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China

China May sugar imports up nearly 38% y/y

sugar imports

BEIJING: China imported 186,765 tonnes of sugar in May, up 37.88 percent from a year earlier, customs data showed on Friday. May imports were down slightly from last month’s 190,000 tonnes, according to data released by the General Administration of Customs. Imports in the first five months of the year rose to 1.27 million tonnes, up 31.9 percent from the ... Read More »

China crude-oil imports hit 2nd highest level ever

crude oil

BEIJING: China’s crude-oil imports rose to their second-highest level in May as refineries there were eager to capitalize on still-healthy refining margins amid low crude prices. Analysts say China’s ongoing effort to fill the nation’s strategic petroleum reserve also contributed to last month’s rise. In May, China imported 37.2 million tons of crude, marking a 15.4% jump from the same ... Read More »

China, Cambodia jointly seizes 1.1 tons of cocaine

COCAINE

SHANGHAI: Shanghai customs said Thursday that Chinese and Cambodian law enforcement authorities jointly seized 1.1 tons of cocaine and detained four drug trafficking suspects late last year. It is the largest amount of cocaine seized in recent years, they said. They said the case was not made public earlier because it was quite complicated and there were international drug traffickers ... Read More »

China bad debt prices up 30% as new gold rush get under way

bad debt

BEIJING: Bad loans are rapidly becoming the latest hot commodity in China as more domestic and foreign investors rush into the market and bid up prices. Non-performing loan prices have risen more than 30 percent this year, according to distressed investor Belos Capital Asia Ltd. The average selling price of NPLs has climbed to around 50 cents on the dollar ... Read More »

China bank non-performing loan ratio dropped slightly at end May

soft loans

BEIJING: The non-performing loan (NPL) ratio for all Chinese banks stood at 1.99 percent at the end of May, down 0.16 percentage points from the same period last year, Liu Zhiqing of the China Banking Regulatory Commission told reporters on Thursday. The ratio covers all Chinese banks, including policy lenders.The more commonly reported NPL ratio for commercial banks was 1.74 ... Read More »

China’s business confidence continues to improve in Q2

business confidance

BEIJING: Business confidence among China’s entrepreneurs continued to improve in Q2, a central bank survey showed Tuesday. The entrepreneur confidence index rose for the fifth straight quarter, rising to 65.4 from 61.5 the previous quarter, according to the People’s Bank of China (PBOC). Another PBOC survey showed bankers’ confidence in the economy also improved in the second quarter to 67.8 ... Read More »

China trade initiative seen to benefit PH

enhance trade relations

BEIJING: The Philippine is assured of benefiting from China’s mega-project on infrastructure as Beijing’s “One Belt One Road” (Obor) Initiative dovetails with the Duterte administration’s own “Build, Build, Build” drive, according to Finance Secretary Carlos Dominguez III. “We think the Philippines will definitely benefit in participating in this One Belt, One Road project particularly in the Maritime Silk Road section ... Read More »

China to step up efforts to combat sugar smuggling

sugar

BEIJING: China will step up its efforts to tackle sugar smuggling, the General Administration of Customs said on Tuesday, weeks after Beijing hiked import tariffs to better protect local producers. As much as 2 million tonnes of sugar is estimated to arrive illegally in China each year, transported across porous borders with southern neighbours Vietnam and Myanmar and sold illegally ... Read More »

China property tax languishes as vested interests block reform

Propertytax

BEIJING: As Chinese authorities struggle to contain runaway home prices, a long-awaited plan for a property tax has stalled, the latest sign of entrenched interests impeding efforts to transform the country’s growth model. The average price of a Shenzhen home last year was 41 times the average income, against 29 in London, 23 in Tokyo and 15 in New York, ... Read More »

China property price growth slows further in May

Philippines Jan. exports rise at fastest pace in 3 years

BEIJING: New home prices in Major Chinese cities slowed their ascent in May compared to year prior as month-on-month price growth ended a recent streak of acceleration. The cost of new housing across 70 major cities rose 10.4 cent in May year on year, according to a weighted average from Reuters based on data from China’s National Bureau of Statistics. ... Read More »

