Thursday , October 19 2017
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China GDP rises 6.8% as property bubble fears ebb


BEIJING: China’s economy grew a solid 6.8 per cent in the third quarter as fears of a property bubble eased after government cooling measures, but anxiety about corporate and household debt continued to weigh. The data came as the country’s ruling Communist Party was meeting for a twice-a-decade congress, at which the prospects for the world’s second largest economy are ... Read More »

China’s central bank continues net cash injection


BEIJING: China’s central bank on Wednesday continued to pump money into the interbank market via reverse repos to ensure stable liquidity. The People’s Bank of China (PBOC) conducted 160 billion yuan (24 billion U.S. dollars) of seven-day reverse repos with an interest rate of 2.45 percent, and 140 billion yuan of 14-day reverse repos with an interest rate of 2.6 ... Read More »

China’s beef, broiler meat imports projected to rise

beef export

BEIJING: China’s beef and broiler meat imports are projected to rise 11% and 7%, respectively, in 2018, according to the latest “Livestock & Poultry: World Markets & Trade” report from the U.S. Department of Agriculture’s Foreign Agricultural Service. However, despite robust Chinese demand, coupled with stagnant or declining domestic production, the report said the opportunity for importing both beef and ... Read More »

Chinese electronics imports to UAE exceed $14bn in H1 2017


BEIJING: China was the UAE’s top electronics trade partner in the first half of 2017, with AED 53.3 billion ($14.5 billion) in imports, according to Sultan bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation (PCFC). The total value of Dubai’s electronics trade in the first half 2017 was AED134.5 billion ($36.59 ... Read More »

Online retail sales in rural China up 38%

People enter and  exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007.  As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail  industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

HANGZHOU: Online retail sales in rural China soared 38.1 percent year-on-year to 729 billion yuan ($110 billion) in the Jan-Aug period, according to the China International Electronic Commerce Center. The growth rate for the first half of the year was also 38.1 percent, outstripping cities by 4.9 percentage points, the center under the Commerce Ministry said in a report released ... Read More »

China’s central bank injects funds into market via MLF


BEIJING: China’s central bank Friday injected fresh funds via its medium-term lending facility (MLF) to keep liquidity stable. The People’s Bank of China (PBOC) pumped 498 billion yuan ($75.6 billion) into the financial system via MLF. The interest rate for one-year MLF loans was unchanged at 3.2 percent, the central bank said in a statement on its website. It skipped ... Read More »

China’s trade volume up 16.6% in Jan-Sept


BEIJING: China’s foreign trade volume rose 16.6 percent to 20.29 trillion yuan ($3.08 trillion) in the first three quarters of this year, official data showed Friday. Exports increased 12.4 percent to 11.16 trillion yuan, while imports surged 22.3 percent to 9.13 trillion yuan, the General Administration of Customs (GAC) said. Trade surplus shrank 17.7 percent to 2.03 trillion yuan in ... Read More »

China’s shale oil reserves now rank third in world


BEIJING: China’s shale oil reserves have reached 764.3 billion cubic meters, ranking third in the world after the United States and Canada, the 21st Century Business Herald reported, citing Zhang Dawei, Director of the Reserves Evaluation Center of China’s Ministry of Land and Mineral Resources. Despite the rapid development, Zhang also expressed worry over the performance of central, local and ... Read More »

China’s commerce ministry concludes 1,408 anti-monopoly investigations


BEIJING:  China has made great efforts in facilitating fair market competition through the implementation of anti-monopoly regulations and a faster review process during the past five years, according to the Ministry of Commerce. From 2013 to the end of August this year, the ministry received 1,483 anti-monopoly declarations on concentration of undertakings and concluded 1,408 cases, it said on its ... Read More »

China’s survey-based jobless rate lowest since 2012


BEIJING: China’s job market is steadily expanding, with the survey-based unemployment rate falling to its lowest level since 2012, an official said Tuesday. China’s nationwide survey-based unemployment rate stood at 4.83 percent in September, the lowest since 2012, Ning Jizhe, head of the National Bureau of Statistics (NBS) disclosed at a press conference. Some 9.74 million new jobs were created ... Read More »

