finance services, the bank said.

— Promote reform, opening-up in the financial sector

As part of efforts to promote greater reform of the financial market and financial institutions, the country will move to improve diversified channels for bond default disposal and implement a prudential management scheme for real estate finance.

It will also deepen participation in global financial governance, expand the two-way opening-up in the financial sector, promote the opening-up in the capital account in a steady and orderly manner, and keep the scale of foreign exchange reserve basically stable.

— Prudently advance the internationalization of the RMB

China will also prudently advance the internationalization of the RMB and promote the sound and coordinated development of local and foreign currencies in onshore and offshore markets.

— Better leverage financial technology

The bank will steadily carry out pilot programs for digital currency, encourage the use of credit reporting in digital finance and economic governance, and step up efforts for the investigation and monitoring of money laundering.

(Xinhua)10:54, January 07, 2021

BEIJING, Jan. 6 (Xinhua) — China on Tuesday implemented a ban on imports of poultry and related products from France, where an outbreak of the highly pathogenic H5N8 avian influenza has been reported.

From Jan. 5, it is forbidden to send or bring French poultry and related products to China, and any such items shall be returned or destroyed, according to a joint statement released on Wednesday by the General Administration of Customs and the Ministry of Agriculture and Rural Affairs.

The statement also urged Chinese customs and animal disease prevention and control agencies to step up guard against such imports.

(Xinhua)13:15, January 07, 2021

TOKYO, Jan. 7 (Xinhua) — Tokyo stocks were higher early Thursday afternoon, with the benchmark Nikkei stock index extending gains having reached its highest intraday level since August 1990 on hopes of additional stimulus in the United States.

As of 12:45 p.m., the 225-issue Nikkei Stock Average added 458.65 points from Wednesday to 27,514.59.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 35.31 points at 1,831.49.

All industrial categories gained ground, led by iron and steel, nonferrous metal and insurance issues.

Stocks were firm from the morning bell as investor sentiment was bolstered by reports projecting that Democrats won two Senate runoff elections in Georgia.

In doing so, control of the upper chamber has been handed to the Democrats, meaning their agenda of further stimulus to underpin the pandemic-hit economy as well as infrastructure spending, is hoped to speed up the recovery of the worlds largest economy.

Shares advanced on the back of receding political risks and U.S. stimulus hopes, Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co., was quoted as saying.

Financial issues gained ground, following higher bond yields, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group all advancing further into positive territory.

(Xinhua)08:57, January 08, 2021

BEIJING, Jan. 7 (Xinhua) — China on Thursday lowered the upper limit for non-financial firms cross-border financing amid efforts to rein in risks.

The macro-prudential adjustment parameter, a multiplier that is part of an equation deciding the upper limit of outstanding cross-border financing a company can have, has been revised down from 1.25 to 1 for non-financial firms, according to a circular issued jointly by the Peoples Bank of China and the State Administration of Foreign Exchange.

For companies that see their risk-weighted outstanding cross-border financing exceed the limit due to the revision, they will be allowed to hold the contracts inked before the change to maturity, said the circular.

The upper limit is basically decided by a non-financial firms net asset, and the leverage ratio for cross-border financing as well as the adjustment parameter set by regulators.

On Dec. 11, 2020, China lowered the macro-prudential adjustment parameter for financial institutions to 1 from 1.25, with the aim of further improving the macro-prudential management of cross-border financing and guiding the institutions to adjust their foreign debt structure.

(Chinadaily.com.cn)16:30, January 08, 2021

Chinas GDP is expected to grow about 8.5 percent in 2021, The Paper reported citing the Chinese Academy of Sciences on Friday.

The CASS predicated the growth will be faster at the beginning but slower in the rest of the year, with growth of around 16.3 percent in the first quarter, and 7.3 percent, 6.3 percent and 5.9 percent in the following three quarters.

Consumption will become a major economic driver in 2021, with year-on-year nominal growth between 10.7 percent and 11.7 percent, said Yang Cuihong, deputy head of the CASS Forecasting Science Research Center.

Predicted data show consumption, investment and net export are projected to pull up the GDP growth by 4.9, 3.3 and 0.3 percentage points respectively in 2021.

In addition to GDP, CASS expected the countrys foreign trade volume in 2021 will increase around 5.7 percent. Yearly per capita disposable income of rural residents will grow around 8.3 percent in real terms to reach 18,553 yuan ($2,869.38).

The country will see a mild price hike in 2021, according to data from the CASS, when the consumer price index will rise by about 1.1 percent, producer price index by 1.7 percent, and purchasing price index of raw material by 2.6 percent.

CASS projected a stable price for commercial residential buildings in the country. The added value of the industrial enterprises above designated size will grow by 9.3 to 9.9 percent, while the logistics prosperity index will stand at 51.17 percent.

(Xinhua)16:54, January 08, 2021

HONG KONG, Jan. 8 (Xinhua) — The free trade and investment agreements between Hong Kong and the Association of Southeast Asian Nations (ASEAN) will come into force in full on Feb. 12 when the part related to Cambodia took effect.

The government of Chinas Hong Kong Special Administrative Region (HKSAR) said in a statement Friday that the agreements greatly enhance business opportunities in ASEAN markets for Hong Kong enterprises and service providers.

The agreements, which were inked in 2017 and started entering into force since June 2019, have brought about legal certainty and better market access for Hong Kong enterprises, the government said.

The agreements are comprehensive in scope, covering trade in goods and services, investment, economic and technical cooperation, dispute settlement mechanisms.

ASEAN was Hong Kongs second-largest trading partner in goods trade in 2019 and the fourth largest in services trade in 2018.

Hong Kong has so far signed eight free trade agreements with 20 economies.