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China

China’s polished diamond imports rise in 2016

Belgium’s polished diamonds

BEIJING: China’s polished diamond imports increased 4.9 percent to $7.02 billion last year, according to data from the China Customs Information Center. By weight, polished imports increased 1.2 percent to 7.7 million carats, while the average price rose 3.7 percent to $916 per carat, the figures showed. Polished exports fell 11 percent to $1.91 billion, meaning net polished imports jumped ... Read More »

Four top-tier cities contribute 40% to China’s $1t yuan income tax

income tax

BEIJING: China’s personal income tax broke 1.009 trillion yuan ($146 billion) in 2016, up 17.1 percent from a year earlier, with four top-tier cities contributing about 40 percent of the total, according to the Ministry of Finance. Shanghai, Beijing, Shenzhen and Guanghzou totaled 400 billion yuan, accounting for 39.6 percent of the national total. Shanghai took the top spot among ... Read More »

Grain interest high in China

GRAIN

BEIJING: The recent Australian Grains Industry Conference event in Shanghai, China was sold out, which demonstrates strong interest in China for Australian grains, according to Grain Trade Australia. AGIC Asia returned to China after two successful AGIC conferences last year in Beijing and Guangzhou, and Grain Trade Australia chief executive officer Pat O’Shannassy said the Chinese market was important for ... Read More »

China Feb sugar imports jump over 70% YOY

sugar

BEIJING: Sugar imports by China, the world’s top buyer of the sweetener, jumped 70.3 percent in February from the year before to 180,000 tonnes, customs data showed on Thursday. That followed in the wake of large shipments in January, with low global prices driving up demand for overseas purchases. Imports during January and February reached a combined 590,000 tonnes, the ... Read More »

China Feb gasoline exports second highest on record

gasoline

BEIJING: China’s gasoline exports in February hit the second highest on record, up 76.6 percent over a year earlier at 1.06 million tonnes, data from the Chinese customs showed on Thursday. Diesel exports last month surged 66.7 percent on year at 1.32 million tonnes. The February gasoline exports were second to the record high at 1.1 million tonnes posted in ... Read More »

China LPG imports may reach 20 mil mt in 2017 on strong petrochemical demand

lpg

BEIJING: China’s LPG imports are expected to reach around 20 million mt in 2017, supported by continuous strong demand from the petrochemical sector, a senior Sinopec official said at the 22nd China LPG Conference held by the Guangdong Oil and Gas Association in Chengdu, Sichuan province. Senior engineer Tian Chunrong predicted that the country’s LPG apparent demand will reach around ... Read More »

China Telecom revenue grows 6.4% in 2016

revenue3

BEIJING: China Telecom has reported a 6.4% increase in operating revenue for 2016 to 352.28 billion yuan, as the company doubled its 4G subscriber base. Net profit for the year fell 10.2% to 18 billion yuan, due to the positive impact in the prior year associated with the sale of its tower assets to telecommunications infrastructure joint venture China Tower. ... Read More »

China customs ecommerce backdown boosts Australia vitamin stocks

china customs

BEIJING: A decision by Beijing to delay a planned increase to ecommerce import taxes boosted Australian and New Zealand-based vitamin and food stocks, underlining the importance of Chinese online sales to the region’s consumer brands. Shares in supplement company Blackmores and dairy group a2 Milk Company rose as much as 19.1 per cent and 5.3 per cent, respectively, on Tuesday ... Read More »

China Resources Beer says FY profit after tax rose 6.8%

profit

BEIJING: China Resources Beer Holdings Co Ltd consolidated profit attributable to company’s shareholders in 2016 was rmb629 million fy profit after tax recorded an increase of 6.8% year-on-year to rmb1,419 million board recommended a final dividend of rmb0.08 per share “group is determined to expand proportion of its mid- to high-end beer products and canned beer products” Fy turnover of ... Read More »

OECD sees China growth slowing to 6.5% in 2017, 6.3% in 2018

Philippines Jan. exports rise at fastest pace in 3 years

BEIJING: China’s economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens. The Organisation for Economic Co-operation and Development also warned of China’s ballooning corporate debt in its bi-annual economic outlook report released on Tuesday. “In terms ... Read More »

