China - Economic Data & News 20 (Nov 22 - Dec 24)

[winston]

Industrial profits drop 3pc in China

Industrial profits fell 3 percent in the first 10 months of 2022 from a year earlier.

That compares with a 2.3 percent drop for January-September.

Profit of private companies dropped by 8.1 percent to 1.96 trillion yuan yearly, while profits of foreign and Hong Kong, Macau and Taiwan-invested enterprises decreased by 7.6 percent to 1.66 trillion yuan.

However, profits at state-owned enterprise profits slightly increased 1.1 percent to 2.26 trillion yuan.

The petroleum, coal and fuel processing industry saw profits tumble 70.9 percent. Profits for manufacturers were down 13.4 percent in the first 10 months.

Meanwhile, the mining sector's profits grew 60.4 percent in January-October, compared with a 76.0 percent gain for the first nine months.

Source: The Standard

https://www.thestandard.com.hk/section- ... c-in-China

[behappyalways]

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[winston]

CN NHC Advises Precise Identification of Risk Areas; Control Mgmt Should be Enforced & Dismissed ASAP

Lockdown measures should be implemented and removed swiftly, and the authorities should reopen quarantine areas as much as possible, so that the epidemic repercussions on citizens could be minimized.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[winston]

Manufacturing and services shrink amid Covid curbs

The official manufacturing purchasing managers' index came in at 48 for November against 49.2 in October, the lowest reading in seven months.

The non-manufacturing PMI, which looks at service-sector activity, fell to 46.7 from 48.7 in October, also the lowest reading in seven months.

The sub-indexes for manufacturing PMI including output, employment and suppliers' delivery times, all shrank in November at a faster pace than the month before,

Source: The Standard

https://www.thestandard.com.hk/section- ... ovid-curbs

[winston]

Factories feel Covid heat in mainland

The Caixin/S&P Global manufacturing purchasing managers' index rose slightly to 49.4 in November from 49.2 the previous month and beat expectations of 48.9.

But the reading marks the fourth monthly contraction in a row as the 50-point index mark separates growth from contraction on a monthly basis.

The figure followed downbeat data in an official survey on Wednesday, with manufacturing activity falling to a seven-month low in November, hit by prolonged lockdowns and curbs in many places, including Beijing and Guangzhou.

Source: Reuters

https://www.thestandard.com.hk/section- ... n-mainland

[behappyalways]

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[behappyalways]

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[winston]

Jiang death injects risk for Xi at fraught time in China

by Colum Murphy & Rebecca Choong Wilkins

Providing a potential rallying point for people disillusioned by stringent Covid Zero measures and a flagging economy.

Efforts to mourn the fallen leader who took steps to open the Asian nation to the world could provide a fresh impetus for gatherings that turn into a platform to criticize Xi.

“If such activities continue, people can make the contrast between the previous leader and the current situation. That may have a kind of backlash effect upon the current administration.”

A similar episode in April 1989 — the death of ousted Communist Party official Hu Yaobang — prompted an outpouring of public grief that morphed into extended pro-democracy protests in Tiananmen Square and loosely related demonstrations around the country.

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... time-china

[winston]

Marketmind: China Politburo smoke signals

by Jamie McGeever

The fiscal policy focus this week will be on China, with the Communist Party's Politburo meeting early this month to lay out the government's strategy and guidelines for the year ahead.

The challenges to revitalize the economy, boost growth, shore up the property sector, and navigate a smooth transition out of the zero-COVID policy are immense, well-known, and come against a backdrop of unprecedented protests and social unrest.

Analysts at Goldman Sachs expect policymakers to reiterate a 'supportive' stance in light of weak economic activity recently.

"We might get more hints on the future direction of COVID control policies from this meeting - for example, should policymakers claim victory in the past COVID control and delete the not mentioning of 'dynamic Zero COVID' policy, we would view these as clear signs of more relaxation of COVID control in the near future," they wrote in a note on Friday.

If they do, China's yuan could strengthen through the 7.00 per dollar level for the first time since September 20, 2022. It has appreciated four days in a row, and its rise last week was the biggest since Beijing revalued the currency and shifted to a more flexible FX regime in July 2005.

Source: Reuters

https://finance.yahoo.com/news/marketmi ... 04655.html

[behappyalways]

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