China yuan strengthens to new high against USD – People’s Daily Online The yuan strengthened 16 basis points to reach 6.1114 per U.S. dollar, the strongest since July 2005, when the country launched reforms of the exchange rate mechanism, according to the China Foreign Exchange Trading System.
The People’s Bank of China on Monday set the dollar-yuan central parity rate at 6.1130, stronger than Friday’s 6.1232. This was in line with broad dollar weakness despite better-than-expected U.S. job data released on Friday.
Will China let companies default on corporate bonds? | China Economic Review
But the stakes will be raised next year. Chinese companies in 2014 must pay US$427 billion in interest and principle
on securities, a surge of 19% on this year, according to data compiled by China International Capital Corporation.
Debt in China’s corporate sector is concentrated in a handful of industries, many of which have operated at overcapacity for several years. Metal and mining has taken on “aggressive” debt, Standard & Poor’s Rating Services noted in an August report. Coal and transportation services were also exposed to significant levels of borrowing.
China to Push Forward Interest Rate Liberalization | China Briefing News The People’s Bank of China (PBOC), China’s central banking authority, promulgated the “Interim Measures on Administrating Interbank Certificates of Deposit (PBOC Announcement  No.20, hereinafter refered to as ‘Interim Measures’)” over the weekend as a guideline for financial institutions issuing and trading certificates of deposit (CDs) in the interbank market, which entered into effect immediately on December 9, 2013. Detailed information can be found below.
Industrial Production Operation in November 2013 In November 2013, the total value added of the industrial enterprises above designated size was up by 10.0 percent year-on-year (the following growth rates of value added are real growth rates, after deducting price factors), 0.3 percentage points lower than that in last month. In November, the total value added of the industrial enterprises above designated size went up by 0.76 percent month-on-month. In the first eleven months, the total value added of the industrial enterprises above designated size was up by 9.7 percent.
Total Retail Sales of Consumer Goods in November 2013 In November 2013, the total retail sales of consumer goods reached 2,101.2 billion yuan, up by 13.7 percent year-on-year (nominal growth rate. The real growth rate was 11.8 percent. The follows are nominal growth rates if there’s no additional explanation). Of the total, the retail sales of consumer goods of industrial enterprises (units) above designated size was 1105.5 billion yuan, increased 13.1 percent. From January to November, the total retail sales of consumer goods reached 21,132.0 billion yuan, up by 13.0 percent year-on-year.
National Real Estate Development and Sales in the First Eleven Months of 2013 The total investment in real estate development in the first eleven months of 2013 was 7,741.2 billion yuan, up by 19.5 percent year-on-year, 0.3 percentage points higher than that in the first ten months. Of which, the investment in residential buildings was 5,311.2 billion yuan, up by 19.1 percent, 0.2 percentage points higher than that in the first ten months, and accounted for 68.6 percent of real estate development investment.
China New Loans Exceed Estimates in Signal of Easier Credit – Bloomberg New local-currency loans were 624.6 billion yuan ($103 billion), the People’s Bank of China said today in Beijing, compared with the 580 billion yuan median estimate of 41 analysts surveyed by Bloomberg News. Aggregate financing was 1.23 trillion yuan, topping all economists’ estimates, while M2 money supply increased 14.2 percent from a year earlier.
Chinese reform “encouraging”, Fed to taper gradually: World Bank chief – Xinhua | English.news.cn The recent reform measures announced by the Chinese government are encouraging, and the U.S. Federal Reserve needs to exit the current massive asset buying program in a smooth and gradual manner to give developing countries time to adjust, the World Bank Group President Jim Yong Kim said Tuesday.
He is very encouraged by the higher economic growth pace in the third quarter in China, and “we are extremely encouraged” by the recent reform moves of the Chinese government, Kim told a small group of reporters on the sidelines of an event hosted by the Economic Club of Washington, D.C..
