China retail sales to maintain fast growth in 2017: report -- China's retail sales will continue to see growth of about 10 percent in 2017 thanks to the stabilizing economy and better policy support, an official report forecast on July 3. Total value of online retail sales will grow by about 25 percent, much higher than growth rates for brick-and-mortar outlets, including shopping malls and supermarkets, according to the retail sector report made public by the Ministry of Commerce.
China's manufacturing activity expands for 11th month -- China's manufacturing sector expanded for the 11th-straight month in June, indicating strength in the world's second largest economy, official data showed on June 30. The country's manufacturing purchasing managers' index (PMI) came in at 51.7 in June, up from 51.2 in May, said the National Bureau of Statistics (NBS). A reading above 50 indicates expansion, while a reading below reflects contraction.
China's Caixin manufacturing PMI rises to 3-month high -- A private survey showed on July 3 that China's manufacturing activities accelerated in June, suggesting the world's second-largest economy maintained stability despite headwinds at home and abroad. The Caixin China General Manufacturing Managers' Index (PMI) climbed from 49.6 in May to June's 50.4, beating forecasts and marking a three-month high, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd. A reading above 50 indicates expansion, while a reading below 50 represents contraction.
China's non-manufacturing sector expands faster in June -- Boosted by a strong service sector, China's non-manufacturing activity expanded at a faster pace in June, adding to signs of a stabilizing Chinese economy, official data showed on June 30. The non-manufacturing purchasing managers' index (PMI) came in at 54.9 in June, up from 54.5 in May, according to the National Bureau of Statistics (NBS). A reading above 50 indicates expansion, while a reading below reflects contraction.
China trims Q1 current account surplus, shifts capital account to surplus -- China has lowered its current account surplus and revised its estimate for the capital and financial account from a deficit to a surplus. The first-quarter surplus under the current account was cut to 18.4 billion U.S. dollars from a preliminary figure of 19 billion dollars, data from the State Administration of Foreign Exchange (SAFE) showed on June 29. The country posted a 39.3 billion dollars surplus in its capital and financial account in the first three months ending March, a revision from an initial deficit of 19 billion dollars for the period, the SAFE said.
China's service trade deficit widens -- China's service trade deficit rose 17.9 percent year on year in the first five months of the year to 688.75 billion yuan (about 101 billion U.S. dollars), official data showed on July 4. The Ministry of Commerce said the deficit came mainly from tourism, transportation and uses of intellectual property rights, while consulting, information, and processing service sectors saw a surplus. Exports of services rose 4.6 percent to 567.94 billion yuan and imports rose 11.5 percent to 1.26 trillion yuan in the first five months.
China's State Council raises Hong Kong RQFII quota to 500 bln yuan -- The State Council, China's cabinet, has approved an increase in Hong Kong's Renminbi Qualified Foreign Institutional Investor (RQFII) quota, according to an official statement on July 4. The quota will be expanded to 500 billion yuan (about 73.65 billion U.S. dollars) from the current 270 billion yuan, according to a statement by the People's Bank of China.
China puts nearly 2,600 high-speed trains into operation by 2016 -- China had put 2,595 high-speed trains into operation by the end of 2016, accounting for 60 percent of global high-speed trains. "China Railway High-speed (CRH) trains have become a calling card for China," Wang Jun, deputy president of Chinese locomotive manufacturer CRRC, said at the first World Intelligence Congress which opened on June 29.
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