Think tank forecasts China Q3 growth at 6.8 pct -- China's economy is predicted to expand 6.8percent in the third quarter, drawing strength from the country's supply-side structural reforms, property market recovery and global economic improvements, according to a government think tank report. The predicted growth by the Chinese Academy of Social Sciences (CASS) is slightly lower than the 6.9-percent expansion seen in the first half of the year, but still well above the government annual target of 6.5 percent.
China's commerce ministry concludes 1,408 anti-monopoly investigations -- China has made great efforts in facilitating fair market competition through the implementation of anti-monopoly regulations and a faster review process during the past five years, according to the Ministry of Commerce. From 2013 to the end of August this year, the ministry received 1,483 anti-monopoly declarations on concentration of undertakings and concluded 1,408 cases, it said on its website.
China's R&D spending rises to RMB1.57 trillion in 2016 -- China's spending on research and development (R&D) resumed double-digit growth in 2016, closing in on the level of developed countries. R&D spending rose 10.6 percent year on year to 1.57 trillion yuan (234 billion U.S. dollars) in 2016, 1.7 percentage points higher than the rate in 2015, the National Bureau of Statistics (NBS) said on October 10. The spending accounted for 2.11 percent of China's GDP, but only at tiny fraction -- 0.05 percentage points -- higher than the 2015 level.
Resource tax reform saves Chinese firms 4.2 bln yuan a year -- China's resource tax reform has brought huge tax reductions to enterprises, as well as healthy industrial development, the State Administration of Taxation (SAT) said on October 9. By the end of June this year, Chinese firms had had their taxes reduced by 4.2 billion yuan (about 630 million U.S. dollars) since the government expanded resource tax reform across the nation last July, according to the SAT.
China's forex reserves rise for 8th straight month -- China's forex reserves rose for the eighth month in a row in September as pressure from capital outflow eased, data from the central bank showed on October 9. Forex reserves totaled 3.1085 trillion U.S. dollars by the end of September, increasing 16.98 billion dollars from a month earlier, according to data from the People's Bank of China. Last month's increase followed a gain of 10.81 billion dollars in August.
China expects stronger postal industry -- China will strengthen its fast-growing postal industry, an official said on the 48th World Post Day on October 9. The industry, mainly postal and courier services, has seen revenue increase 2.7 times since 2012, and the courier sector has been the world's largest in terms of delivery volume for three years, said Ma Junsheng, head of the State Post Bureau (SPB).
China Caixin service PMI falls to 21-month low -- China's service sector growth slowed in September, as a private survey showed that an index for the sector fell to the lowest in 21 months. The Cain General Services Purchasing Managers Index (PHI) slipped to 50.6 in September from 52.7 in August, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd. A reading above 50 indicates expansion, below 50 shows contraction.
China crude steel output rises slightly in Jan-Aug -- China's crude steel output rose slightly in the first eight months this year, data from the country's top economic planner showed. Crude steel production increased 5.6 percent year on year to 566.41 million tonnes in the January-August period, compared with a 0.1-percent decrease in the same period last year, according to the National Development and Reform Commission (NDRC). Meanwhile, steel prices continued to pick up, with the domestic steel price index gaining 7.9 points from July to 112.77 in August, and increasing 37.51 points from a year earlier, according to the NDRC.
China's sovereign wealth fund hits 900 bln USD -- Total assets of China Investment Corporation (CIC), the country's sovereign wealth fund (SWF), surpassed 900 billion U.S. dollars as of August. The figure is more than triple the original capital of 249 billion U.S. dollars when the fund was founded a decade ago. It has grown quickly to become the world's second-largest SWF, only after the Government Pension Fund of Norway, whose assets reached one trillion dollars last month. CIC has generated an annual return of 14.35 percent, with that from overseas investment at 5.51 percent.
China's IPO market to see a record number of listings -- China's IPO market is set to see a record number of listings in 2017 as authorities have taken steps to push for the normalization of public offerings following a suspension two years ago. In the first three quarters, 343 companies went public on the Shanghai and Shenzhen stock exchanges, altogether raising 164.9 billion yuan (about 24.9 billion U.S. dollars), an increase of 150 percent and 96 percent, respectively, from the same period last year, according to financial information provider iFinD.
China's crude oil stockpile drops 3.42 pct -- China's commercial crude oil stocks went down 3.42 percent in August from a month earlier, while stocks of refined oil products dropped 0.97 percent, according to data compiled by Xinhua News Agency. The fall was a result of decreasing output and imports, and rising processing volume, according to Xinhua.
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