Regulator eases limits on handling local govt debt – People’s Daily Online The China Banking Regulatory Commission said in a document that asset management companies at the provincial level will be able to sell their bad assets to other provinces as well, instead of only via transactions within the province, Economic Information Daily reported.
China Clarifies Corporate Income Tax Policies for Shanghai Free Trade Zone | China Briefing News China’s Ministry of Finance and the State Administration of Taxation jointly issued the “Circular on Corporate Income Tax Policies for Outbound Investment with Non-monetary Assets and Other Asset Restructuring Transactions by Enterprises in the China (Shanghai) Free Trade Zone (Caishui  No. 91, hereinafter referred to as ‘Circular’)” on November 15, which allows enterprises in the Shanghai Free Trade Zone (Shanghai FTZ) to defer corporate income tax payment. Detailed information can be found below.
China drives growth of global patent filings – People’s Daily Online The WIPO said in its annual report that patent filings increased by 9.2 percent last year, reaching around 2.35 million applications. Of these, China’s State Intellectual Property Office (SIPO) accounted for the largest number of applications with around 652,777 filings, ranking first for the second year in succession.
Doug Richard: Hong Kong is Asia’s premier start-up hub – Telegraph **No matter that Beijing has numerous startup events already running?** Last week, Hong Kong embraced its fast-growing entrepreneur community with the first StartmeupHK Week – a major project backed by the Hong Kong government and its inward investment arm, InvestHK.
The project aims to cement the region’s image as a global entrepreneurial hub. A series of events have been taking place throughout the week to encourage capital investment and to convince entrepreneurial talent to consider setting up base in the city.
“Tibet’s Three Gorges Dam” starts generating electricity – People’s Daily Online Its first generating unit, with an annual electricity generation capacity of 150 million kilowatt hours, was put into operation at 11:50 a.m. Tuesday, said Tang Quanyong, deputy head of the project administration bureau.
Dubbed “Tibet’s Three Gorges Dam,” the massive project’s construction started in July 2009 with an investment of 4.57 billion yuan (748 million U.S. dollars). It is expected to be completed in 2016.
State Council removes, simplifies 82 approvals – BUSINESS – Globaltimes.cn The State Council, China’s cabinet, Tuesday scrapped another batch of government administrative approvals in a bid to transfer government functions and encourage the market to play a more decisive role in the real economy.
According to the announcement posted on its website, 82 administrative approvals have been cut or made easier to obtain, including eliminating the need to get permission from the National Development and Reform Commission
to establish a coal trading business, and removing the need to obtain approval from the Ministry of Commerce
to set up a chamber of commerce for foreigners in China.
Reform ‘means slightly slower growth'|chinadaily.com.cn Analysts are issuing their forecasts for China’s 2014 outlook. Many believe that GDP growth will be as strong as this year — or maybe a bit lower — as the nation carries out reforms.
This year, GDP growth is likely to be 7.6 percent, just a touch above the official target of 7.5 perc
Battle against counterfeit goods enters a new phase – Chinadaily.com.cn **Talkin’ the talk, but…** “In the next step, we will intensify our crackdown campaigns in regions with frequent infringement and counterfeiting activities, while focusing on the online sales of counterfeits and spreading of pirated copies,” said Chai Haitao, deputy director of the Office of the National Leading Group for Combating IPR Infringement and Counterfeiting.
China’s bank-card consumer confidence drops – People’s Daily Online The Bankcard Consumer Confidence Index (BCCI), compiled by the Xinhua News Agency and China UnionPay, a national bank card association, dropped 0.13 points year on year to 86.2 points last month.
The index was down 0.5 points from September, according to a report issued along with the index. A lower reading in the index shows a decline in consumers’ desire to spend.
