Chinese Economy

Provinces plan to boost economy with US$2.4 trillion spend on infrastructure

Sichuan has announced it will spend 2.99 trillion yuan to boost industrial and other expansion. Photo: Xinhua

Fourteen Chinese provinces plan to invest a combined 15 trillion yuan (US$2.4 trillion) in infrastructure and other projects starting this year as part of their effort to help set a bottom on a slowdown in the economy, an official newspaper said on Wednesday.

Wednesday, 4 February, 2015, 10:22pm

China services sector slows to 6-month low in January

Official surveys show growth in the services sector cooled to a one-year low in January. Photo: Reuters

China’s services sector grew at the slowest pace in six months in January as growth in new business weakened, a private survey showed, raising expectations that policymakers may unveil more stimulus steps to avert a sharper slowdown in the world’s second-largest economy.

5 Feb 2015 - 6:11pm

China to cut fuel surcharges for domestic flights for first time since 2009

A China Southern Airlines jet is seen at Shanghai's international airport. The authorities cut fuel surcharges for domestic flights for the first time since 2009. Photo: Bloomberg

Chinese airlines will this week scrap fuel surcharges for domestic flights for the first time since late 2009 after fuel buying costs fell below a government-set level, the civil aviation authority said on Tuesday.

4 Feb 2015 - 10:39pm

China’s factories struggle as deflation risks lurk

Workers in Jiangsu province load cargo as China's factories slow down and risks of deflation loom. Photo: Xinhua

The risk of global deflation looms large for 2015 as surveys of China’s mammoth manufacturing sector showed excess supply and deficient demand in January drove down prices and production.

While the pulse of activity was livelier in Japan, India and South Korea, they shared a common condition of slowing inflation that argued for yet more policy stimulus ahead.

2 Feb 2015 - 6:26pm

China PMI not seen stoking looser policies immediately to stimulate economy - analysts

A worker in a processing factory in China's Shandong province. Analysts say China's PMI will not immediately tempt Beijing to adopt a loosening of policies to stimulate the economy. Photo: Xinhua


The January purchasing managers indices pointed to a softening of manufacturing activities in Mainland China, but analysts said this may not fuel immediate panic that would push the authorities into loosening policy in a bid to stimulate the economy.

2 Feb 2015 - 5:16pm

US brokerage Charles Schwab eyes expansion in China

Lisa Hunt, executive vice president at Charles Schwab's International Services & Special Business Development, and James Sun, managing director at Charles Schwab Hong Kong, pose for a picture in the firm's Hong Kong office. Photo: Jonathan Wong

Charles Schwab, one of the world’s biggest brokerage houses with client assets worth US$2.46 trillion, is eying expansion in China as it seeks to tap growing demand from mainland investors who want to buy foreign securities.

29 Jan 2015 - 12:26pm

China’s Sino-Ocean Land Holdings announces US$1.2 billion in guaranteed notes

Apartment blocks are featured in Beijing. Sino-Ocean Land Holdings issued the first dollar debt by a mainland China developer this year despite worries over default fears in the market. Photo: Reuters

The year’s first dollar debt sold by a mainland China developer comes with a surprisingly low yield given the default fears stalking the market in the wake of Kaisa’s troubles.

29 Jan 2015 - 12:07pm

China consumer sentiment declines slightly in January as jobs, real estate outlook weighs

Potatoes nearly swamp two dealers in Shaanxi province as consumer sentiment in China was clouded by the outlook for jobs the real estate market. Photo: Xinhua

Chinese consumer sentiment declined slightly in January, as confidence in jobs and the real estate outlook remained subdued while spending on durable goods fell to a record low.

The Westpac MNI China Consumer Sentiment Indicator dropped to 112.1 in January, near the record low seen in October last year, and reversed a December rebound.

28 Jan 2015 - 12:46pm

China’s cities taking steps to pare record housing inventories

A worker cleans an apartment block in Beijing. The government is taking steps to reduce housing inventory. Photo: Reuters

Starting from mid-February till the end of this year, home buyers in China’s third-tier city of Shaoxing in Zhejiang province will be given a tax refund from the local government of at least 0.8 per cent of the deal price.

18 Apr 2015 - 5:54pm taps international suppliers for broad imported food initiative

Starbucks coffee branch in Europe. Starbucks is one of several US products that are now available on Photo: Bloomberg, the largest online direct sales company in China, is looking to expand the selection of imported foods and beverages sold to its 50 million mainland customers under its first major promotion with six countries.

21 Apr 2015 - 11:26am

Carnival, China Merchants set up cruise shipping joint venture

A man looks at a cruise ship docked in Hong Kong. Carnival and China Merchants Bank have signed agreements for two possible joint ventures. Photo: Reuters

Miami-based Carnival, the world’s biggest cruise line, today signed a memorandum of understanding (MOU) with state-owned China Merchants in Shekou, Shenzhen to explore the possibility for two joint ventures.

One entity will order new ships to be designed and built in mainland China, in addition to plans to acquire existing cruise ships.

27 Jan 2015 - 11:40pm

China’s oil and gas majors to keep an eye out for acquisition opportunities overseas

A PetroChina logo is seen at a gas station in Beijing. China's oil majors will be looking this year at overseas acquisitions. Photo: Reuters


Mainland China’s state-backed oil and gas giants will likely be more active in looking at overseas acquisition opportunities this year to take advantage of sharply lower oil prices, after taking a breather last year amid corruption probes and an emphasis on spending and investment discipline.

27 Jan 2015 - 10:22am

China’s Medisun enters into partnership deal with Mayo Clinic in United States

The famed Mayo Clinic in Minnesota, which entered into a partnership agreement with Medisun in China. Photo: AP

US hospital Mayo Clinic has entered into a partnership agreement with Chinese healthcare firm Medisun Holdings to collaborate on patient services and regenerative treatment research, a statement posted Monday morning to the stock exchange said.

26 Jan 2015 - 9:45am

Shanghai takes China lead as annual report ignores GDP growth target

In the past two years, Shanghai has lowered its growth target from 8 per cent to 7.5 per cent. Photo: Reuters

Shanghai has become the first big city or provincial government to drop economic growth targets from its annual work report, a landmark break from the country's decades-long obsession with GDP.

26 Jan 2015 - 6:25pm

China’s bad loan ratio jumps at end of 2014, much higher than expectations

A bank employee counts Chinese yuan notes. The ratio of bad loans held by banks in China jumped at the end of 2014. Photo: Bloomberg

The mainland banking sector’s non-performing loan ratio jumped to 1.64 per cent at the end of 2014, according to China’s banking regulator, up from 1.16 at the end of the third quarter of the year and marking the biggest quarter-on-quarter jump in the official bad-loan count on record.

23 Jan 2015 - 3:48pm