Shanghai customs seizes 3.1 tons of smuggled pangolin scales

shanghai customs

SHANGHAI: Two suspected smugglers were detained in Shanghai after authorities recovered 3.1 tons of pangolin scales, the largest amount ever seized in China. An endangered animal in China, the pangolin is one of the most illegally traded animals in the world, media reported. Customs agents from Shanghai Customs District said they received a tip-off that two shipping containers carrying endangered ... Read More »

China-Taiwan trade slips 0.7% in 2016

trade

BEIJING: Trade between Taiwan and China fell 0.7 percent in 2016 from the previous year, according to a Mainland Affairs Council (MAC) report released Monday. The report says, based on Taiwan customs statistics, that bilateral trade in 2016 was valued at NT$117.9 billion (US$3.86 billion). Despite overall trade declining in the year, the data showed that Taiwan’s exports to China ... Read More »

China’s online catering revenue exceeds 50 bln US dollars in 2016

revenue

BEIJING: China’s online catering revenue exceeded 350 billion yuan ($50.7 billion) in 2016, about 10 percent of the country’s total catering revenue, according to figures from China Cuisine Association. Online catering benefited from the growth of third party platforms, while loose supervision of third party platforms has been attributed to poor quality of some services. To regulate the sector, China ... Read More »

China’s growth, job creation impressive, Australia will benefit

growth

BEIJING: With China’s Two Sessions coming to a close, a leading economist in Australia said here on Thursday that the future looks bright for the economic partnership between China and Australia. Professor James Laurenceson, economist and deputy director of the Australia-China Relations Institute (ACRI) at the University of Sydney, sat down with Xinhua on Thursday and outlined the reasons why ... Read More »

China economy rises as carbon emissions drop

economy-2014

BEIJING: The decrease in the burning of coal in China has resulted in the country’s carbon emissions being reduced by 1 percent year-on-year in 2016 while its economy grew at a rapid pace, according to the Paris-based International Energy Agency. An IEA press statement on Friday stated: “In China, emissions fell by one percent last year, as coal demand declined ... Read More »

Chinese customs officers seize smuggled luxury goods worth US$540 mln

chinese-customs-officers-seize-120000-fake-face-masks-media

BEIJING: Smuggled luxury goods worth a total of 3.7 billion yuan (US$540 million) were impounded in southwest China on Thursday by customs officers who said it was the most expensive seizure of its kind in years, mainland media report. More than 10,000 handbags, garments and other items from such brands as Armani, Burberry, Fendi, Ferragamo, Gucci, Prada and Rimowa were ... Read More »

China’s crude oil output falls 8%

crude oil

BEIJING: China’s crude oil output fell 8 percent year on year in the first two months of 2017 as refineries slashed production and imported more due to high exploitation costs, data from the National Bureau of Statistics (NBS) showed Thursday. Crude oil output came in at 31.4 million tons during the period, while imports gained 12.5 percent to 65.8 million ... Read More »

China outbound direct investment drops 52.8%

CONSUMER PRICE DROP

BEIJING: China’s outbound direct investment dropped 52.8% compared with a year earlier to $13.43 billion in the first two months of the year, the Ministry of Commerce said on Thursday. The ministry didn’t elaborate on the decline. In 2016, Chinese companies made a total of $170 billion worth of overseas investments, up 44.1% from a year earlier. The ministry also ... Read More »

China to encourage private capital investment

INVESTMENT

BEIJING: China has announced guidelines to encourage private investment in a wide range of sectors including elder care, education, culture and sports, in a document released by the General Office of the State Council. Private capital in these areas plays a stabilizing role, brings new momentum to economic development, promotes economic upgrades and helps coordinate economic and social development, the ... Read More »

Exports to China account for growing slice of company sales

importexports

BEIJING: China accounts for a growing proportion of total sales at Korean businesses each year. Industry tracker CEO Score analyzed 70 of Korea’s top 500 companies that revealed sales generated in China and found that 18 percent or W86.5 trillion of their cumulative revenues (W477.38 trillion) from January to March of this year came from China (US$1=W1,144), the tracker said ... Read More »