Net profit growth of China's listed banks slows slightly in H1 -- The aggregate net profits of China's listed banks grew at a slightly slower pace in the first half (H1) of 2017, according to a report released on September 27 by consultancy firm PricewaterhouseCoopers (PwC). The net profits of 39 listed banks grew 4.5 percent year on year to 849.7 billion yuan (128 billion U.S. dollars) in H1, down 0.5 percentage points compared with the the same period last year, the report said.
China's SOE profits grow at slower pace -- Profits at state-owned enterprises (SOEs) continued their steady growth in the first eight months of 2017, but at a slower pace, data showed on September 26. Combined SOE profits rose 21.7 percent from a year earlier to 1.9 trillion yuan (around 289.6 billion U.S. dollars) for January-August, the Ministry of Finance said. This marked the third straight month of growth deceleration. However, growth remained solid compared with the same period of 2016, when profits at SOEs declined 1.3 percent year on year.
ADB keeps China growth forecast unchanged at 6.7 pct for 2017 -- The Asian Development Bank (ADB) on September 26 projected China's growth at 6.7 percent this year and 6.4 percent for 2018, unchanged from its July estimates. In an update of the Asian Development Outlook (ADO) 2017, its flagship annual economic publication, ADB said better-than-expected external demand, proactive fiscal policy and strong domestic consumption have combined to drive up China's growth.
Chinese tourists to Cambodia up 42.7 percent in seven months -- Some 635,000 Chinese tourists had visited Cambodia in the first seven months of 2017, up 42.7 percent compared with the same period last year, according to Tourism Ministry statistics on September 25. Chinese holidaymakers accounted for 20.4 percent of the foreign tourists visiting Cambodia during the January-July period this year, the statistics said, adding that China topped the chart among the top 10 arrivals to the kingdom, followed by Vietnam and Laos.
KPMG sees Hong Kong IPO proceeds to reach up to 19.3 bln USD in 2017 -- IPO proceeds of China's Hong Kong Special Administrative Region are expected to reach up to 150 billion HK dollars (about 19.3 billion U.S. dollars) in 2017, with listings from technology, media, and telecom (TMT) sectors on the rise, KPMG said on September 25. There were a total of 106 IPOs in Hong Kong in the first three quarters of 2017, an increase of 56 percent from the 68 deals recorded over the same period in 2016, while total proceeds were 85 billion HK dollars, 37 percent lower than the year-on-year total, according to a report released by KPMG.
New economy to contribute 12 pct of Chinese GDP -- China's new economy will account for an estimated 12 percent of the country's annual GDP this year, according to a research report. "China's development strategy of innovation and industrial integration is seeing some early success," according to a report released at a forum jointly held by the Renmin University of China, and China Chengxin Credit Management. The new economic sectors have been growing at a quite steady pace, said the report. In 2014, about 8 percent of Chinese GDP was contributed by new sectors.
China’s auto exports to B&R countries up 10.82pct in Jan-July -- China’s automotive exports to the countries along the Belt and Road routes stood at 16.535 billion U.S. dollars in the first seven months of this year, up by 10.82 percent year on year and accounting for 35.41 percent of China’s total automotive exports, according to the China Association of Automobile Manufacturers.
China has become Mongolia's largest trade partner for more than ten years -- China has continued to maintain its position as Mongolia's largest trade partner for more than ten consecutive years, according to the Ministry of Commerce at the 2nd China-Mongolia Expo. China's non-financial direct investment in Mongolia amounted to 4.11 billion U.S. dollars by July 2017, roughly accounting for 30 percent of Mongolia's foreign direct investment. In particular, China-Mongolia bilateral trade volume stood at 3.62 billion U.S. dollars in the first seven months of this year, up 46.3 percent from last year.
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