China's forex reserves rise for sixth straight month -- China's forex reserves rose for the sixth month in a row in July as pressure of massive capital outflow eased, data from the central bank showed on August 7. Forex reserves had amounted to 3.081 trillion U.S. dollars by the end of July, increasing 23.93 billion dollars from a month earlier.
China remains UAE's top trade partner for 3rd year in row -- China has remained the top trade partner of the United Arab Emirates (UAE) for three straight years from 2014 to 2016, the Emirates News Agency (WAM) reported on August 9. The total China-UAE trade amounted to 520.6 billion Emirates Dirhams (AED) (141.74 billion U.S. dollars) during the 2014-2016 period, the report said, quoting statistics from the UAE Ministry of Economy. The China-UAE trade totalled 170.2 billion AED in 2016, down slightly from 174.6 billion AED in 2015 and 175.8 billion AED in 2014.
Chinese outbound investment to reach 1.5 trln USD over next 10 years -- Chinese outbound investment flows may reach 1.5 trillion U.S. dollars over the next 10 years, as key Chinese policies will underpin future overseas investment, a report said on August 8. China's outbound investment is set to grow 70 percent over the next 10 years from a total of 880 billion dollars over the period of 2007 to 2016, predicted the report published by international law firm Linklaters LLP.
China's service trade deficit widens in H1 -- China's service trade deficit rose 26.6 percent year on year in the first six months of the year to 896.96 billion yuan (about USD132 billion), official data showed on August 4. The Ministry of Commerce said the deficit came mainly from tourism, transport and intellectual property rights, while consulting and information service sectors saw a surplus. Exports of services rose 5.6 percent to 695.09 billion yuan, and imports jumped 16.5 percent to 1.59 trillion yuan in the first six months.
China's machinery sector improves despite challenges -- China's machinery sector reported better-than-expected performance in the first half of 2017 although high costs and financing difficulties continue to weigh on profits. Profits of machinery manufacturers amounted to 857.6 billion yuan (about 127.6 billion U.S. dollars) during January-June, up 14.69 percent year on year, according to the China Machinery Industry Federation (CMIF). The main business revenue came in at 12.51 trillion yuan, rising 11.6 percent from the same period last year, with that in agricultural machinery, combustion engines, construction machinery and instruments all seeing double-digit growth.
China's online population hits 751 million -- China's online population reached 751 million this June, up 2.7 percent from the end of 2016, according to a report on China's Internet published on August 4. A total of 724 million Chinese now use mobile phones to go online, accounting for 96.3 percent of the online population, according to the 40th China Statistical Report on Internet Development, released by the China Internet Network Information Center (CNNIC).
China continues to see slowdown in luxury goods spending -- Sales of major luxury goods companies on the Chinese mainland and Hong Kong fell by 2.4 per cent year on year in the 2015 financial year, a report showed. According to an industrial report released by international auditing and consulting firm Deloitte, the slowing economy has resulted in lower spending, and the central government's crackdown on luxury gifts in the corporate sector continues to have an impact.
Tibet receives over 8.6 million tourists in H1 -- More than 8.6 million Chinese and foreign tourists visited southwest China's Tibet autonomous region in the first half of 2017, up 25 percent year on year, authorities said on August 8. Tourism revenue during the period reached 9.3 billion yuan (1.4 billion U.S. dollars), according to a regional tourism development commission statement.
AIIB, India sign USD329 million loan agreement -- India signed a loan agreement with Asian Infrastructure Investment Bank (AIIB) for providing loan of 329 million U.S. dollars to improve rural road connectivity in western state of Gujarat, officials said on August 5.
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