Chinese Economy

PetroChina vice chairman resigns amid graft probe

Former PetroChina vice-chair Liao Yongyuan at a conference. He has resigned and is under investigation for suspected graft. Photo: Reuters

PetroChina loses another top manager as anti-corrpution net widens

Tuesday, 17 March, 2015, 8:51pm

China’s Finance Ministry issues rules on issuing local government bonds

China's Finance Ministry building in Beijing. Photo: Bloomberg

China’s Finance Ministry has issued rules governing the issuance of general local government bonds in a bid to strengthen management of local debt that has fuelled concern about default risks.

17 Mar 2015 - 6:02pm 1 comment

China to boost M&A loans in consolidation drive

People walk by Agricultural Bank of China branch in Guangdong as the regulator told commercial lenders to improve the terms of loans for mergers and acquisitions. Photo: Bloomberg

China’s banking regulator told commercial lenders on Thursday to better the terms of loans for mergers and acquisitions, the latest step in a drive to consolidate markets and reduce overcapacity.

14 Mar 2015 - 4:06am

State Council calls for angel investors to help grow start-ups and jobs in China

Chinese president Xi Jinping (left) and premier Li Keqiang are hoping start-ups and technology businesses can help drive up employment. Photo: EPA

The State Council, China's cabinet, issued a call yesterday for ministries and local governments at "all levels" to support innovation and start-ups

13 Mar 2015 - 10:26am 8 comments

Policy support eyed as China's imports sink

Cargo is loaded on a ship in China as the country's exports hit their strongest in five years although imports showed a sharp fall as well. Photo: Bloomberg

China's exports surged at their strongest annual pace in nearly five years in February, but trade data also revealed a successive steep slide in imports.

9 Mar 2015 - 8:22am 1 comment

China 'confident' about hitting 6pc trade growth target despite gloomy indicators

Commerce Minister Gao Hucheng faces the media in Beijing yesterday. He said the mainland will push for free trade deals. Photo: Reuters

China is confident of meeting this year's trade growth target of 6 per cent despite lingering weakness in global demand, Commerce Minister Gao Hucheng said.

8 Mar 2015 - 5:07am 2 comments

Rate cut no quick fix for China’s corporate borrowers

Chinese one-yuan coins sit on stop of a pile of yuan notes as the country's corporates face high borrowing costs in 2015. Photo: Reuters

Chinese corporations will continue to face high borrowing costs, and many could go belly up in 2015, despite the central bank’s continued efforts to bring rates down and keep liquidity lush.

Cuts to lending and deposit rates, like the ones the People’s Bank of China announced on Saturday, were aimed at easing monetary conditions on the mainland and supporting growth.

2 Mar 2015 - 6:24pm 1 comment

China’s Sun Art Retail sees e-commerce sales surging over 2-3 years to 10 billion yuan

A man takes video at a briefing by Sun Art Retail, mainland China's largest hypermart operator. Photo: AFP

Mainland China’s largest hypermart operator Sun Art Retail expects its e-commerce platform Feiniu.com to reach 10 billion yuan in sales over the next two to three years, the firm’s executive director Peter Huang Ming-tuan said at a press briefing this morning as the retailer announced yearly profit increased by 4.8 per cent to 2,908 million yuan, falling short of market expectations.

2 Mar 2015 - 2:21pm

China rate cut impact on property market ‘psychological’ as glut weighs

Construction site in Beijing as propert market digests second rate cut in months. Photo: Bloomberg

Mainland China’s second interest rate cut in three months has more of a psychological, rather than physical, impact on the struggling property market, industry analysts said.

18 Apr 2015 - 5:22pm

China February HSBC PMI hits 7 month high, more rate cuts seen

A worker welding at a construction site in Yunnan province in China. Activity in the country's factory sector hit a 7-month high in February. Photo: Reuters

Activity in China’s factory sector edged up to a seven-month high in February but export orders shrank and deflationary pressures persisted, a private business survey showed, adding to the view that yet more interest rate cuts will be needed.

2 Mar 2015 - 12:52pm

Chinese government think tanks says economic growth to slow in first quarter

Exports are expected to grow by 5 per cent in the first quarter. Photo: AP

The mainland’s gross domestic product growth is expected to slow to 7 per cent in the first quarter of this year, a top government think thank said in a report on Monday, following the central bank’s second benchmark rate cut in less than four months on Saturday.

2 Mar 2015 - 10:01am

'Targeting' by Beijing sees foreign firms limit China investment plans

A general view taken in November, 2013 shows the skyline of a central business district in Beijing. Twenty-four per cent of companies planning to invest more than US$250 million last year either cancelled or postponed their plans. Photo: AFP

Multinationals worried about being targeted in government investigations are scaling back mainland investment for the first time in a decade, according to a report on foreign-owned operations in southern China.

2 Mar 2015 - 8:11am 3 comments

State Council unveils tax break for small firms

Beijing gives small firms tax break

Beijing unveiled tax reductions for small companies in a bid to ease their financial burden amid a weakening economy and free up funds for them to invest in technology.

26 Feb 2015 - 3:31am 1 comment

China factories run at fastest for four months despite fall in export orders

China's exporters see sluggish demand. Photo: EPA

Activity in China’s mammoth factory sector edged up to a four-month high in February but export orders shrank at their fastest rate in 20 months, a private survey showed, painting a murky outlook that argues for more policy support.

25 Feb 2015 - 10:58am

Chinese consumer sentiment softens on worsening personal finances

The consumer sentiment index in China declined to 112 in February from 112.1 in January. Photo: Bloomberg

Mainland Chinese consumer confidence softened to record lows this month, as personal finances deteriorated, according to a joint statement issued by Westpac and MNI.

The consumer sentiment index in China declined to 112 in February from 112.1 in January, the survey showed. It has been hovering around the record low of 110.8 in September 2011.

25 Feb 2015 - 10:45am