China's bike-hire industry creates 70,000 new jobs -- China's bike-hire companies have 16 million bikes on streets and employ about 100,000 people, according to the State Information Center(SIC). According to the report, each day around 50 million rides are taken, so each bike is used around three times on average. As of the end of June, there were 106 million shared bike users in China, accounting for 14.1 percent of all Internet users. The report said of the 100,000 jobs, 70,000 were newly created during H1, about one percent of new jobs in urban areas during the period.
China's fiscal revenue sees slower growth in August -- China's fiscal revenue rose at a slower pace in August, dragged by a sharp decline in non-tax incomes, the Ministry of Finance said on September 11. Fiscal revenue gained 7.2 percent year on year to 1.07 trillion yuan (about 165 billion U.S. dollars) last month, down from the 11.1-percent growth recorded in July, the ministry said on its website. Due to a high comparison base in August 2016, non-tax incomes dropped 22.5 percent to 174.5 billion yuan. However, revenue from taxes surged 16 percent year on year to 890.7 billion yuan last month, higher than the growth rates for both the first half and July of this year.
Top 500 Chinese companies' revenue sets record in 2016 -- The top 500 Chinese companies reported a combined revenue of 64 trillion yuan (9.84 trillion U.S. dollars) in 2016, setting a new record after a two-year decline. The revenue was 7.64 percent higher than that in 2015, according to China Enterprise Confederation/China Enterprise Directors Association which published its annual list on September 10. The confederation said Chinese manufacturers were recovering. About half of the top firms on the list are manufacturers, with a combined net profit of 549 billion yuan. Manufacturers saw their share of profit among the top 500 firms rise up to 19.4 percent, representing the most significant growth since 2011.
China's Internet of Things industry exceeds 900 bln yuan -- China's Internet of Things (IoT) industry has seen its output value exceed 900 billion yuan (140 billion U.S. dollars), with a compound annual growth rate of over 25 percent, a senior official said on September 10. With a huge market, a complete industrial chain and the world's biggest mobile telecommunications network, China will soon take the lead in some frontier IoT sub-sectors, Vice Minister of Industry and Information Technology Luo Wen said during an IoT expo in Wuxi, Jiangsu Province.
IoT connects traditional devices, including home appliances, to the Internet.
China's consumer inflation up 1.8 pct in August -- China's consumer price index (CPI), a main gauge of inflation, rose 1.8 percent year on year in August, the National Bureau of Statistics said on September 9. The pace of CPI growth accelerated from July's 1.4 percent. On a monthly basis, the index was up 0.4 percent, according to the bureau.
China’s machinery & equipment sector soars under B&R -- With a batch of projects under the Belt and Road Initiative under construction, China's construction machinery exports surged in the first half of 2017, the Economic Daily reported on September 12. Amid the strong recovery of the global economy in the first half of 2017, growth of the major economies was above their performance in 2016, leading to the booming international machinery market. Particularly, the machinery market in emerging economies grew by 20 percent. Thanks to the strong market demands, China sold a total of 70,821 excavators in the first half of 2017, up 110.3 percent year on year, exceeding the annual sales in 2016.
Banks' 2016 revenue growth down -- The combined revenue of 37 listed Chinese banks in 2016 was 4.12 trillion yuan (USD627 billion), representing 1.35 percent year-on-year growth, according to new research released on September 8 in Shanghai. Though the revenue growth was slower than the 10.02 percent in 2015, net profit grew 3.65 percent year-on-year to 1.45 trillion yuan, higher than the 2.85 percent growth in 2015, according to the report, compiled by the research team of banking industry journal China Banking. The research was based on a survey of annual reports of 37 banks listed in Shanghai, Shenzhen and Hong Kong. The combined assets of the banks reached 154.34 trillion yuan, a 13.9 percent year-on-year increase. (Source: China Daily)
China's service outsourcing grows rapidly --- China's service outsourcing industry's combined contracts grew by an average of 54 percent each year from 2006 to 2016, a senior official said on September 12. Businesses agreed service outsourcing contracts worth $1.38 billion in 2006 and $106 billion in 2016, said Xian Guoyi, head of the Ministry of Commerce service trade department. China's share of the global market rose from less than one percent to 33 percent during the period and now ranks second, said Xian, adding the next decade will continue to witness huge growth.
Auto financing sector in China to hit 2 trillion yuan by 2020, doubling 2016 -- China’s car financing market could more than double in the next three years, on the back of a push by dealers to reach sales targets and an anticipated surge in the finance leasing sector, according to estimates from the China Automobile Dealers Association. The association predicts the overall auto financing market will reach 2 trillion yuan (USD307.7 billion) by 2020 in China, 2.5 times the 800 billion yuan scale reported at the end of 2016. It foresees about half of new car sales involving some form of financing.
China's PE scale exceeds 10 trillion yuan as a first -- The Assets Under Management (AUM) of Private Equity (PE) firms and privately offered funds exceeded 10 trillion yuan for the first time, China Fund News reported on September 13. The real payment of AUM of PE firms and privately offered funds rose to 10.21 trillion yuan (USD1.56 trillion) by the end of August, the Asset Management Association of China (AMAC) revealed. The number of private equity firms has risen to 20,652 by the end of August, an increase of 542, compared with one month earlier. In addition, the number of privately offered funds has increased to 60,688, 1,954 more than that in July, the AMAC data showed.
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