Anbang Buys China Merchants Stake Amid Doubts on Wing Hang Price – Bloomberg Anbang Insurance Group, the Chinese insurer said to be balking at the asking price for Hong Kong’s Wing Hang Bank Ltd., bought a stake valued at $2.1 billion in China Merchants Bank Co. (3968)
Anbang purchased 1.13 billion Shanghai-traded shares of China Merchants Bank, raising its stake to about 5 percent, according to a Hong Kong stock exchange filing by the Shenzhen-based lender yesterday. China Merchants Bank didn’t disclose the price, which was valued at 12.5 billion yuan ($2.1 billion) based on yesterday’s closing price.
Fonterra in ‘Extraordinary Situation’ as Milk Demand Surges – Bloomberg Fonterra Cooperative Group Ltd. (FCG), the world’s largest dairy exporter, refrained from raising its projected payout to farmers even as China drives a surge in demand for milk, saying higher prices are hurting profits.
Chinese SME B2B E-commerce Operator JQW Debuts on AIM of LSE Domestic B2B e-commerce operator JQW went public on the Alternative Investment Market (AIM) of London Stock Exchange on December 9 at a valuation of 1.4 billion yuan ($229.10 million) to raise 350 million yuan of funding (report in Chinese).
China pipeline blast exposes risks of urban sprawl – Yahoo Finance **Security?!** The case highlights the risks involved as both energy pipeline networks and China’s cities expand rapidly. Urban development has engulfed many existing pipelines, providing an opportunity for thieves but also leaving lines dangerously close to residents, industry and commerce.
The Dongying-Huangdao II pipeline was breached on average more than 100 times a year by thieves to siphon off oil, a source at the pipeline subsidiary of Sinopec said.
Santander to buy 8 percent of Bank of Shanghai from HSBC – Yahoo Singapore Finance Santander, which already has a consumer finance venture in China as well as a car financing business, said the Bank of Shanghai deal also included a cooperation agreement, taking the value of its investment to 470 million euros (£393.9 million).
Several major U.S. and European banks including Bank of America (BAC.N) and Switzerland’s UBS (UBSN.VX) have started shedding their Chinese holdings, some of which have been profitable on paper but tough to crack on an operational level.
CHL Crosses Below Key Moving Average Level – Forbes In trading on Tuesday, shares of China Mobile Limited (NYSE: CHL) crossed below their 200 day moving average of $53.51, changing hands as low as $53.45 per share. China Mobile Limited shares are currently trading off about 1.9% on the day. The chart below shows the one year performance of CHL shares, versus its 200 day moving average:
Air purifier brands criticized for inaccurate specs – BUSINESS – Globaltimes.cn **Foreign companies criticised when government does not enforce national standards. Cake-and-eat-it governance** Several air purifier manufacturers including Philips, Panasonic, Sharp and Gree inaccurately described the capabilities of their products, such as failing to specify or exaggerating the maximum interior area that their products can purify, Shanghai Municipal Bureau of Quality and Technical Supervision (SMBQTS) said in a statement published on Saturday.
Because there is currently no compulsory national standard on coverage areas for air purifiers, some companies have taken advantages of this loophole and failed to accurately inform consumers about the functions and capabilities of their products, the bureau said.
Sinopec drills deep into Africa|chinadaily.com.cn As Africa becomes increasingly important in the global energy structure, with growing proven reserves of oil and natural gas, China Petrochemical Corp has big plans for the continent.
In the next five years, the company – usually called Sinopec – plans to invest another $20 billion in Africa and deepen cooperation and exchanges with African governments, companies, people and other stakeholders, said Fu Chengyu, chairman of Sinopec.
Why Apple Could Jump To $700 In 3 Months – Yahoo Finance **China Mobile’s share price suggests otherwise. The iPhone is nowhere near as sexy as it was. Apple sounds desperate** From a sheer size perspective, the China Mobile deal is fantastic for Apple, as it gives the stalwart personal technology company the opportunity to sell iPhones to China Mobile’s 740 million subscribers. To put that in context, consider that the number of China Mobile subscribers is more than double the entire U.S. population. If Apple can capture even a modest percentage of China Mobile users, we are talking about hundreds of millions of iPhones sold.
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