China's service trade deficit narrows in September -- China's service trade deficit narrowed in September thanks to a surplus from processing services, the State Administration of Foreign Exchange (SAFE) said on October 31. The deficit stood at 146 billion yuan (about 22 billion U.S. dollars) in September, down from 164.1 billion yuan in August, SAFE said. Income from trade in services was 120.1 billion yuan, while expenditure totaled 266.1 billion yuan.
Think tank: China's GDP growth to be 6.8pct this year -- China's economy will maintain steady growth this year, with a full-year gross domestic product growth of 6.8 percent , 21st Century Business Herald reported citing a government think tank report released on October 31. The GDP growth is expected to be 6.8 percent considering R&D expenditures, and 6.6 percent excluding that item, according to the economic blue book published by the Institute of Economics at the Chinese Academy of Social Sciences. (Source: chinadaily.com.cn)
China QFII quota remains at 94.49 bln USD -- China's dollar-denominated Qualified Foreign Institutional Investors (QFII) program remained at 94.49 billion U.S. dollars at the end of October, the forex regulator said on October 31. A total of 287 overseas institutions have received quotas under the QFII program to move money into the country's capital account, the State Administration of Foreign Exchange said. As of Sept. 30, the quota had stood at 94.49 billion dollars. The quota in the RMB Qualified Foreign Institutional Investors (RQFII) program stood at 590.36 billion yuan (88.91 billion dollars) as of Oct. 31, higher than the 589.46 billion yuan recorded by the end of September.
Chinese banks report better asset quality in Q3 -- Agricultural Bank of China (ABC), one of the country's largest, saw its outstanding bad loans down 21 billion yuan (about 3.2 billion U.S. dollars) from the end of last year, while its bad loan ratio fell 0.4 percentage points. ABC's provision coverage ratio stood at 194.3 percent by the end of September, 20.9 percentage points higher than the end of 2016. China Merchants Bank's bad loan balance dropped 897 million yuan, while the bad loan ratio declined by 0.21 percentage points. Provision coverage ratio was up 55 percentage points to 235 percent. The banks attributed the improved asset quality to a stabilizing economy, better credit structure, and disposal of non-performing assets.
China's Caixin manufacturing PMI steady at 51 in October -- The Caixin China General Manufacturing Purchase Managers' Index (PMI) stood at 51 for October, flat from the September level, 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 reflects contraction. The Caixin survey samples over 500 manufacturers in China and mainly focuses on small and medium-sized firms.
China's non-manufacturing sector records slower expansion in October -- China’s non-manufacturing purchasing managers' index (PMI) came in at 54.3 in October, slightly down from 55.4 in September but still in expansionary territory, according to the National Bureau of Statistics (NBS). The service sector, which accounted for more than half of the country's gross domestic product (GDP), continued steady growth, with the sector's business activity index standing at 53.5 in October, NBS data showed.
Cambodia targets 2 mln Chinese tourists by 2020: minister -- Cambodia aims to double the number of Chinese tourists coming to the Southeast Asian country to 2 million by 2020, Tourism Minister Thong Khon said on October 31. Speaking at the opening ceremony of the second National Forum on "China Ready for Cambodia Tourism," the minister said Cambodia welcomed 3.5 million foreign tourists in the first eight months of 2017, up 11.8 percent year-on-year, among whom were 742,586 Chinese tourists, up 44 percent.
China's energy consumption growth picks up -- China's energy consumption in the first three quarters grew at a faster pace as use of renewable energy posted steady momentum, official data showed on October 31. Coal used in building materials and the electric, steel and chemical industries accounted for 85 percent of overall coal consumption during the first nine months, data released by the National Energy Administration (NEA) showed. While petroleum consumption remained steady, China's use of natural gas totaled 171 billion cubic meters in the first nine months, the NEA said. Natural gas consumption rose 15.7 percent year on year, growing 7.3 percentage points faster than the same period last year, according to the NEA.
China launches direct air routes to 43 B&R countries -- China has launched direct air routes to 43 countries along the Belt and Road (B&R) as of May 2017. Around 84 percent of Chinese provinces, autonomous regions and municipalities now have flights to these countries, according to the Civil Aviation Administration of China (CAAC). On October 27, the CAAC announced that 2017/2018 Winter and Spring Flight Plan would be in effect from October 29, 2017 to March 24, 2018. In the new aviation season, Chinese airlines will launch 95 international routes to the countries and regions along the B&R, covering Eastern Europe, Central Asia, Southeast Asia, South Asia and the Southern Pacific.
China's cross-border e-commerce expected to hit USD1.32t in 2018 -- Chinese cross-border e-commerce transaction reached 6.7 trillion yuan (1.01 trillion U.S. dollars) in 2016, up by 31.6 percent, chinanews.com reported on October 29, citing an index released at a forum held in Shanghai. The Chinese Cross-Border E-commerce Index also predicted that by 2018, value of China's import and export transaction via e-commerce, including retail and business-to-business, might hit 8.8 trillion yuan.(Source: chinadaily.com.cn)
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