China Business Now

China Business Now丨China's economic recovery slowed in July, and housing market slightly eased

China's economy continued to recover in July, but industrial output and retail sales slowed down due to COVID-19 resurgence and natural disasters, official data showed on Monday. 

China Business Now丨PBOC to support SMEs with 200b cheap loans; 21 killed as heavy storm hits Hubei

The People's Bank of China (PBOC) is providing another 200 billion yuan in cheap funds to banks as an incentive to boost credit in regions where lending has been lagging. The money is being allocated under a new re-lending quota for banks to support agriculture, micro and small businesses and the private sector in 10 provincial-level regions where credit has risen at a relatively slow pace, the central bank revealed in its second-quarter monetary policy implementation report. 

CBN丨Anti-monopoly written into government construction; medical cosmetics banned from ABSs

The Central Committee of the Communist Party of China and the State Council recently issued a five-year implementation outline for government construction under the rule of law. The outline proposed to strengthen and improve anti-monopoly and anti-unfair competition law enforcement and abolish regulations that hinder a unified market and fair competition, promoting an open and fair market system. 

CBN丨Housing authority stops large-scale urban renewal; China Telecom supported for its Shanghai IPO

China’s Ministry of Housing and Urban-Rural Development released a draft notice on preventing large-scale demolition and reconstruction in urban renewal projects. It urges that local government should put stricter control on tearing down and rebuilding old neighbourhoods, and ensure a stable supply of lands without making huge changes to the original urban scale and design. 

CBN丨PBOC to keep on stable monetary policy; Shanghai cut English final exams in primary schools

People's Bank of China (PBOC) said on Monday that it will maintain the stability of monetary policy and make it more forward-looking and effective, to render strong support to the real economy while avoiding a "flood-like" stimulus in a quarterly report on monetary policy.

China Business Now丨PPI and CPI up 9% and 1% in July; Alibaba fired worker accused of sexual assault

China's factory-gate inflation rose faster than expected in July due to oil and coal price hikes while consumer inflation eased slightly last month, data from the National Bureau of Statistics showed on Monday. The producer price index (PPI) went up 9 percent year on year in July, while the consumer price index (CPI) rose 1 percent.

CBN丨Beijing patched divorce loophole in home buyers; Huawei saw 38% revenue drop in H1

Chinese telecoms giant Huawei saw its revenue drop by 38 percent in the first half of 2021. The company generated a revenue of 320.4 billion yuan ($49.56 billion), it said in an operation report on Friday. The biggest drop came from Huawei’s consumer business group, where revenue fell 47 percent to 135.7 billion yuan. It eked out a 0.6 percent rise in its net profit margin to 9.8 percent.

CBN丨Maternity leave extended in Beijing; Sinopharm found drug against Delta

The Beijing Municipal Health Commission announced on Wednesday that women who gave birth to a third-child on and after May 31 can enjoy an extra 30-day maternity leave and a 15-day paternity leave for their spouses.

CBN丨China’s service trade rose 6.7 percent in H1; State Council rolls out mass fitness program

China’s service trade rose 6.7 percent year on year to around 2.38 trillion yuan in the first half of the year, the Ministry of Commerce said on Tuesday. The country also logged a marked drop of 70 percent in service trade deficit, standing at 120.46 billion yuan, 281.25 billion yuan less than the same period last year. 

China Business Now丨Death toll in Henan rainstorms hit 302; IMF approves historic $650 billion SDRs

The death toll from torrential rains in central China's Henan province has risen to 302 and another 50 people remain missing as of Monday noon. The State Council, China's Cabinet, announced on Monday that it had set up an investigative team to look into the Zhengzhou flood and evaluate the disaster-response process.