China Digest

Economics and policy from China’s newspapers

Wednesday July 12, 2017

Central SOE profits hit record US$23.4 billion

Profits of centrally administered state-owned enterprises (SOEs) in China hit a record high of 159.67 billion yuan (US$23.47 billion) in June, with 721.8 billion yuan in the first six months, a 15.8% year on year increase, the Economic Information Daily reported. Some 99 out of 102 such SOEs gained profits, while 48 and 29 SOEs increased in the first six months over 10% and 20% year on year respectively.

China to integrate manufacturing and internet in depth

Cloud computing services for the real economy was the highlight at the China Internet Conference as it opened on Tuesday, the Shanghai Securities Daily reported. Minister Miao Wei of the Ministry of Industry and Information Technology, said the authorities would promote the deep integration of manufacturing and the internet by leveraging innovation as the driving force and enhance information infrastructure integration.

New sewage discharging licences for iron and steel enterprises

The Ministry of Environmental Protection will issue new licences on sewage discharging to around 5,000 iron and steel enterprises by the end of 2018, Caixin reported. Enterprises located in Beijing, Tianjin and Hebei districts will monitor multi-pollutants under the new system and provide operational data by the end of October, in accordance with the air pollution control plan released in February.

Wanda helps Sunac to finance theme park deal

Property and entertainment giant, Dalian Wanda Group, said it would take out a three-year bank loan of 29.6 billion yuan and lend the money to Tianjin-based Sunac China Holdings Ltd to pay for their 63.2 billion yuan theme park deal, Yicai reported. Wanda said Sunac would be responsible for all the loans, but the brand name and design would remain unchanged.

Majority of listed firms performed well in the first half of 2017

About 1,122 of the 1,455 listed companies in Shanghai and Shenzhen City stated positive returns in their semi-annual report, the Economic Information Daily reported, citing data released by WIND statistics. The performance is mainly pushed by a new momentum in electronics, the Internet and media fields, the report added.

Overseas investment performance highest in three years

As the China Investment Corp issued its annual report on Tuesday, statistics showed that the rate of return of foreign investments calculated in US dollars reached 6.22% in 2016, the highest in the past three years, the Shanghai Securities Journal reported.

Rental rates in 50 cities continue to drop

Average rental rates in 50 cities dropped 2.7% in the second quarter of this year, a 6% decrease compared to the first quarter, the Economic Information Daily reported, citing a research reported issued by the Shanghai Yiju Real Estate Research Institute. The decline is mainly due to rocketing home prices, it added.

Zhejiang bars 73 enterprises from electricity trading

The Zhejiang Development and Reform Commission cancelled the qualifications of 73 enterprises with poor environmental pollution records, preventing them from participating in electricity trading, Yicai reported.

More than 100 million express pieces shipped per day

Average daily express shipments in Q2 exceeded 100 million pieces in China, the Economic Information Daily reported, citing a report by the State Post Bureau. Total business volume reached 9.9 billion, a 31.3% increase compared to last year’s figures, the report said.