China economic news

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Added On January 12, 2019

INTRO
 
Now let's take a look at some economic news from China.
 
China's consumer price index remained steady in 2018 and is expected to maintain a mild rate this year, giving policymakers room to maneuver.
 
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TITLE: CHINA'S INFLATION TO REMAIN MILD IN 2019
Data from the National Bureau of Statistics (NBS) on Thursday showed the consumer price index (CPI), a main gauge of inflation, rose 2.1 percent year on year last year.
 
This figure is well below the government's 2018 target of keeping the CPI increase at around 3 percent.
 
The annual figure rose from 1.6 percent in 2017 and exceeded 2 percent for the first time in the past four years.
 
NBS data also showed the CPI rose 1.9 percent year-on-year in December, down from 2.2 percent in November.
 
Food prices rose 2.5 percent year-on-year, unchanged from the previous month, while non-food prices went up 1.7 percent year on year, down 0.4 percentage points from November.
 
On a monthly basis, non-food prices dipped 0.2 percent, dragging down the CPI by 0.18 percentage points.
 
Prices for gasoline and diesel dipped 0.5 percent and 0.3 percent year on year, respectively, compared with the 12.8-percent and 14.2-percent gains in November 2018.
 
It is estimated that factors including the prevention and control of African swine fever, policies to facilitate domestic consumption, and new individual income tax measures will affect?the annual CPI this year.
 
The annual CPI for 2019 is expected to stand at around 2.2 percent year on year.
 
TITLE: TIBET'S GDP GROWS 10 PCT IN 2018
The GDP in southwest China's Tibet Autonomous Region grew about 10 percent in 2018.
According to a work report delivered by the regional government chairman, Tibet's GDP was estimated at about 21 billion U.S. dollars last year.
 
Per capita disposable income for the region's rural residents grew about 13 percent, while for residents in urban areas it rose more than 10 percent.
 
It is the 26th straight year that Tibet has recorded double-digit GDP growth.
 
TITLE: CHINA WELCOMES FOREIGN INVESTMENT IN CAR INDUSTRY
China welcomes foreign companies to invest and tap into the opportunities in its automobile market.
 
Spokesperson of the Ministry of Commerce Gao Feng said on Thursday that the demand is huge for new energy vehicles (NEVs) and other automobile products in China.
His remarks came after the U.S. electric carmaker Tesla broke ground on its first overseas factory in Shanghai on Monday.
 
Gao said Tesla's new factory will be a boon to the development of China's NEV sector, pushing forward industrial upgrades and bringing domestic buyers more choices.
 
He also said that, as the first carmaker to set up a wholly-owned company in China, Tesla has witnessed and benefited from the new round of China's opening up to the outside world.
 
TITLE: 10,000 FOREIGN FIRMS SET UP IN BEIJING'S CBD
The number of foreign-funded companies in Beijing's Central Business District (CBD) has topped 10,000.
 
Sources with the CBD administrative committee said on Thursday that a total of 157 Fortune 500 companies have opened offices in the area, with 53 of them setting up headquarters.
 
Headquarters of foreign companies, including Shell, Toyota Motors and Volkswagen, have contributed 14 percent of the 18.8 billion U.S. dollars in total tax income in the first 11 months of 2018.
 
Surrounded by foreign embassies, press and international organizations, Beijing's CBD has formed an all-round developing pattern, which coordinates global finance, high-end businesses as well as the media industry.