Everything You Need to Know About China's Economy on Tuesday
Daily Updates on the Chinese Economy
by TIANDongdong@CPW
-- China's industrial output up 5.6 pct in April
China's value-added industrial output, an important economic indicator, went up 5.6 percent year on year in April, data from the National Bureau of Statistics showed Tuesday.
The growth rate was 1.7 percentage points higher than that of March.
In April, the industrial production was generally stable, and the equipment manufacturing sector saw rapid growth.
Manufacturing sector's output increased by 6.5 percent year on year during the period, while the production and supply of electricity, heat, gas and water rose 4.8 percent.
By ownership, state-controlled enterprises saw an increase of 6.6 percent in output, while the private sector's output grew by 1.6 percent, according to the bureau.
In terms of product types, the production of new energy vehicles and solar cells surged 85.4 percent and 69.1 percent year on year, respectively.
In the first four months of the year, China's value-added industrial output increased 3.6 percent, 0.6 percentage points faster than that of the first quarter.
-- China's fixed-asset investment up 4.7 pct in first four months
China's fixed-asset investment went up 4.7 percent year on year in the first four months of 2023, data from the National Bureau of Statistics showed Tuesday.
Fixed-asset investment totaled 14.75 trillion yuan (2.12 trillion U.S. dollars) from January to April, the bureau said.
Fixed-asset investment from the private sector rose 0.4 percent year on year in the first four months.
Industrial investment surged 8.3 percent year on year. Of the total, investment shrank by 2.2 percent in the mining industry, but went up 6.4 percent in the manufacturing sector. Investment in the supply of electricity, heating, gas, and water soared 24.4 percent.
Investment in infrastructure construction went up 8.5 percent year on year. Of the total, investment expanded 14 percent in railway transportation and 10.7 percent in water conservancy management.
In terms of regions, investment gained 9.8 percent in northeastern China, 6.2 percent in eastern China and 3.2 percent in western China, but dropped by 1.3 percent in central China.
-- China's retail sales up 18.4 pct in April
China's retail sales of consumer goods surged 18.4 percent year on year in April, data from the National Bureau of Statistics showed Tuesday.
-- China's Ministry of Education to hold special employment promotional campaign from May to August
The campaign around graduation season will focus on five tasks, including creating more jobs, improving employment guidance, and strengthening assistance for key groups, the ministry said on Monday.
Before this, about 2.53 million new jobs had been created for fresh graduates via a separate employment promotional campaign launched by the ministry last November, with 2,415 universities and colleges participating.
China will see a record 11.58 million college graduates this year, earlier data shows.
-- China's central bank adds liquidity via reverse repos
China's central bank continued to inject funds into the financial system through open market operations Tuesday.
The People's Bank of China said it has conducted 2 billion yuan (about 287.74 million U.S. dollars) of seven-day reverse repos at an interest rate of 2 percent.
-- China's benchmark interbank gold prices higher Tuesday
China's benchmark prices for spot interbank gold transactions were higher Tuesday, according to the China Foreign Exchange Trade System.
The benchmark price for gold that is 99.95 percent pure or above stood at 452 yuan (65.03 U.S. dollars) per gram, up 1.98 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above went up 1.72 yuan to 452.13 yuan per gram.
-- Chinese yuan strengthens to 6.9506 against USD Tuesday
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 148 pips to 6.9506 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
— Hong Kong's Hang Seng Index closes slightly higher
Hong Kong's stock market ended higher on Tuesday with the benchmark Hang Seng Index up 0.04 percent to close at 19,978.25 points.
The Hang Seng China Enterprises Index rose 0.14 percent to end at 6,789.37 points, the Hang Seng Tech Index gained 0.83 percent to close at 3,958.25 points.
-- Soybean futures close lower
No.1 soybean futures closed lower on Tuesday in daytime trading at the Dalian Commodity Exchange (DCE).
The most active No.1 soybean contract for July 2023 delivery dipped 3 yuan (about 43 U.S. cents) to close at 5,091 yuan per tonne.
On Tuesday, the total trading volume of five listed No.1 soybean futures contracts on the exchange was 231,674 lots, with a turnover of about 11.63 billion yuan.
-- Iron ore futures close higher
Iron ore futures closed higher on Tuesday in daytime trading at the DCE.
The most active iron ore contract for September 2023 delivery gained 8 yuan (about 1.15 U.S. dollars) to close at 723.5 yuan per tonne.
On Tuesday, the total trading volume of 12 listed iron ore futures contracts on the exchange was 959,312 lots, with a turnover of about 69.64 billion yuan.
--Cotton futures close higher
Cotton futures closed higher Tuesday in daytime trading on the Zhengzhou Commodity Exchange (ZCE).
The most active cotton contract for September 2023 delivery gained 105 yuan (about 15.11 U.S. dollars) to close at 15,705 yuan per tonne.
On Tuesday, the total trading volume for six listed cotton futures contracts on the ZCE was 926,949 lots with a turnover of 73.28 billion yuan.
-- Sugar futures close higher
Sugar futures closed higher Tuesday in daytime trading on the ZCE.
The most active sugar contract for July 2023 delivery gained 43 yuan (about 6.19 U.S. dollars) to close at 6,871 yuan per tonne.
On Tuesday, the total trading volume for six listed sugar futures contracts on the ZCE was 903,634 lots with a turnover of 61.61 billion yuan.
Everything You Need to Know About China's Economy on Tuesday
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