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China’s services sector recovery gathers pace in Sept – Caixin PMI

October 9, 2020

BEIJING, Oct 9 (Reuters) – The recovery in China’s service sector activity extended into a fifth straight month in September, an industry survey showed on Friday, with hiring increasing for the second month in a row.

The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 54.8 from August’s 54.0, the highest reading since June and staying well above the 50-mark that separates monthly growth from contraction.

The services sector, which accounts for about 60% of the economy and half of urban jobs, had initially been slower to return to growth than large manufacturers, but the recovery has gathered pace in recent months as COVID-19 restrictions on public gatherings lifted.

Firms hired more for the second month in a row, although at a still modest rate, indicating some recovery in a labour market that has been hit by sharp falls in demand and epidemic restrictions earlier in the year.

Domestic demand

What China’s Three Red Lines Mean for Property Firms

October 9, 2020

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The People’s Bank of China and the Ministry of Housing announced in August that they’d drafted new financing rules for real estate companies, but have said little more. But the media reports and people familiar with the upcoming guidelines have said developers wanting to refinance will be assessed against three red lines, or thresholds:

• There will be a 70% ceiling on liabilities to assets, excluding advance proceeds from projects sold on contract;

• a 100% cap on net debt to equity;

• and they must have a cash to short-term borrowing ratio of at least one.

Developers will be categorized based on how many limits they breach and their debt growth will be capped accordingly. If all three are breached, the company won’t be allowed to increase its debt in the following year, according to a report by 21st Century Business Herald. If it passes all three, it can

China’s ‘three red lines’ strike delicate balance between curbing real estate debt and local government finances

October 6, 2020

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As China moves to tackle excessive borrowing in the real estate sector, it is walking a tightrope between providing cash-strapped local governments with revenues from land sales and keeping a lid on rising house prices.

Chinese regulators in August tightened funding conditions for 12 major property developers, setting caps on the amount of debt they could hold in relation to cash on hand, the value of their assets and as a proportion of equity in their businesses – dubbed “the three red lines”.

Last week, mainland financial newspaper the 21st Century Business Herald reported authorities had asked large banks to keep the proportion of property loans below 30 per cent of all new loans, citing unidentified sources.

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Property sales growth has surged this year, helping the economy recover from the coronavirus pandemic.

To green China’s overseas energy finance, the US must offer cleaner alternatives

October 5, 2020

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Joe BidenJoe BidenQuestions remain unanswered as White House casts upbeat outlook on Trump’s COVID-19 fight CNN anchor confronts senior Trump campaign adviser after motorcade: Trump’s ‘downplaying the virus’ Biden again tests negative for COVID-19 MORE’s plan for climate change and environmental justice attacks China for financing fossil fuels. If the United States wants to green China’s overseas energy finance, it must compete by offering attractive funding for cleaner alternatives, such as solar and wind power.

China’s overseas energy finance has had a large impact on energy development around the world. According to Boston University’s Global Development Policy Center, Chinese policy banks provided energy finance worth $251 billion outside China between the years 2000 and 2019. Of this total, $26 billion funded coal and $88 billion funded oil.

China’s energy infrastructure footprint will play a decisive role in accelerating or mitigating climate change. The emerging economies that rely on

China’s iQIYI: Internal Report Refutes Short Seller’s Allegations

October 5, 2020

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Shares of iQIYI (IQ) – Get Report rose Monday after the Chinese online entertainment company said an internal review had refuted a short seller’s allegations that it inflated revenue and user numbers.

It also said it will continue to cooperate with a Securities and Exchange Commission inquiry.

Iqiyi American depositary receipts recently traded at $23.49, up 2.8%. The stock has climbed 11% year to date.

In April, short seller Wolfpack Research accused iQIYI, which competes with Tencent (TCEHY) , of inflating its 2019 revenue by some $1.13 billion to $1.98 billion, or between 27% and 44%.

Iqiyi, which is 56% owned by Chinese internet titan Baidu (BIDU) – Get Report, also inflated its expenses, the prices it pays for content, acquisitions and other line items to burn off fake cash positions and hide the fraud from investors and auditors, Wolfpack said.

The SEC

China’s factory activity accelerates at solid pace in Sept on boost from overseas demand

September 30, 2020

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Eurasia Group President Ian Bremmer discusses the status of the US-China trade deal and the Trump administration holding China accountable.

China’s factory activity expanded at a faster pace in September helped by a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction.

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Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the

China’s factory activity accelerates at solid pace in September on boost from overseas demand

September 30, 2020

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By Gabriel Crossley

BEIJING (Reuters) – China’s factory activity extended solid growth in September, twin surveys showed, as the nation’s crucial exports engine revved up on improving overseas demand and underlined a steady economic recovery from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, according to data from the National Bureau of Statistics (NBS) on Wednesday, remaining above the 50-point mark that separates growth from contraction for the seventh month.

Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports propel a recovery.

The official PMI,

China’s Factory Activity Accelerates at Solid Pace in Sept on Boost From Overseas Demand | Investing News

September 30, 2020

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BEIJING (Reuters) – China’s factory activity expanded at a faster pace in September helped by a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction.

Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports propel a recovery.

The official PMI, which largely focuses

China’s factory activity expands at a faster pace in September: official PMI

September 30, 2020

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BEIJING (Reuters) – China’s factory activity expanded at a faster pace in September thanks to a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.

FILE PHOTO: Employees work on a production line manufacturing metal parts for furniture at a factory in Hangzhou, Zhejiang province, China April 30, 2020. China Daily via REUTERS

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction.

Analysts had expected it to pick up slightly to 51.2.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports propel a recovery.

The

China’s Too-Big-to-Fail Real Estate Giant Pulls Back From Brink

September 30, 2020

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(Bloomberg) —

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China Evergrande Group took a major step toward avoiding a cash crunch that had threatened to roil the nation’s $50 trillion financial system and reverberate across global markets.

After a turbulent few days during which banks, bondholders and senior government officials became increasingly alarmed about Evergrande’s financial health, the world’s most indebted developer said it reached an agreement with a group of strategic investors to avoid repayments that would have placed a sizable strain on the junk-rated company’s balance sheet.

The deal buys crucial time for Evergrande to rein in a complex web of liabilities that some analysts have said makes the property behemoth too big to fail. Evergrande owes $88 billion to banks, shadow lenders and individual investors across China and has borrowed $35 billion from bondholders around the world. More than 2 million homebuyers have given the company down payments on yet-to-be-completed properties.

Relief