China - Economic Data & News 17 (Jan 19 - Dec 20)

Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Wed Oct 30, 2019 6:14 pm

Is China Going Broke and Taking the World With It?
https://m.youtube.com/watch?v=w5W31tP1znw
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby winston » Thu Oct 31, 2019 5:40 am

Morningstar says China third quarter growth sank to 3pc

China’s economic growth was a mere 3 percent in the third quarter, compared with the official 6 percent announced in mid-October, mainly due to a collapse in consumer demand, Morningstar said in a report.

Even with higher US tariffs, trade has not been a major headwind yet for China's economy, Morningstar said.

It expects the average US tariff rate on Chinese imports to surge to over 20 percent by early 2020, from 12 percent in the third quarter, if negotiations break down again.

"China's export growth has declined not just for the US but also for its other major trading partners, and China shouldn't expect large gains in ex-U.S. trade to compensate for further losses due to the US trade war," said.

Morningstar expects further easing via at least one reserve requirement ratio cut, or medium-term lending facility rate cut in the near term.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 1030&sid=2
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Fri Nov 01, 2019 6:44 pm

Bank Run in Rural China Tests Faith in Thousands of Lenders
https://www.bloomberg.com/news/articles ... emium-asia
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Fri Nov 08, 2019 5:46 pm

big-china-defaulter-hunts-for-cash-with-2-billion-due-next-year
https://www.bloomberg.com/news/articles ... emium-asia
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Sun Nov 10, 2019 5:54 pm

China’s consumer prices rise at fastest clip in nearly 8 years, as pork prices continue to soar
https://www.cnbc.com/2019/11/09/china-p ... rices.html
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Wed Nov 13, 2019 6:23 pm

Chinese consumers set new Singles’ Day record with sales of US$38.4 billion in 24 hours
https://www.youtube.com/watch?v=iIpQ93JKvnE
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Sun Nov 17, 2019 5:40 pm

Rising pork prices hide a far bigger problem for China’s economy
https://www.scmp.com/week-asia/opinion/ ... as-economy

=======================================


Fake it till you break it
Some Chinese firms turn out to have lied about their state pedigree
Being owned by the government goes down well when you are looking for a loan

IT CERTAINLY SOUNDS pretty powerful: China Nuclear Engineering Construction Group. Once controlled by the People’s Liberation Army, it is now, it says, part of a “central state-owned enterprise (SOE)”, an elite class of firms belonging to the Chinese government. Its website is full of pictures of its executives signing deals around the country.

Like any good state-run giant, it is politically correct, its statements echoing Communist Party slogans. There is just one snag: China Nuclear Engineering Construction Group is not a central SOE.

As China’s economy slows, defaults have risen sharply. Such failures, though painful, separate strong companies from also-rans, a process other countries know well. In China there is an extra wrinkle: the downturn is also exposing fake SOEs.

These are companies that misled creditors about their state connections to suggest they would be supported if they ran into trouble. But when trouble arises, the government is nowhere to be found.

Last month Huarong, a firm that handles non-performing loans, put 610m yuan ($87m) of China Nuclear Engineering Construction’s assets up for sale, consisting of property in the province of Anhui.

Despite its name, China Nuclear focused on property, like several other fake SOEs. It also benefited from confusion with a real SOE, China Nuclear Engineering and Construction Corporation (eagle-eyed readers will spot two differences in their names).

It has plenty of peers. China Huayang Economic and Trade Group claimed to be one of China’s first SOEs, but a subsidiary said in a recent filing that it is in fact a non-state entity.

Huayang has defaulted on 7bn yuan in bonds. China City Construction sold 99% of its shares in 2016 to a private investor, but kept calling itself an SOE. It has since had a string of defaults.

Other firms have embellished their connections. China Energy Reserve and Chemicals Group Overseas Capital Company reassured rating agencies with its structure, supposedly traceable to a powerful SOE. It defaulted on a $350m bond last year.

Such stories have become common enough that Gelonghui, a financial-information company, published a tongue-in-cheek guide on how to become a fake SOE. Find a long-forgotten government institution; target an official with no hope of promotion; then “be a shameless toady” to get the institution’s seal to register your company. Finally, build a maze of subsidiaries.

Fake SOEs are only a small part of China’s economic landscape. But they highlight two pathologies. First, private firms struggle to get financing. Banks are more willing to lend to (real) SOEs, knowing that they are less likely to go bust.

The second is poor due diligence. The belief that the government will prop up SOEs is a substitute for assessing their true value. Chinese investors are not the only ones who fall prey to this. When China Energy Reserve defaulted, South Korean brokerages made large losses. Barclays, a British bank, was one of its underwriters.

Red flags are often obvious. A recent visit to the registered address of the state firm listed as the owner of China Nuclear revealed another, apparently unrelated company. “Ultimately the problem is that investors aren’t sufficiently rational,” says Zhang Licong of CITIC Securities. “They have their natural biases, and some firms take full advantage of them.”

Source: The Economist
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Thu Nov 28, 2019 7:03 pm

Fed's Powell Says Understanding China’s Economy Is ‘Very Hard’
https://finance.yahoo.com/news/feds-pow ... 44900.html
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Sun Dec 01, 2019 4:04 pm

Police fired tear gas after protests broke out over plans to build a crematorium in Guangdong
https://www.youtube.com/watch?v=kZKsQdMiFp8


China’s miracle economy has a secret ingredient: cooked GDP books
https://www.scmp.com/week-asia/opinion/ ... -gdp-books
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Re: China - Economic Data & News 17 (Jan 19 - Dec 20)

Postby behappyalways » Thu Dec 05, 2019 4:53 pm

Inside China's home to 10,000 stores selling fake bags and cases
https://www.youtube.com/watch?v=F3gYCUpqmP0
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