China services sector growth falls to 21-month low in September

sales fall

BEIJING: Business activity in China’s services sector grew at its slowest pace in 21 months in September as the pace of new business cooled, a private survey showed. The survey was in sharp contrast to an official gauge of the non-manufacturing sector that showed the services sector expanded at the fastest clip since 2014 in September, blurring the picture on ... Read More »

Citigroup considering onshore cash equities business in China


BEIJING: Citigroup Inc is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stocks, to boost its share of the business in Asia, said the head of its regional equities unit. The US-headquartered bank is also looking to add at least 10 people to the unit, including bankers and technology staff, mainly at ... Read More »

World Bank raises China’s growth forecast to 6.7% from 6.5%

fast growth

BEIJING: The World Bank has raised China’s growth forecast for 2017 from 6.5 per cent to 6.7 per cent and from 6.3 per cent to 6.4 per cent in 2018, authorities said on Thursday. In its latest East Asia and Pacific Economic Update report, the World Bank pointed out the new forecast follows an improvement in forecast for the entire ... Read More »

Chinese exports boosted by strong mackerel, shrimp shipments


BEIJING: It appears China’s export growth in seafood is being driven by its fisheries sector. According to data from China General Administration of Customs, China saw a jump in shipments of mackerel. Exports rose 57 percent to 199,000 tons worth USD 369 million (EUR 314 million), a rise of 53.4 percent. These shipments accounted for five percent of overall exports ... Read More »

China’s crude oil stockpile drops 3.42%

crude oil

BEIJING: China’s commercial crude oil stocks went down 3.42 percent in August from a month earlier, while stocks of refined oil products dropped 0.97 percent, according to data compiled by Xinhua News Agency. The fall was a result of decreasing output and imports, and rising processing volume, according to Xinhua. Gasoline stocks went down during the period as fuel demand ... Read More »

Chinese customs officers conduct strict inspections to prevent gasoline smuggling


BEIJING: It has been reported that China’s customs officers have ramped up the level of their inspections focusing on gasoline smuggling by North Korean merchants. The Chinese authorities appear to be taking firm action in accordance with UNSC Resolution 2375 on sanctions against North Korea.  On September 11, the United Nations Security Council adopted Resolution 2375 on sanctions against North ... Read More »

China crude oil import data show winners and losers from rebalancing

crude oil

BEIJING: China’s imports of crude oil offer a picture of which exporters are doing the heavy lifting of reducing supplies, and which countries are benefiting the most from the efforts of OPEC and its allies to rebalance the market. While looking at customs data from the world’s biggest crude importer isn’t a definitive study of global oil market dynamics, it’s ... Read More »

China’s exports of crops to North grew last month


BEIJING: China’s export of corn and wheat to North Korea soared last month as a severe drought crippled the nation’s agricultural production, and as the regime faces deepening economic and diplomatic isolation following multiple rounds of missile and nuclear tests. According to statistics from China’s General Administration of Customs, China shipped 14,057 metric tons of corn to the North in ... Read More »

China’s diamond imports rise


BEIJING: China’s polished-diamond imports increased 7% in the first half, according to the latest figures. Shipments into the country hit $3.32 billion during the six months, recent data from the China Customs Information Center showed. By volume, imports crept up 1% to 3.6 million carats, with the average price growing 5% to $931 per carat. Polished exports slid 33% to ... Read More »

China semi-finished aluminium exports fall for 3rd straight month

business confidence fall

BEIJING: China’s semi-finished aluminium exports fell for a third straight month in August as punitive duties imposed by the United Sates and India on Chinese aluminium foil leave manufacturers struggling to find alternative markets. Semi-finished exports stood at 360,000 tonnes last month, according to final customs data published on Tuesday, down 3.2 percent on the same month a year ago ... Read More »