News

China's manufacturing PMI inches higher in Nov

Date Dec 03 2018 14:51:12 Source:China Daily

The manufacturing sector in China recorded better-than-expected growth in November, as the latest survey by Caixin showed, adding some promising signs to the economy though downward pressure persists.

The purchasing manager index accelerated to 50.2 from 50.1 the previous month, exceeding market expectations for a reading of 50.1, according to the private survey on Monday.

The reading stood above the boom-or-bust line of 50 that separates expansion from contraction.

The sub-index measuring new orders edged up slightly to 50.9 in November from 50.4 in the previous month, while the output prices sub-index fell below to 49.8 in November, suggesting downward pressure for profit gains, data showed.

The official manufacturing PMI for November stood at 50, which was 0.2 percentage points lower than that of October, according to earlier data by the National Bureau of Statistics.

GAC: Customs clearance times to be halved by 2021

Date Dec 03 2018 13:37:34 Source:China Daily

The General Administration of Customs aims to cut average clearance times in half by the end of 2021, and implement more measures for speedier imports and exports, said an official on Friday.

"The general clearance time has been shortened by over 40 percent for eight weeks in a row," said Zhang Guangzhi, a member of the Party group of General Administration of Customs, in a press briefing.

According to GAC, by the end of October, the average import clearance process took 50.14 hours, nearly half the 97.39 hours seen last December.

Export clearance times meanwhile took 6.3 hours on average in October.

Zhang said the GAC will continue to implement the 20 measures to optimize the business environment for cross-border trade the State Council has put forward earlier this year, including optimizing the process, increasing efficiency and lowering costs.

He added that the GAC has been working closely with other economies, and that China Customs has entered into mutual recognition agreements with nine business organizations and 36 countries and regions, including the European Union, South Korea and Singapore.

"The GAC is now working on mutual recognition with important trade partners and economies involved in the Belt and Road Initiative such as Kazakhstan, Belarus, Mongolia, and Canada," he said.

According to a World Bank Report this year, China has been rated 65th out of 190 economies for its cross-border trade environment, up from 97 a year ago.

Li Xin, manager of automobile logistics in the North China branch of Sinotrans Air Transportation Development Co Ltd, said the company had benefited from the GAC's quicker clearance process and lower costs.

"In the past, companies like BMW Brilliance Automotive Ltd need to apply, collect and deliver documents every week. From applying for permission from the commercial bureau to clearance from the port agency, the whole process can take up to four working days," he said.

"Now the company only needs to submit the application form online to the port agency, which takes only half a day," he added.

China's overseas portfolio investment up by June

Date Dec 03 2018 13:26:46 Source:Xinhua

The Chinese mainland's overseas portfolio investment continued to rise in the first half of the year, with Hong Kong still the prime destination, according to official data.

At the end of June, the mainland's overseas portfolio investment assets (excluding reserve assets) amounted to $518.3 billion, up from $497.7 billion at the end of 2017, according to the State Administration of Foreign Exchange.

Of the total, $308 billion were held in equities, while the remaining $210.3 billion flowed into bonds.

Nearly one-third of the total was invested in China's Hong Kong. The next largest sums were invested in the United States, followed by the Cayman Islands.

China started to publish figures on overseas portfolio investment in January 2016 after joining the Coordinated Portfolio Investment Survey conducted by the International Monetary Fund at the end of 2015.

China pushes forward diversified dispute-solving mechanisms in securities, futures

Date Dec 03 2018 11:52:54 Source:Xinhua

A guideline jointly released by China's securities watchdog and the top court has called for resolving securities and future disputes by law, in a just and efficient way.

The guideline by the Supreme People's Court and China Securities Regulatory Commission aims to protect the legitimate interests of investors and promote the healthy development of the capital market.

Contract and tort liability disputes resulted from investment in securities, futures and funds between natural persons, legal persons and unincorporated organizations are all included within the mediation scope.

For group disputes resulted from misrepresentation, insider trading or market manipulation, the court could choose several typical cases and make the judgment an example for diversified dispute reconciliation.

"This will lower cost in safeguarding rights and interests of investors and enhance efficiency in conflict reconciliation," according to the guideline.

Beijing ready to work for 'positive results'

Date Nov 30 2018 11:15:22 Source:China Daily

China hopes to work with the United States toward "positive results" at the expected meeting between the two countries' leaders in Argentina, the Ministry of Commerce said on Thursday.


China is also willing to work with other countries to safeguard free trade and push for "positive and practical" results at the G20 Leaders' Summit in Buenos Aires, Gao Feng, the ministry spokesman, said at a news briefing.


President Xi Jinping and US President Donald Trump are due to hold closely watched talks on the sidelines of the summit. "I hope that the US and China will move toward each other and work hard to achieve positive results," Gao said.


When asked about China-US trade and business developments, Gao said China has repeatedly stressed that the essence of bilateral economic and trade cooperation is to reach win-win results.


The two heads of state had previously agreed to promote a mutually acceptable solution on bilateral economic and trade issues. Economic teams from the two nations are working to implement the consensus of the two leaders, according to the ministry.


On Tuesday, nearly 150 US business groups urged the White House to resolve the dispute with China.


Because G20 members account for 86 percent of global GDP and their trade volume accounts for nearly 80 percent of the world's total, Gao said by working with other members, China hopes to demonstrate a cohesive and constructive dialogue on international trade as a driving force for sustainable development.


"It will be the first time the two leaders from China and the US have met face-to-face since bilateral trade tension escalated," said Sang Baichuan, a professor at the University of International Business and Economics in Beijing.


Since trade protectionism has undermined the global value chain, many economies are hoping the summit will play a similar role to the one in London in 2009, which generated a concerted response to the global financial crisis, and will steer the world away from protectionism, Sang said.


"To protect the global economy, the unified approach demonstrated in London many years ago is needed now," he said.


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