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China

China SAIC Motor’s profit up 4 %, sales growth slows on tax rollback

Profit

BEIJING: SAIC Motor Corp Ltd (600104.SS), China’s biggest automaker, reported a 4.1 percent rise in net profit for the first quarter, a period when a rollback of a government tax incentive slowed its sales growth. The Shanghai-based automaker, which has joint ventures with Volkswagen AG (VOWG_p.DE) and General Motors Co (GM.N), in addition to making its own brands of vehicles, ... Read More »

China’s Mar apparent demand for gasoline edges up, for LPG, naphtha falls

lpg

BEIJING: China’s apparent demand for gasoline edged up 1% year on year in March and for LPG and naphtha fell 2.9% and 2.3% respectively, according to S&P Global Platts calculations based on latest official data. For gasoline, apparent demand also climbed up 1.8% month on month to 2.85 million b/d in March, according to Platts calculations. Market sources said actual ... Read More »

Chinese customs agency disproportionately rejects Korean food, cosmetics

chinese customs

BEIJING: China’s economic retaliation against South Korea for deploying the THAAD missile defense system continues.  According to industries related to China on Thursday, China’s customs agency has posted a list of cosmetics and food products that have been rejected for import. Out of 43 countries and 466 different products, Korea had the most disqualified products by far compared to other ... Read More »

China’s wine imports volume up in Q1

wine

BEIJING: China’s wine imports reached 151.1 million litres in the first quarter of the year, representing a year-on-year increase of 8.7%, while its imports value have dropped by 1.6%, the latest figures from the Chinese Customs have shown. Bottled wine imports in the first three months of the year rose by 5.7% in volume to 113.3 million litres while import ... Read More »

Customs seizes counterfeit auto parts

auto parts

SHANGHAI: The city has seized about 270,000 pieces of counterfeit auto parts since 2016 following 14 cases of intellectual property rights infringement cases. Shanghai customs authorities said yesterday that the counterfeit parts were valued at 2.32 million yuan (US$336,775). The authority found a batch of 64,000 counterfeit spark plugs that were scheduled to be exported at the end of last ... Read More »

China tax cuts to inject new energy into equity markets

Bangladesh frozen food exporters seek tax cut in upcoming budget

BEIJING: Hong Kong’s stock market regained its momentum last week after consolidating for a while in mid-April. Was the strong performance spurred by investor relief over the results of the first round of the French presidential election, or by China’s firm economic data for the first quarter? In my opinion, the massive tax cut plan announced by the State Council ... Read More »

Chinese customs takes firm hand on IPR infringements

chinese customs

BEIJING: Chinese customs has been an important player in protecting intellectual property rights (IPR), taking a firm hand against smuggling of illegal products, a customs official said Tuesday. In 2015, China started a three-year campaign to protect the image of “made-in-China” products internationally, with a focus on products exported to Africa, the Middle East, Latin America and countries along the ... Read More »

Chinese ports cruise on sustainable routes

chinese ports

BEIJING: On top of fast business growth at the start of this year, Chinese ports aim to become greener and more sustainable with strengthened core competitiveness. In the first quarter this year, the container throughput at major Chinese ports rose 7.2 percent to 53.7 million standard units, buttressed by surging business at some key ports, according to figures from the ... Read More »

China’s tropical log imports up 2% in 2016

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BEIJING: China’s tropical log imports in 2016 totalled 9.1 million cubic metres, up 2% year-on-year and accounted for 19% of the national total. The value of tropical log imports in 2016 was $2.435 billion reflecting, a 15% decline, as ITTO reported. Before its log export ban Myanmar was a major source of tropical logs for China. However, China’s log imports ... Read More »

China March coal imports from Russia jump after North Korea ban

coalimports

BEIJING: China’s coal imports from Russia jumped to their highest in nearly three years in March, customs data showed on Tuesday, as the world’s top buyer turned to alternative suppliers following its ban on imports from North Korea in February. Arrivals from Russia gained 19.5 percent to 2.3 million tons, the highest monthly total since June 2014, data from the ... Read More »

