Everything You Need to Know About China's Economy on Monday
Daily Updates on the Chinese Economy
by TIANDongdong@CPW
-- China to host major services trade fair in Sept.
This year's edition of the China International Fair for Trade in Services (CIFTIS), one of the world's largest and most comprehensive fairs for trade in services, is scheduled to take place in Beijing from Sept. 2 to 6.
According to the press conference held on Sunday, the fair will be held in the China National Convention Center and Shougang Park, covering an exhibition area of 155,000 square meters.
Themed "openness leads development, cooperation creates a win-win future," the 2023 CIFTIS is expected to see 202 varied events including forums, negotiations, and summits.
Zhou Ling, deputy director of Beijing's international service trade center, said that the upcoming fair will encompass a wide array of topics, such as telecommunications, information services, financial services, health and sanitation services, and environmental services.
A total of 75 countries and international organizations have already confirmed their participation. Over 70 renowned enterprises and institutions are poised to showcase their accomplishments, and more than 1,800 companies are gearing up to participate in both offline and online exhibitions.
The United Kingdom, the guest country of honor of the 2023 CIFTIS, will assemble its largest-ever delegation for the fair this year.
-- China to beef up policy support, promote inbound investment
China will beef up policy support and promote inbound investment, an official with the Ministry of Commerce told a press conference Monday.
The ministry will work with relevant departments to implement the guidelines regarding further optimizing the foreign investment environment and intensifying efforts to attract foreign investments that were made public by the China's State Council Sunday, said Chen Chunjiang, assistant minister of Commerce.
The ministry will continue to deepen reform and opening up, effectively optimize the business environment, and make every effort to stabilize foreign trade and investment, according to Chen.
In addition to the guidelines, the ministry will continue to implement the policies and measures that have been introduced since the beginning of the year, according to the ministry.
-- China unveils action plan to strengthen county-level commerce system
The Chinese government on Monday publicized a three-year action plan aiming to strengthen the nation's county-level commerce system further, in an effort to promote the integrated development of urban and rural areas and rejuvenate the nation's rural regions.
The plan includes the creation of 500 "frontrunner" counties by 2025, which will have county-level logistics distribution centers, convenience stores for rural populations, and rural commerce centers such as large and medium-sized supermarkets and farm produce markets.
The plan seeks to continue opening two-way circulation channels for industrial products dispatched to the countryside and agricultural products bound for cities, increase farming incomes and upgrade farmers' consumption trends, and help meet the rural population's life and production needs.
-- China's power use up 5.2 pct in first seven months
China's electricity consumption, a key barometer of economic activity, registered steady growth in the first seven months of 2023, official data showed on Monday.
During the period, China's power consumption neared 5.2 trillion kilowatt-hours, up 5.2 percent from a year ago, the National Energy Administration said.
Power consumed by primary industries increased 12.3 percent year on year, and power used by secondary and tertiary sectors increased 4.6 percent and 9.8 percent, respectively.
Residential power use saw a year-on-year increase of 2.1 percent to 782.7 billion kilowatt-hours during the first seven months, the administration said.
In July alone, the country's power consumption rose 6.5 percent year on year to 888.8 billion kilowatt-hours, according to the administration.
-- China improves traffic management services to support high-quality development
Chinese traffic management authorities on Monday made specific arrangements to refine their services amid efforts to support the country's high-quality development.
Road traffic management authorities will simplify and improve the vehicle registration procedures and make adjustments to online car sales to boost the purchase of vehicles and facilitate the transaction and export of second-hand cars, said the traffic administration bureau of the Ministry of Public Security (MPS).
The ministry released a raft of measures earlier this month aiming to facilitate and support high-quality development with improved public security services.
Relevant authorities will adopt measures to make traffic management services more accessible at the county level and in rural areas to support rural revitalization, according to the MPS.
-- China's central bank conducts 6-bln-yuan reverse repos
China's central bank conducted 6 billion yuan (836.98 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent Monday.
The move is aimed at keeping liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement.
-- China's benchmark interbank gold prices higher Monday
China's benchmark prices for spot interbank gold transactions were higher Monday, according to the China Foreign Exchange Trade System.
The benchmark price for gold that is 99.95 percent pure or above stood at 453.9 yuan (63.3 U.S. dollars) per gram, up one yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above gained 1.63 yuan to 455.25 yuan per gram.
Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.
-- Hong Kong's Hang Seng Index closes 1.58 pct lower
Hong Kong's stock market ended lower on Monday with the benchmark Hang Seng Index down 1.58 percent to close at 18,773.55 points.
The Hang Seng China Enterprises Index fell 1.79 percent to end at 6,423.84 points, and the Hang Seng Tech Index lost 1.52 percent to close at 4,208.43 points.
-- Iron ore futures close lower
Iron ore futures closed lower on Monday in daytime trading at the Dalian Commodity Exchange (DCE).
The most active iron ore contract for January 2024 delivery dipped 3 yuan (about 42 U.S. cents) to close at 725 yuan per tonne.
On Monday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 780,836 lots, with a turnover of about 57.89 billion yuan.
-- Soybean futures close lower
No.1 soybean futures closed lower on Monday in daytime trading at the DCE.
The most active No.1 soybean contract for September 2023 delivery dipped 19 yuan (about 2.65 U.S. dollars) to close at 5,057 yuan per tonne.
On Monday, the total trading volume of six listed No.1 soybean futures contracts on the exchange was 237,422 lots, with a turnover of about 11.98 billion yuan.
-- Sugar futures close lower
Sugar futures closed lower Monday in daytime trading on the Zhengzhou Commodity Exchange (ZCE).
The most active sugar contract for January 2024 delivery lost 17 yuan (2.37 U.S. dollars) to close at 6,881 yuan per tonne.
On Monday, the total trading volume for six listed sugar futures contracts on the ZCE was 587,165.0 lots with a turnover of 40.42 billion yuan.
-- Cotton futures close lower
Cotton futures closed lower Monday in daytime trading on the ZCE.
The most active cotton contract for January 2024 delivery lost 95 yuan (about 13.25 U.S. dollars) to close at 17,115 yuan per tonne.
On Monday, the total trading volume for six listed cotton futures contracts on the ZCE was 889,851.0 lots with a turnover of 76.48 billion yuan.