China - Economic Data & News 21 (Aug 23 - Jul 24)

[behappyalways]

A repeat of the Qin Gang case? Chinese Defense Minister Li Shangfu disappeared on "suspected corruption".
Senior officials suffered a tragic fate and everyone is in danger.
Qin Gang was "disappeared" just before and lost his title of foreign minister. The sensitive timing triggered external speculation.
秦剛案翻版? 中國國防部長李尚福"疑涉貪"被消失 高官下場慘人人自危 秦剛先前才"被消失"丟外長官帽 時機敏感引發外界聯想│記者 徐宇麒│【國際大現場】20230908│三立新聞台
https://m.youtube.com/watch?v=TLHu0GnlEHA


No hope China will rejoin the world, top Beijing-based businessman says
https://www.smh.com.au/world/europe/no- ... 5e1yp.html

[behappyalways]

China New Credit Rebounds Sharply On Surge In New Mortgage Loans
https://www.zerohedge.com/economics/chi ... gage-loans

[behappyalways]

If you dare to complain, you will not be admitted to high school!
A Chinese primary school threatens parents, causing strong dissatisfaction.
Parents are not afraid of threats and call for expulsion of those who are not qualified.
Netizens choke: Are they training slaves?

敢投訴就"考不上高中"! 中國小學放話威脅家長引強烈不滿 家長無懼恐嚇籲開除不適任者 網友嗆:是在培養奴隸?│記者 謝廷昊│【國際大現場】20230913│三立新聞台

https://m.youtube.com/watch?v=c1cJ94KmYiY

[behappyalways]

State-backed tourism in Xinjiang cities ringed by camps
https://m.youtube.com/watch?v=eI6a4xRwLQQ

[behappyalways]

The weighted average RRR for most banks will be 7.4% after the cut, the lowest in more than 15 years, a move which will release a fresh 500BN yuan in liquidity.


China Boosts Economy With Second RRR Cut This Year
https://www.zerohedge.com/markets/china ... r-cut-year

[behappyalways]

Chinese defence minister under investigation for corrupt procurement
https://www.reuters.com/world/china/us- ... 023-09-15/


I really can’t bear it! China's economic winter: "Carrefour" lost 8.3 billion yuan in the first half of the year and closed 106 stores. Economic growth slowed down and people's purchasing power declined. Carrefour announced its withdrawal from "Beijing, Shanghai, Guangzhou and Shenzhen"
真的扛不住！中國經濟嚴冬 "家樂福"上半年虧83億元慘關106間店 經濟成長放緩.民眾購買力降 家樂福宣布退出"北上廣深"│記者 王少筠│【國際大現場】20230916│三立新聞台
https://m.youtube.com/watch?v=_gkbpeLKMWU

[behappyalways]

China says youth employment improving but provides no proof
https://theedgemalaysia.com/node/682696


The People's Bank of China lowered the reserve requirement ratio for the third time in 10 months to save the market! China's housing market still fell sharply in August
人行救市 10個月內第三次降準! 陸8月房市仍慘跌｜方念華｜FOCUS全球新聞 20230915@tvbsfocus
https://m.youtube.com/watch?v=aaYk9gBNGJs

[winston]

In China, macro indicators are largely soft.

Retail sales did nudge up 4.6% YoY (prev. +2.5%), but property sales remain weak, falling 26% YoY in August.

From a peak of around 15mn in June21, new home sales in China have collapsed 40% to a trailing 9mn currently.

Even this level may be high. Using 8.5mn marriages and 3mn new households per year, demand for homes is approximately only 7mn.

Beyond property, another pressing issue to resolve is the estimated US$9tr debt at the local government financing vehicles.

With local governments highly leveraged and land sales ebbing, their ability to spend or even repay existing creditors will be a drag on the Chinese economy.

Source: Phillips

[behappyalways]

The Xi administration has not yet overcome the economic crisis, and the real estate crisis may take several years to subside.

習政府尚未度過經濟危機 房產風暴恐需數年才會平息 TVBS文茜的世界周報-亞洲版 20230916

https://m.youtube.com/watch?v=ptFAF2uI-rk

[behappyalways]

The flameout effect of the real estate market is spreading! Evergrande Wealth executives were arrested and Zhongrong Trust exploded
房市熄火效應延燒! 恒大財富高管被捕 中融信託爆雷.產品托管｜方念華｜FOCUS全球新聞 20230918@tvbsfocus
https://m.youtube.com/watch?v=znvJSTCnlqg


Local Chinese Gov'ts See Fiscal Income Growth Slow in August
https://www.yicaiglobal.com/news/local- ... -in-august