China’s unemployment rate falls below 4% at end of Q1

FALL

BEIJING: China’s registered urban unemployment rate fell below 4 percent for the first time in years, in a hopeful sign slower economic growth is not creating the massive unemployment Beijing fears will sow social instability. The social security ministry said on Tuesday that 3.34 million new jobs were created in the first quarter. The registered urban unemployment rate was 3.97 ... Read More »

China’s March sugar imports up 44 % y/y

SUGAR RAW

BEIJING: China imported 300,000 tonnes of sugar in March, up 43.9 percent from a year ago, and boosted first-quarter shipments, customs data showed on Sunday, as low global prices pushed up demand for overseas purchases from the world’s top sweetener buyer. Producers also scrambled to buy ahead of the results of a government investigation into alleged anti-dumping into top exporting ... Read More »

China policymakers bullish on economy, cite strong first-quarter GDP, stable yuan

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BEIJING: Policymakers in China are pushing a bullish message on the world’s second-biggest economy after a solid first quarter, pointing to a slow down in capital outflows and a stable yuan after a selloff last year stoked fears of instability. Speaking at a G20 summit meeting of the world’s top economies in Washington last week, finance minister Xiao Jie said ... Read More »

China’s resort island duty-free sales exceed 25 bln yuan

DUTY FREE

BEIJING: Offshore duty-free shops on the island province of Hainan sold more than 25.6 billion yuan (around 3.7 billion U.S. dollars) of goods over the past six years, official data showed. According to Haikou customs, the two duty-free shops, one in the provincial capital of Haikou and one in the resort city of Sanya, received more than 8 million customers ... Read More »

China-Netherlands economic cooperation forum held in The Hague

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THE HAGUE: A total of 41 intentions of cooperation were reached among more than 100 Chinese and Dutch enterprises during the the first edition of “China-Netherlands Economic Cooperation Forum” held Friday. The event was also hailed as a major event to celebrate the 45th anniversary of the establishment of diplomatic relations between the two countries. Chinese Ambassador to the Netherlands ... Read More »

China inspires economic envy

ECONOMY

BEIJING: The ex-traordinary transformation of the Chinese economy has the world agog. For companies like Alltech, which manufactures feed ingredients and additives, the agriculture revolution is equally exciting. The company has been in China for 25 years and observed the growth of a youthful urban middle class as well as changes on farms. “It is the biggest transformation that any ... Read More »

China bank regulator probes borrower guarantee chains

china bank

BEIJING: China’s banking regulator has asked lenders to look into the guarantee chains of its borrowers, according to a document seen by Reuters, the latest in a slew of policy initiatives to reduce the risk of defaults snowballing through the financial system. In a document circulated on April 13, the China Banking Regulatory Commission (CBRC) asked lenders to look into ... Read More »

China to cut $55 bln in tax to boost growth

Bangladesh frozen food exporters seek tax cut in upcoming budget

BEIJING: The Chinese government has announced plans to cut US$55 billion in taxes this year in a move it hopes will boost consumer spending and small and medium-sized businesses. As part of the cuts made the State Council, VAT will be reduced from four brackets to three, while people purchasing health insurance will be eligible for a deductible amount from ... Read More »

China- Lusophone countries trade grows 32.6% in one month

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BEIJING: The trade in merchandise between China and Portuguese-speaking countries reached USD14.845 billion (around MOP118.5 billion) in the period from January 2017 to February 2017, official data from China Customs authorities revealed. The figure represented a 32.64 percent increase year-on-year. According to the data, which was republished in the Forum Macau website, the Portuguese-speaking countries sold goods worth USD10.283 billion ... Read More »

China’s Minsheng Bank sees investor trust vanish – along with 3b yuan

CMB

BEIJING: The disappearance of 3 billion yuan (US$436 million) from China Minsheng Bank’s private banking accounts has once again highlighted Chinese banks’ weak internal controls and the risks associated with the sale of so-called “innovative” wealth-management products on the mainland. An accidental inquiry from an investor exposed the fact that the WMPs sold by a Minsheng branch didn’t even exist. ... Read More »