10/24/14

Permalink 01:44:36 pm, by dacare, 131 words, 64 views   English (US)
Categories: News of China

China adds 10.82 million new jobs in Jan-Sept

China's job market proved to be quite resilient although the economic growth slowed in the first nine months, according to data from the Ministry of Human Resources and Social Security (MHRSS) on Friday.

From January to September, 10.82 million new jobs were created, or 160,000 more than a year ago, MHRSS said.

At the end of September, the urban registered jobless rate stood at 4.07 percent, lower than the annual employment control rate of 4.6 percent targeted by the government.

However, the registered jobless rate may undercount the actual unemployment numbers as a survey among 31 big- and medium-sized Chinese cities found the unemployment rate remained at around 5 percent in the first eight months.

The new jobs created in the first nine months exceeded the government's full-year target of at least 10 million new jobs this year.

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Permalink 10:16:04 am, by dacare, 218 words, 52 views   English (US)
Categories: News of China

Stocks slide as data fails to lift sentiment

China's manufacturing sector data failed to ease concerns about capital outflows as investors continued to stay away, bringing down Shanghai shares for the third straight day.

The benchmark Shanghai Composite Index lost 1.04 percent to 2,302.42.

China's six most active exchange-traded funds that track indexes measuring the performance of blue-chip shares have seen 5.37 billion yuan (US$877 million) of redemption this month, the Securities Times reported yesterday, citing data from the Shanghai and Shenzhen exchanges.

Analysts said the redemption indicated a bout of profit-taking by institutional investors pessimistic about the outlook of blue chips.

Fears that new share sales will divert funds from existing shares also weighed on the market as three companies started to take subscriptions for their initial public offerings yesterday. Six other companies will start taking subscriptions from today.

The stock market fell yesterday despite data showing the flash HSBC manufacturing purchasing managers' index rose to a three-month high of 50.4 in October, slightly up from a final reading of 50.2 in September.

But the sub indexes were not as encouraging as the headline index, with new orders sub-index edging down to 51.4 from 51.5 in September and new export orders falling to 52.8 from 54.5.

Gold shares declined after gold prices eased from a six-week high on stronger US dollar. Zhongjin Gold fell 3.2 percent to 8.26 yuan. Zijin Mining Group lost 3.2 percent to 2.43 yuan.

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10/23/14

Permalink 10:28:43 am, by dacare, 378 words, 70 views   English (US)
Categories: News of China

Novelis says China plant to boost sales


An aluminum sheet processing plant in Zouping county, Shandong province. Global demand for aluminum sheets for vehicles is forecast to record a compound annual growth rate of 30 percent by the end of 2020.

Novelis Inc, the world's largest supplier of light-weight aluminum automotive sheets, said on Tuesday that its new plant in Changzhou, Jiangsu province, would help cater the growing global demand for the fuel-efficient light metal.

The US-based company has invested $100 million on the plant that will produce 120,000 metric tons of light-weight aluminum every year. It will also help the company expand its global footprint to meet the rapidly growing market demand for automotive aluminum as automakers seek to reduce the overall weight of vehicles to enhance fuel efficiency.

Each 10 percent weight reduction can lead to fuel savings of 5 to 7 percent, said Steve Fisher, senior vice-president and chief financial officer of Novelis.

The company expects global demand for aluminum sheets for vehicles, which can be used in lightweight vehicle structures and body panels such as hoods, doors, fenders and lift gates, will record a compound annual growth rate of 30 percent by the end of 2020.

Global use of light-weight aluminum automotive sheets may reach 1.58 million metric tons by 2025.

Shashi Maudgal, president of Novelis Asia, said that in Asia alone, the use of aluminum in auto bodies by major car-making countries is around 50,000 metric tons.

Phil Martens, president and CEO of Novelis, said: "Global automakers seeking to drive fuel efficiency, higher performance and innovative design can now source locally produced Novelis aluminum automotive sheets in every major region where they make vehicles."

Fisher said Novelis has a global market share of more than 50 percent in light-weight aluminum automotive sheets, and the plant in Changzhou will help the aluminum maker solidify its leading position in the industry.

Liu Qing, managing director of Novelis China, said that he believes the company would have a market share of over 50 percent in China also.

Novelis aluminum products are used in more than 180 models of vehicles globally, including some operating in China, and the Changzhou plant will serve domestic demand including the car-making hubs in the Yangtze River Delta, said Liu.

Novelis is planning to triple its automotive sheet capacity to 900,000 metric tons by 2015, and has invested more than $550 million since 2011 to meet the goal.

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10/22/14

Permalink 02:37:08 pm, by dacare, 105 words, 90 views   English (US)
Categories: News of China

Auto sales to decelerate

Growth in China's auto sales will likely slow to 4.6 percent this year, lower than the previous forecast of 8.3 percent, Bloomberg Tuesday quoted the head of the country's auto association as saying.

Dong Yang, secretary-general of the China Association of Automobile Manufacturers (CAAM), noted a slowdown in sales over the past two months and said the industry body was looking into the reason for the weakness.

Auto sales rose 2.5 percent in September compared with the same month a year earlier, its slowest pace in 19 months, dragged down by sluggish sales of commercial vehicles such as trucks, the CAAM said last week. Sales rose 4 percent in August.

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10/21/14

Permalink 09:51:10 am, by dacare, 190 words, 120 views   English (US)
Categories: News of China

Shanghai financial sector buzzing

Financial innovation, market development and the globalization of the yuan have boosted the index tracking Shanghai's financial industry by 5.3 percent in the first half of this year, a joint industry report said yesterday.

The Shanghai Financial Prosperity Index rose to 3,242 points by the end of June, up 164 points from last year, boosted by innovation activities, market development and the yuan's internationalization, the Shanghai Financial Association and Roland Berger Strategy Consultants said in the joint report yesterday.

The sub-index measuring the general development of the city's financial industry gained 4 percent to 4,517 points as the foreign exchange, money, fund and gold markets ranked the top four by market growth.

Another sub-index that tracks the development of the yuan's internationalization jumped 84 percent from last year to 36,024 points.

"Financial innovation such as cross-border yuan settlement under the current account and for foreign direct investment, and yuan-denominated two-way cash pooling tools launched in the Shanghai pilot free trade zone gave a fresh impetus to the internationalization of the yuan," Jerry Zhang, chief executive officer of Standard Chartered Bank China, said yesterday.

"Meanwhile, the Chinese currency has also gained more acceptance in overseas markets," Zhang said.

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10/15/14

Permalink 10:23:21 am, by dacare, 170 words, 148 views   English (US)
Categories: News of China

Shanghai FTZ to hold 1st culture fair Oct 15,2014

Shanghai's pilot free trade zone will hold its first culture licensing fair in November for cross-border trading of authorized cultural products.

The event offers a gateway for Chinese cultural enterprises to showcase their creations such as artworks, animation and online games and to expand their licensing network worldwide. It will also offer a platform for international intellectual property right holders to source for Chinese partners.

"Taking advantage of the zone's opening-up policies, cross-border cultural trade via the zone will enjoy easier customs clearance and bonded warehousing services," said Ren Yibiao, general manager of the National Base for International Culture Trade (Shanghai), the organiser of the fair.

More than 100 exhibitors from home and abroad will attend the fair to be held from November 13 to 15 in the FTZ.

China has widened access for foreign investors in the cultural industry in the zone. With a bonded warehouse for artworks, the FTZ also helps boost cross-border art trading by easing procedures and cutting time and costs for artworks to enter and leave the country.

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