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

[behappyalways]

China firms plagued by payment delays, with big cash-flow risks, survey finds
https://www.scmp.com/economy/china-econ ... rvey-finds


China's Wuhan finance regulator urges hundreds of firms to repay debt -local media
https://news.yahoo.com/chinas-wuhan-fin ... 37807.html


I think the important thing is that there is no longer a "China story", in which every sector does well in spite of growth being severely unbalanced. When an economy is growing at 10%, even the underperforming sectors can grow at 6-7%.
https://twitter.com/michaelxpettis/stat ... 8734760960

[behappyalways]

48hr China trip: Musk non-stop meeting senior officials, seeing employees, promoting factory expansion
48hr中國行 馬斯克馬不停蹄見高官.看員工.推擴廠｜方念華｜FOCUS全球新聞 20230601@tvbsfocus
https://m.youtube.com/watch?v=j9JjTNa_Fxs


These Five Niche Commodities Signal China's Recovery Faltering
https://www.zerohedge.com/commodities/t ... -faltering

[behappyalways]

12.91 million people took the mainland college entrance examination on 6/7. A new high
大陸高考6/7登場 1291萬人應試.創新高｜譚伊倫｜FOCUS全球新聞 20230605@tvbsfocus
https://m.youtube.com/watch?v=ltsAntqO2cE&t=193s


Pt.1 China's cold recovery?
'23.05.30【豐富│東南西北龍鳳配】Pt.1 中國冷復甦？！
https://m.youtube.com/watch?v=wprBpWL6blA

[winston]

HSI advances despite weak China trade data

The four big state-owned mainland banks are expected to cut interest rates on yuan deposits today and that they have also been told to lower US dollar deposit rates.

Exports slumped 7.5 percent year-on-year in May, much larger than the forecast 0.4 percent fall and the biggest decline since January.

Imports contracted 4.5 percent, slower than an expected 8.0 percent decline and April's 7.9 percent fall.

During the period, China's exports to Russia, however, surged 75.6 percent.

This came as UBS said China's economy is facing downside risks, noting that the country's economic activities grew at a slower pace in May compared to the previous month.

Meanwhile, foreign reserves in China and Hong Kong both fell in May.

The country's foreign exchange reserves - the world's largest - fell by US$28 billion (HK$218.4 billion) to US$3.177 trillion last month.

The yuan dropped 2.7 percent against the dollar in May, while the US dollar rose 2.5 percent last month against a basket of other major currencies.

China has increased its gold holdings for seven consecutive months. The country held 67.27 million fine troy ounces of gold at the end of May, up from 66.76 million ounces by the end-April.

In Hong Kong, foreign currency reserve assets fell by US$6.4 billion to US$421 billion as of the end of May.

Source: The Standard

https://www.thestandard.com.hk/section- ... trade-data

[behappyalways]

Just how fake is Chinese export data?
https://twitter.com/zerohedge/status/16 ... 7744172037


Summer tourism is expected to recover to 75% of the annual domestic tourism before the epidemic
陸衝暑期觀光 估全年境內遊復甦至疫前75%｜錢麗如｜FOCUS全球新聞 20230606@tvbsfocus
https://m.youtube.com/watch?v=WO6kWfzCm5E

[winston]

More support for consumption, property

by Themis Qi

China's regulators vowed to strengthen the financial support for large-item consumption and the real-estate sector in a bid to boost the slower-than-expected economic recovery.

Meanwhile, the central bank said the yuan will remain stable as the onshore yuan extended the fall to a six-month low yesterday.

Authorities should increase their financial support for consumption and services to promote spending in new energy vehicles and green home appliances.

The Ministry of Commerce also said that it will pick about 100 cities to further foster growth in the automobile market.

China would strengthen the financing protection related to investments to support the transformation of urban villages into megacities.

Shares of mainland developers jumped yesterday in Hong Kong after Morgan Stanley said in a report that it expected China to roll out easing measures for the residential real-estate sector or infrastructure industry in the next one or two months.

Source: The Standard

https://www.thestandard.com.hk/section- ... ,-property

[behappyalways]

The "village BA" boom in mainland China officially involved in holding the national finals in October
大陸「村BA」熱潮 官方介入10月辦全國決賽｜譚伊倫｜FOCUS全球新聞 20230608@tvbsfocus
https://m.youtube.com/watch?v=uLDWchAZqUU


China: Young people feel the crunch in tough job market
https://www.dw.com/en/china-young-peopl ... a-65867940

[winston]

China millionaire exodus is largest in the world

China is expected to see a net outflow of 13,500 high-net-worth individuals in 2023, while Hong Kong will have an outflow of about 1,000.

Those with investable wealth of US$1 million (HK$7.8 million) or more.

India follows with an outflow of 6,500 individuals and the UK ranks third with a net loss of 3,200 individuals.

In recent years, the policy of "common prosperity" in China has led to an increasing number of entrepreneurs seeking more favorable environments like Singapore or establishing contingency plans. Additionally, previous Covid-19 restrictions provided further motivation for the wealthy to consider living abroad.

Source: The Standard

https://www.thestandard.com.hk/section- ... -the-world

[winston]

Barclays sees China rate cuts every quarter through early 2024

The bank expects a 10 basis-point reduction in policy rates in every quarter from the third quarter of 2023 through to the first quarter of 2024.

Barclays expects the People’s Bank of China to also reduce the reserve requirement ratio for banks by 25 basis-points each in the third quarter of this year and first three months of next year to boost credit expansion.

For mortgage rates, the bank’s economists said their base case is for a reduction of 60-80 basis points for both existing and new home loans in the next nine months.

Other property sector easing measures may include a lower down-payment ratio for second-time home buyers, further loosening of purchase restrictions in first- and second-tier cities, and more funding support to developers from state policy banks to ensure housing projects are delivered.

Source: Bloomberg

https://theedgemalaysia.com/node/671133

[winston]

by behappyalways:-

The high temperature in the mainland continues to expand, and the 11 provinces and cities in Beijing, Tianjin and Hebei will usher in the hottest day of the year

大陸高溫持續擴 京津冀11省市將迎今年最熱天｜秦綾謙｜FOCUS全球新聞 20230613@tvbsfocus

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