China - Economic Data & News 21 (Aug 23 - Jul 24)

[behappyalways]

China’s shortest-lived defense minister! Li Shangfu was dismissed in July after taking office
中國最短命防長! 李尚福上任7月被拔官 「副國級」2懸缺｜方念華｜FOCUS全球新聞 20231025@tvbsfocus
https://m.youtube.com/watch?v=kdkvVKbmbGk


Mainland e-commerce double 11 event is early and sales will start before November
大陸電商雙11活動比早 未到11月就開賣｜方念華｜FOCUS全球新聞 20231025@tvbsfocus
https://m.youtube.com/watch?v=ypDzYC-zJ6Y

[behappyalways]

The reasons behind China’s high youth unemployment rate
https://m.youtube.com/watch?v=PKu4nx6DIkc


Balance of payments data shows foreign direct investment into China is at a two-decade low
https://twitter.com/BaldwinRE/status/17 ... 7910822984


"A record number of Chinese job seekers are looking for a job in the national civil service, as many seek stability amid a grim labor market...3.03M applicants nationwide will take an exam next month to compete for 39,600 vacancies, 1 job for every 77"


"According to CFR's
@Brad_Setser
, the data suggest that “foreign companies are no longer reinvesting back in #China” & instead “are getting [their] profits out of the country as fast as they can.”
https://twitter.com/ChinaBeigeBook/stat ... 2065564896
https://twitter.com/ChinaBeigeBook/stat ... 6815780992

[behappyalways]

Is Xi Jinping afraid of being pulled from the throne?
Worried about a repeat of June 4th.
The CCP strictly controls the mourning of Li Keqiang.
The authorities block online discussions.
Small notes from the public insinuate Xi's dictatorship and challenge Xi's "moderately prosperous society".
Li Keqiang's outspokenness angers Xi
習近平怕被拉下龍椅? 憂"六四"重演 中共嚴控悼念李克強 當局封殺網路討論 民眾小紙條暗諷習專制 槓上習"小康社會" 李克強直言不諱惹怒習│記者 黃瓊慧│【國際大現場】20231029│三立新聞台
https://m.youtube.com/watch?v=OiLjkgyNFPo


Is Xi Jinping a master of satire on Halloween in Shanghai?
All the "Pooh Emperors" are out of the nest.
Dressing as "epidemic prevention personnel" is prohibited at the event.
Dressing as Zhen Huan is OK, but not the emperor!
上海萬聖節成諷習大會師? "維尼.皇帝"都出巢 活動禁扮"防疫人員" 扮成甄嬛可以.皇帝不行!│記者 王少筠│【國際大現場】20231031│三立新聞台
https://m.youtube.com/watch?v=JoZvQJRHuRY


"Consumer spending is cooling, w/households pulling back from big-ticket items including cars & appliances.
They also are reducing their revenge spending on travel & dining out in recent months, according to @ChinaBeigeBook."
https://twitter.com/ChinaBeigeBook/stat ... 3221225709


Pt.1 Q3 Mainland GDP is on! Is it a flashback
'23.10.24【豐富│東南西北龍鳳配】Pt.1 Q3大陸GDP亮了！是迴光返照嗎？
https://m.youtube.com/watch?v=LXTS3xAY_9Q

[winston]

China’s billionaires looking to move their cash out — report

By Surin Murugiah

Of the world’s estimated 2,640 billionaires, at least 562 are thought to be in China, down from 607 last year.

Officially, Chinese individuals are only allowed to transfer US$50,000 (RM238,125) out of the country each year.

But in practice, the wealthy have a range of official and unofficial ways of shifting their funds, whether that is through money exchanges in Hong Kong, where capital controls do not apply, or funneling cash into overseas businesses.

In the first half of 2023, there was a shortfall of US$19.5 billion in China’s balance of payments data, which economists use as an indicator of capital flight, although the true value of money unofficially leaving the economy may be higher.

More than 10% of luxury condos sold in Singapore in the first three months of this year went to mainland Chinese buyers, up from about 5% in the first quarter of 2022.

There are now about 1,100 single-family offices — firms set up to manage the wealth of a specific family — in Singapore, up from 50 in 2018, with around half of that boom estimated to come from Chinese clients.

According to immigration consultancy Henley & Partners, about 13,500 high-net-worth individuals are expected to leave China this year.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/688406

[behappyalways]

中國慣性「經濟脅迫」 G7貿易部長會議譴責｜方念華｜FOCUS全球新聞 20231030@tvbsfocus
https://m.youtube.com/watch?v=tz2Fw9lBUrI

[winston]

<News Alert> China/HK equity strategy: Takeaways from National Financial Work Conference

The twice-a-decade National Financial Work Conference pledged to comprehensively strengthen financial oversight, effectively resolve and prevent risks

The top leaders vow to establish a long-term mechanism to resolve LGFV issue; the meeting also reiterated that financial institutions should treat POE and SOE property developers equally

We see little surprise from the readout, as these guidance aligns closely with what were discussed in recent policy meetings

We expect it will have limited impact on market

Source: DBS

https://www.dbs.com/insightsdirect/coun ... ecid=16929

[behappyalways]

Mainland China’s manufacturing industry performed poorly. October’s PMI was 49.5, falling below the boom-bust line.

大陸製造業表現不佳 十月PMI為49.5跌破榮枯線｜方念華｜FOCUS全球新聞 20231031@tvbsfocus

https://m.youtube.com/watch?v=deK9s7dgR7o

[behappyalways]

The mainland has the highest per capita income, with Shanghai, Beijing and Zhejiang taking the top three spots.

陸人均所得最多 上海.北京.浙江囊括前三名｜TVBS新聞

https://m.youtube.com/watch?v=vyY0kkndiKI

[behappyalways]

The Shanghai International Import Expo will debut on November 5 and will return to the offline world. The scale is said to be the largest in history.

上海進博會11/5登場 全面回歸線下.規模稱歷屆最大｜方念華｜FOCUS全球新聞 20231103@tvbsfocus

https://m.youtube.com/watch?v=y0-ES-I4nmg

[behappyalways]

"Public Prime Minister" dies suddenly.
Li Keqiang's death puts pressure on Xi's government as it faces economic downturn

"平民總理"驟逝 李克強之死為習政府面臨經濟下滑帶來壓力 TVBS文茜的世界財經周報 20231105

https://m.youtube.com/watch?v=iu-uckqaFx0&t=2s