China - Economic Data & News 20 (Nov 22 - Aug 23)

[behappyalways]

"Zibo Barbecue" is booming! Shandong builds a "barbecue city for thousands of people" on May 1st, music festival + beer to attract tourists, tourists ride a 9hr pilgrimage
"淄博燒烤"夯爆！山東建"萬人燒烤城"蹭五一 音樂祭+啤酒吸客 遊客搭車9hr朝聖｜記者 楊駿宗｜【國際大現場】20230429｜三立新聞台
https://m.youtube.com/watch?v=5dhs5LpRuw0


China's May Day holiday is crowded and chaotic! Huangshan tourists stay overnight in public toilets, "waiting in line for 11 hours"; Retaliatory tourism estimates 240 million people out of cages
中國五一假期擠爆亂象！黃山遊客夜宿公廁 "排隊要等11小時" 報復性旅遊估2.4億人流出籠｜記者 許少榛｜【國際大現場】20230430｜三立新聞台
https://m.youtube.com/watch?v=q3NtfMOrmNo

[behappyalways]

May Day holiday. Retaliatory trips lead to chaos. Huangshan lives in public toilets. High-speed rail is reduced to subway

五一長假.報復性出遊引亂象 黃山住公廁.高鐵淪地鐵｜錢麗如｜FOCUS全球新聞 20230501@tvbsfocus

https://m.youtube.com/watch?v=qth6cLHr7WQ

[behappyalways]

Unemployed youth sigh: Shenzhen - can't stay any longer!
失業青年嘆:深圳待不下去了!TVBS直擊人力市場席地而睡｜TVBS新聞
https://m.youtube.com/watch?v=LrSLSXVO1Kg

China Clamps Down On Corporate Data, Ramps Up Exit Bans
https://www.zerohedge.com/political/chi ... -exit-bans

[winston]

China’s Debt-to-GDP Ratio Rises to Record 279.7% on Credit Boom

Source: Bloomberg News

https://finance.yahoo.com/news/china-de ... 44479.html

[winston]

China corporate lackluster profits add to investor angst

Profits at firms listed in Shanghai and Shenzhen grew 2.2 percent on average in the January-March period from a year earlier.

While that reversed last year’s downtrend in earnings, which included a 6.5 percent slump in the final quarter, it’s a far cry from the days of double-digit growth seen just a few years ago.

Traders are unimpressed by the surge in tourism spending as they worry more about the surprise weakness in the manufacturing sector.

Insurance, consumer staples and utilities, recorded the highest growth.

Profits at industrial and material firms have suffered due to margin compression from supply chain disruptions and inventory adjustments.

Source: The Standard

https://www.thestandard.com.hk/breaking ... ngst%C2%A0

[winston]

Chinese company earnings reveal lopsided economic recovery

People in China splashed out on dining, travel and luxury goods after emerging from three years of pandemic restrictions but are still not spending freely on routine consumer items.

China A-shares posted 3.2 percent growth in earnings in the first three months from a year earlier, rebounding from a 5.7 percent drop in the fourth quarter of 2022.

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155 percent.

Food-and-beverage sector earnings jumped 18 percent and automobiles were up a smaller 8 percent.

In contrast, both home furnishings and apparel firms' earnings declined 9 percent.

Major jewelry brands Lao Feng Xiang and Chow Tai Seng saw double-digit growth in earnings, while leading cosmetics firm Bloomage Biotechnology posted a 17 percent decline in its net profit due to lukewarm online sales.

The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60 percent respectively.

Real estate, healthcare, apparels were notable underperformers, while financials, consumer services and utilities outperformed with positive growth.

Source: Reuters

https://www.thestandard.com.hk/breaking ... very%C2%A0

[winston]

Plunge in China bank loans adds to fears over recovery

Financial institutions offered 718.8 billion yuan (HK$812.1 billion) worth of new loans in the month, far below economists' forecasts of 1.4 trillion yuan.

That compared to 3.89 trillion yuan in March, though it was higher than 645.4 billion yuan a year earlier when the economy was rocked by Covid lockdowns.

Pictet forecast China's economic growth to slow to 4 percent per year on average in the coming decade due to the aging population, deglobalization, and US curbs on high tech.

Source: AP

https://www.thestandard.com.hk/section- ... r-recovery

[behappyalways]

The monthly salary of 90,000 yuan has changed to 26,000 yuan!

Bank of China’s big salary cuts caused a strike, the main job was changed and contracted, and the staff of Shanghai Pudong Development Bank went on strike.

Financial landmines are about to explode? Bank of China freezes a large number of depositors’ financial cards

月薪9萬慘變2萬6! 中銀行大減薪爆罷工 正職慘變約聘 浦發銀行員工靜坐罷工 金融地雷快炸了? 中國銀大量凍結存戶金融卡│記者 謝廷昊│【國際大現場】20230512│三立新聞台

https://m.youtube.com/watch?v=ZHlkiylXcec

[behappyalways]

The mainland is facing "deflationary" pressure, push small stores to save the economy

大陸面臨「類通縮」壓力 推小店經濟救市｜方念華｜FOCUS全球新聞 20230515

https://m.youtube.com/watch?v=iMMIWpqBYMk

[behappyalways]

高溫考驗再降臨 大陸拚經濟嚴防缺電危機｜方念華｜FOCUS全球新聞 20230517@tvbsfocus
https://m.youtube.com/watch?v=IPHtF-umpwc