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

[winston]

China's fiscal revenue falls 14pc to 4.6tn yuan

China's fiscal revenue in the first quarter dropped 14.3 percent year-on-year to 4.6 trillion yuan (HK$5.04 trillion) due to the impact of Covid-19 and the country's massive tax and fee cuts.

The net profit of state-owned enterprises dwindled 58.8 percent in the first three months from a year earlier, official data showed.

As expected, China cut its benchmark lending rate yesterday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades.

From January to March, the fiscal spending totaled 5.53 trillion yuan, down 5.7 percent year-on-year, the Ministry of Finance said.

Looking ahead to the second quarter, fiscal revenue is expected to decline, but with the accelerated restoration of production and living order, the decline in fiscal revenue will gradually narrow, said Liu Jinyun, an official with the MOF.

Meanwhile, total net profits earned by enterprises owned by China's central government during the first three months of 2020 plunged 58.8 percent from a year earlier, the state assets regulator said on Monday.

The People's Bank of China also stepped up policy easing yesterday.

The one-year loan prime rate was lowered by 20 basis points to 3.85 percent from 4.05 percent previously, while the five-year LPR was cut by 10 bps to 4.65 percent from 4.75 percent.

The move was the second cut to the lending benchmark rate this year, and the latest reduction in one of China's key lending rates. Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages.

Analysts believe more aggressive stimulus is unlikely at this point, however, given policymakers' concerns about a rapid rise in debt and risks to the financial system.

"After that, the PBOC may use RRR cuts more than rate cuts before September to delay its policy rates touching ultra-low levels," said Iris Pang, Greater China economist at ING.

Source: AP

https://www.thestandard.com.hk/section- ... 4.6tn-yuan

[behappyalways]

2020.04.19【文茜世界周報】國際質疑大陸隱匿疫情　記者手記洩真相
https://www.youtube.com/watch?v=To1_7GlHF3I

[behappyalways]

Chinese farmers see livelihoods threatened by coronavirus pandemic and related economic slump
https://m.youtube.com/watch?v=jJCjP2XiC4c

[behappyalways]

疫情打擊生意；廣州商戶遊行要求減租不果 - 20200421 - 有線中國組
https://m.youtube.com/watch?v=BZn3DcvCSvY

[behappyalways]

According to the Ministry of Transport, the seven-day average of overall passenger trips made nationwide on railways, roads, waterways and on civilian flights was 19.8 million on April 17. That is down from an average 47.4 million on the same day last year.

Metro passenger trips in major economic hubs have also declined sharply. In Shanghai, the seven-day average of metro passenger trips was 6.7 million on April 19, down from 11.1 million a year ago. In Guangzhou, the same average was 5 million, down from 9.3 million, and in Beijing the figure was 3.1 million, down from 9.4 million

Coronavirus: think the worst is over for China’s economy? Not so fast
https://www.scmp.com/week-asia/opinion/ ... ot-so-fast

[behappyalways]

Coronavirus: China’s industrial giants see profits collapse in first quarter of 2020
https://www.scmp.com/economy/china-econ ... s-collapse


China’s Bank Bailouts Are Even Scarier Than They Look
https://www.bloomberg.com/opinion/artic ... emium-asia

[winston]

Industrial profits fall 35pc

by Winnie Lee

Industrial firms in China earned 370.66 billion yuan (HK$405.66 billion) in March, down 34.9 percent from a year earlier, data from the National Bureau of Statistics showed, suggesting the economy is still struggling to resume production after the coronavirus outbreak.

China will step up macro policies to offset coronavirus pandemic impact, said the deputy head of the National Bureau of Statistics, Sheng Laiyun.

China should maintain liquidity at a reasonably ample level and offer targeted support to companies hit by the coronavirus epidemic, central bank Governor Yi Gang said in a piece he wrote in March, republished over the weekend.

In other news, three mainland telecom giants said they have spent 76 billion yuan on 5G base stations.

Source: The Standard

https://www.thestandard.com.hk/section- ... -fall-35pc

[behappyalways]

Coronavirus: China’s economic woes could be worse than thought as legions of migrant workers return home
https://www.scmp.com/economy/china-econ ... se-thought



Office vacancy rates in China’s commercial hubs surge to highest level on record as rents drop amid pandemic headwinds
https://www.scmp.com/property/article/3 ... vel-record


廣州工廠無生意　湖北工人再執包袱返鄉 - 20200427 - 有線中國組 - 有線新聞 CABLE News
https://m.youtube.com/watch?v=M1O7Cd-Oyhc

[behappyalways]

疫情下的五一長假：駐京記者帶你去看頤和園；廣州步行街商鋪半價促銷　依舊人財兩不旺 - 20200501 - 有線中國組
https://m.youtube.com/watch?v=KArO7vJWaU0


3年心血付諸流水　港人於廣州開餐廳夢碎；疫情期間虧8萬　業主要求加租　政府無支援 - 20200501 - 有線中國組
https://m.youtube.com/watch?v=28K63-5dqGA

[behappyalways]

China's young spenders say #ditchyourstuff as economy sputters
https://www.reuters.com/article/us-heal ... SKBN22G09C


2020.05.02【文茜世界周報】全球需求不足　大陸經濟進入疫情二波衝擊
https://www.youtube.com/watch?v=WO3yL8lZm3g