Chinese state oil giants take petrol price battle to the pumps

oil

BEIJING: Chinese state oil giants Sinopec and PetroChina are waging war at the nation’s gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion retail fuel market. The rare price war kicked off in late March as Sinopec (0386.HK) reported first quarter retail sales had slid ... Read More »

Rice price drops after China anti-smuggling operation

china customs

BEIJING: The price of a tonne of rice has dropped to K30,000 after a successful operation against 27 gangs involved in smuggling of the grain by China’s General Administration of Customs (GAC) on Monday. The gangs are suspected of attempting to smuggle 300,000 tonnes of rice between Myanmar and Vietnam, a local rice trader told The Myanmar Times. A report ... Read More »

China trade agreement includes biotech approvals

trade

BEIJING: The trade agreement between the U.S. and China that focused on U.S. beef also paved the way for Chinese approval of two U.S. genetically modified crop traits. China has approved imports of two new varieties of genetically modified crops, clearing the way for U.S. agricultural companies to market new biotech seeds to farmers. Through the announcement this week, China ... Read More »

China welcomes Uganda’s clarification on ivory smuggling

ivory

BEIJING: China welcomes Uganda’s clarification that two Chinese nationals allegedly involved in an ivory trafficking case are not diplomats, a Foreign Ministry spokesperson said Wednesday. The Ugandan Ministry of Foreign Affairs issued a statement Monday, confirming that the two Chinese nationals who are allegedly involved in collaborating with Uganda Wildlife Authority officials in exporting ivory “are not accredited diplomats with ... Read More »

China rises as a biotech powerhouse, developing drugs to treat the world

drugs

BEIJING: Biotech once looked to China for cheap labor. It may soon find mounting competition instead. Thanks to bountiful investments and loosening regulations, China has become a nascent biotech powerhouse that investors and entrepreneurs say could one day rival the industry’s Western incumbents. Fueled by a sudden influx of foreign-trained talent, a new generation of Chinese startups is racing to ... Read More »

China’s economy holds up in May but slowing investment points to cooling

economy

BEIJING: China’s economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months. Still, with half a year left to go, Beijing is expected to handily meet its annual 6.5 percent economic growth target without too many bumps, good news for ... Read More »

China extends tax breaks to encourage rural financing

sales tax

BEIJING: China announced Tuesday it will continue tax breaks for financial institutions lending to rural households to support the development of financial services in the countryside. Financial institutions will be exempt from value-added taxes for interest income from small loans to rural households from Jan 1, 2017 to Dec 31, 2019, according to a notice from the Ministry of Finance ... Read More »

Russian-Chinese trade estimated to reach $80 bln in 2017

enhance trade relations

BEIJING: Trade between Russia and China is estimated to increase to $80 billion this year, Russian deputy economic and trade minister Alexei Gruzdev told TASS on Wednesday. The official said that bilateral trade “shows positive dynamics,” with Russian exports to China being on the increase as well. He said that the growth is attributed not only to growing prices for ... Read More »

China acts on rice smuggling

ricesmuggling

BEIJING: Chinese customs said Monday that local authorities had taken action against 27 gangs suspected of smuggling a total of around 300,000 tonnes of rice. The General Administration of Customs (GAC) Monday morning dispatched over 400 police officers to more than 20 locations in Chongqing Municipality and the provinces of Yunnan, Guangdong, Hubei and Shaanxi in a unified rice smuggling ... Read More »

China’s fiscal revenue growth slows in May

iStock_000026392316_RevenueStreams

BEIJING: China’s fiscal revenue registered slower growth in May, climbing 3.7 percent year on year to 1.61 trillion yuan ($236.95 billion), the Ministry of Finance (MOF) said Monday. The growth retreated from a 7.8-percent gain in April and a 12.2-percent increase in March. “The growth rate was relatively low,” the MOF said in a statement, attributing the slowdown to softened ... Read More »